3 pitfalls to avoid if you are considering to start your own business

I know that more people are considering to start their own business lately because of all the changes we see in this world. It has been 3 years now since I started my company, and it wasn’t an easy ride. Reflecting on my ups and downs, I was fortunate to be consciously avoiding some common pitfalls for entrepreneurs below: 

1. “Doing it just because you don’t like your corporate job.”

A lot of my friends would tell me they want to start a business because they hate their corporate job. That’s not the problem, but then I’ll ask them: “What would you like to do then?” Usually they would either have no idea or too many ideas, which shows that they have not put a lot of thought into it yet. I would say the process of starting your own business is as tough, if not tougher compared to your worst corporate job. If your goal is just to leave your current job, there’s a good chance you may not have enough motivation or resilience when you deal with all the challenges starting your business. 

Find something you love to do and something you are good at. Passion is not a nice to have when it comes to entrepreneurship - it is the fundamental ingredient to stay competitive and sustainable. Just like what Steve Jobs said: “You have to have a lot of passion for what you are doing because it is so hard … if you don’t, any rational person would give up.”

2. “Doing it because you want more money.”

Statistically, most start ups either fail or not make money at all. If you would hope to generate more income through entrepreneurship, I would say it takes quite some effort to cut through the cluttered market. Financial rewards would be part of the benefits starting your business, but my recommendation is not to see it as your only goal. Your clients are willing to pay you because your focus is on creating value for them, not on maximising your pay check. Instead of money, start by thinking “What value can I create?” Once we can prove our value through our work, financial reward should follow naturally. 

3. “Doing what you think is great before asking.”

Most people come up with start up ideas without consulting any potential customers. I would say that is very risky, and I also made some terrible decisions making the same mistake before. We need to understand we all have our blind spots, and what we believe is wonderful is not always what our customers want. In entrepreneurship, launching a product or service does not mean your work is done - on the contrary, it is just the beginning and you should expect for continuous fine-tuning along the way. When I got no business for my first 6-months, the only thing I did was conducting user interviews. I would ask feedback from my potential clients and try to understand what they liked or disliked about my offerings. That was one of the most valuable steps I took to get my business running smoothly afterwards. 

Intention determines results - if your answer is no to the above 3 things, there’s a good chance you are starting your business for the right reasons. There is no perfect time to do this and sometimes we just need to follow our heart and take a leap of faith. Good luck to your journey and I believe it will always be a rewarding one. 

#entrepreneurship