I've met hundreds of Entrepreneurs that couldn't see their businesses dying right in front of them.
Here are 9 lessons I learned from watching them lose everything (and how you can avoid it):
Here are 9 lessons I learned from watching them lose everything (and how you can avoid it):
1. Denial
First, too many Entrepreneurs secretly know it's over but think a bucket will put out a house fire.
They're in denial of their businessβs failure, unwilling to accept it.
Use this to review the health of your business before it's too late:
First, too many Entrepreneurs secretly know it's over but think a bucket will put out a house fire.
They're in denial of their businessβs failure, unwilling to accept it.
Use this to review the health of your business before it's too late:
2. Unrealistic Expectations
Entrepreneurs are too often Dreamers with unrealistic expectations.
Both what success for their business looks like and the steps to get there.
It's better to start small, do well, and then build on top of a strong foundation.
Entrepreneurs are too often Dreamers with unrealistic expectations.
Both what success for their business looks like and the steps to get there.
It's better to start small, do well, and then build on top of a strong foundation.
3. Lack of Resources
This isn't to say you need venture capital.
I've seen so many Entrepreneurs make plans expecting a windfall. Even worse, they take on massive personal debt.
Powerful, but affordable tools are created every day. You can reach 7-figures on your own first.
This isn't to say you need venture capital.
I've seen so many Entrepreneurs make plans expecting a windfall. Even worse, they take on massive personal debt.
Powerful, but affordable tools are created every day. You can reach 7-figures on your own first.
4. Poor Execution
89% of the world wastes hours every week. Entrepreneurs too.
Entrepreneurs are too eager to add more when you really need to do less.
Constantly ask yourself what's the 20% of work producing the 80% of results. Only do that.
89% of the world wastes hours every week. Entrepreneurs too.
Entrepreneurs are too eager to add more when you really need to do less.
Constantly ask yourself what's the 20% of work producing the 80% of results. Only do that.
5. Poor Communication
Entrepreneurs spend so much time in their own heads, forgetting everyone else.
One person I knew was constantly changing the company's direction. It made sense to them since they thought it through.
You can't keep everyone else in the dark.
Entrepreneurs spend so much time in their own heads, forgetting everyone else.
One person I knew was constantly changing the company's direction. It made sense to them since they thought it through.
You can't keep everyone else in the dark.
6. Too Much or Little Focus
Many Entrepreneurs are driven by the work they're passionate about.
If you put your head down and work for too long, you miss opportunities and changes to the market. On the opposite end, you never get an MVP.
This is a constant struggle to balance.
Many Entrepreneurs are driven by the work they're passionate about.
If you put your head down and work for too long, you miss opportunities and changes to the market. On the opposite end, you never get an MVP.
This is a constant struggle to balance.
7. Poor Decision-Making
So many Entrepreneurs I've talked to have never done anything like this.
That lack of experience hides the long-term implications of today's decisions. They only see today.
Every decision you make needs to align with your short-term & long-term plans.
So many Entrepreneurs I've talked to have never done anything like this.
That lack of experience hides the long-term implications of today's decisions. They only see today.
Every decision you make needs to align with your short-term & long-term plans.
8. Poor Financial Management
Most Entrepreneurs are not finance experts. They start their business to solve a problem through their vision.
Finance only gets more complicated, requiring more time & expertise.
Both get in the way of effective work that grows the business.
Most Entrepreneurs are not finance experts. They start their business to solve a problem through their vision.
Finance only gets more complicated, requiring more time & expertise.
Both get in the way of effective work that grows the business.
9. Lack of Support
Financial Management isn't the only area Entrepreneurs are weak in. There's:
β’ Technology
β’ Operations
β’ Marketing
β’ Support
β’ Sales
β’ etc
You can't do it all forever. Eventually, you need to delegate to effective executives.
Financial Management isn't the only area Entrepreneurs are weak in. There's:
β’ Technology
β’ Operations
β’ Marketing
β’ Support
β’ Sales
β’ etc
You can't do it all forever. Eventually, you need to delegate to effective executives.
TL;DR 9 Lessons to save your business
1. Denial
2. Unrealistic Expectations
3. Lack of Resources
4. Poor Execution
5. Poor Communication
6. Too Much or Little Focus
7. Poor Decision-Making
8. Poor Financial Management
9. Lack of Support
1. Denial
2. Unrealistic Expectations
3. Lack of Resources
4. Poor Execution
5. Poor Communication
6. Too Much or Little Focus
7. Poor Decision-Making
8. Poor Financial Management
9. Lack of Support
The good news is that Twitter lets us all learn from each other.
To start, share the most important lesson you've learned on your journey in business.
To start, share the most important lesson you've learned on your journey in business.
If you enjoyed this thread, please:
1. Subscribe to my newsletter -
luismarinelli.com
2. Jump to the first tweet and RT:
1. Subscribe to my newsletter -
luismarinelli.com
2. Jump to the first tweet and RT:
Loading suggestions...