The Fastest Ways to Fail as an Entrepreneur

Melissa Lanz is the Founder & CEO, The Fresh 20 (www.thefresh20.com). In this video she discusses the fastest ways to fail as an entrepreneur.

  1. Acting as a multi-hyphenate
  2. Focusing on non-revenue generating projects
  3. Spending too much time on desing

Transcription

As entrepreneurs, we are multitaskers. We try to do everything at once and we carry this title as a multi-hyphenate. It’s the CEO/Accountant/Graphic Artist, IT support, it’s everything and you can’t be effective in business when you’re trying to do everything. Learning to delegate will keep entrepreneurs away from failure and learning to let go and not have as much control of every single piece of the business is an essential tool that entrepreneurs have to learn in order to grow which we all want to do, we all want to grow. Concentrating on things that are not revenue generating is another way that can lead to failure.

As an entrepreneur and the leader in the business, it’s really important to concentrate on sales and things that are going to bring in revenue and if you’re doing something that somebody else could be doing for a lot less dollars but the head of the company is doing, it just doesn’t make any sense. So and for me, I think sometimes entrepreneurs move too fast to make everything look pretty. Sometimes we get caught up in the design of everything in wanting our presentation later to be so amazing and we can be waiting for that presentation letter and our sales opportunities are fine because we’re just waiting to have everything be, you know, nice and shiny and new.

So getting caught up in design can be really something that leads to failure for entrepreneurs as well. And I think that keeping focused and delegating staff out and keeping things moving is what an entrepreneur can do to keep their business from failing. It’s important.