12 Mistakes I Made in My First Year as an Entrepreneur

In this article, I wanted to share with you some of the mistakes I made in my first year as an entrepreneur and what I’m doing now to fix them.

#1: I Almost Quit

I jumped into entrepreneurship without understanding what I truly needed for success and, as a result, I almost quit.

After a few months of working in my new startup, it was starting to become clear that this wasn’t going to be the easy path I had planned. As a first year entrepreneur, I made some mistakes. Some big, some small, but regardless they all added up. I almost quit after making the decision that the idea just wasn’t worth trying anymore.

#2: Trying to Become CEO Too Early

Mistakes happen, and they can be a costly lesson that teaches you more than anything else. When I started my first business, I should have taken the time to learn more about running my business before taking on too much. I also made a mistake in thinking that trying to grow too fast would make me feel successful sooner which was not the case at all.

I might as well have cried in Starbucks coffee for all the good I would have done.

As an entrepreneur, one of the most important things you can do is to focus on your target audience. Trying to become CEO too early and not knowing who your customer is will lead to a lot of failed projects. Starting from the bottom and focusing on small steps has led to success for many entrepreneurs.

#3 Trying to Take Advice from Too Many People

As an entrepreneur, you have to make decisions and learn from your mistakes. You know that more often than not, the advice other people are giving you is going to be bad for you. But sometimes it’s hard to know if some of those people who claim they are experts are actually right.

I started my business with a lot of enthusiasm and energy. I really wanted to make it work, but as the months went by, I realized I wasn’t doing things the best way I could. When I found out about my mistakes in my second year, it was so helpful for me to know what went wrong and what I can do going forward.

#4: Not Knowing How to Ask for Advice

In my first year as an entrepreneur, I made a lot of mistakes. Mistakes happen, and it’s important that you learn from them. Learning to ask for advice is one way to make sure you don’t repeat the same mistakes twice.

I have learned that the best way to gain the attention of people is with a question. And it can be difficult for me, as a first-time entrepreneur, to ask for advice.

Asking for advice is crucial to success. When you make an idea of something, you really don’t know what will work and what won’t. The only way to figure this out is by asking for help from the people around you. You may not know where to start or how to get started, but that’s why it’s important to ask.

#5: Forcing Vs. Influencing

It took me a while to figure out that forcing people to do something they didn’t want to was not an effective strategy. Sure, I could force someone to do what I wanted them to do, but would I really be doing that person any favors? It was only when I realized this was important for my business that it started getting better.

When an idea is presented to you, do not force it. Instead, try to figure out what makes sense, what is the strongest option, and then make a decision that reflects your values. If you start forcing all of your ideas on people without hearing their thoughts on the matter, they will eventually push back with frustration.

#6: Living the Dream Too Early

The mistake, in this case, was living the dream too early. I thought that if I just started my own business and made my website, I would be on my way to success. The problem with this conception is that it is not possible for a new person to start their own business without a significant amount of capital and marketing experience.

The worst mistake I made in my first year as an entrepreneur was accepting a position with a startup that was too small to hire me. This led to me burning out, not knowing what I wanted from the job, and quitting after a month.

After this experience, I started to ask myself the tough questions about where I wanted or needed to work. In order for me to maintain my sanity, I needed to make sure that I found the right company for me.

It is important for entrepreneurs or young professionals hoping to get into the business of their own to consider the type of company they will want or need down the line.

#7 Trying to Sell Too Many Products as an Entrepreneur

Trying to sell too many products at one time can be a mistake that new entrepreneurs make. It can lead to having an overwhelming number of orders, which can make it difficult for the company to fill all of the orders on time and create positive exposure for the company.

It is important for new entrepreneurs to keep their focus on how they are marketing their business because if they spend all of their time trying to fill orders, they will not have time to focus on other areas that would help them grow more quickly and reach more people.

In my first year as an entrepreneur, I tried to sell a lot of products. I quickly realized that if I focused on selling one product and offering a superior level of customer service, my business could grow faster.

#8 Thinking I Knew it All

I know I don’t know it all. That’s the only way to make sure that you’re learning anything new and getting better. Not knowing what you don’t know is what allows you to grow.

When I first started my business, it was easy to overestimate my expertise and assume that all the mistakes I made were because I wasn’t really trying. Eventually, I learned the truth: there are a lot of things that come with starting a new venture that you just don’t know going in.

One of the many mistakes I made my first year as an entrepreneur was thinking I knew everything. After watching other people succeed and struggle, I thought I had a good idea how to launch my own company. However, after making these mistakes, I learned that nobody knows everything.

#9: Partying Too Hard

Partying too hard isn’t just about having fun. For me, it was a way to blow off steam after working on my startup all day. The problem is that partying hard enough can lead to turning down job opportunities. That’s where I went wrong.

People often ask me about the mistakes I’ve made in my first year as a self-employed entrepreneur. My biggest mistake was partying too hard. When I work all the time, I constantly need to release stress and energy.

I would go crazy if I didn’t do something to let out that energy. So, instead of working out or going for a run, I would go drink with friends at bars every night and then come back home feeling like crap.

For some people, this doesn’t sound like a big deal, but it really affects your productivity because you’re mentally exhausted when you get up in the morning.

#10: Acting Like a Boss Instead of an Employee

Acting like a boss and not treating your employees like employees can be a dangerous mistake if you’re running your own business. When you are only one person and have to do everything, it’s easy to forget that you are still just one person.

You need help and guidance from others who have been through the process before. Acting like a boss instead of an employee can also hurt your bottom line when you are trying to build up your company because people don’t want to work for someone who treats them poorly.

It turns out that I didn’t really need a new suit to act like the boss. When I quit my job and started my own business, I quickly found out that my blue jeans, t-shirt, and sneakers would suffice just fine. Of course, this meant that when I went from having an 8–5 job to running the company in my spare time, things got a little more complicated.

#11: Not Having a Schedule

I made this mistake too. I was so excited to start my business that I didn’t pay much attention to the time when I hired my first employee, and by the time I realized what had happened, it was too late. As a result, my employees and I worked 12-hour days for a solid year which lead me to burn out in less than six months.

A schedule is one of the most important elements of a successful business. Without one, there is no way to plan your day and know when you will be working and when it will be time to take a break.

Without a schedule, you’ll find yourself constantly running late for appointments or not being able to leave work because you’re still putting in hours on your current project. This can result in burnout, loneliness, and resentment from others who are out having fun while you’re left at work.

#12: Not Knowing the Value of a Business Plan

In my first year of business, I made a lot of mistakes. I was naive and didn’t know how to cover the expenses that came with starting a business. I spent over $10,000 on advertising without knowing if it would work. The best thing that came out of this decision was finally realizing the value of a business plan.

This is just one of many mistakes that I made as an entrepreneur. The biggest mistake I made was not knowing the value of a business plan. This was the only business plan that I did not use and instead, relied on my knowledge, skills, and experience to successfully start the company.