Why You Will Fail Financially As a Startup Entrepreneur

I wanted to start this post by saying hello everyone, but it would sound old, and I love innovating so I guess the way I started it is fine already. Today, I want to talk about mistakes in business and career because sincerely I have made a lot of mistakes in my life and they are just part of our growth.

In this short time I have spent in this world because I intend to live up to 100+ and I am still well in my 30s so I can say that my journey is still just starting but in this journey of mine, I have made wrong choices in business, hired wrong people, and even pursued passions that were not going to lead anywhere. Nobody is perfect, I always say this and so when we do things and make mistakes from them, we are to learn from them.

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In all this, one point where I feel temptation holds a lot of business owners and entrepreneurs especially in their beginning or starting stage is the tipping phase. That phase when they are able to fund their temptations, when they are having income rolling in and they feel and smell success around them. It is at this point that we always feel like we cannot fail again and we start asking questions like what is the worse that can happen since we have made it already. This is when ego begins to play in because the purse is full.

This point is where a lot of people remain stagnant, or start to fall to ground far worse than Humpty and Dumpty. First, when we are at this stage, there is always a temptation to start another business. There is a new guy telling you to begin this new business because the industry is promising, and since you can fund the dream, you decide to put money into it. This is completely not a good idea for you because there are always going to be new platforms and people wanting you to have this fetish that you are a business magnate because you have about 5 to 10 businesses.

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If you have been sold this idea and you want to jump into it, I will advise you put a break on your decision and ask yourself if you can put in complete dedication and effort into them because each new business is like an infant, and they require a lot of care even when they are giving you headaches. Pick one business and make sure you put in all the effort you have into it, making it as automated as possible when you are not there to run it. If you cannot build your business to a point where you are not needed on a daily basis, then you are not prepared to start another.

Another mistake that we make as entrepreneur is to spend money once we see them because we want to live big, and show people that we have arrived. If you have worked extremely hard to a particular stage, you can decide to spoil yourself but when you are just starting, it is a very wrong idea because first you will be putting yourself up for liabilities and financial burden.

This is because the financial advantage you think you have now can go south and when this does, the financial liabilities you have will come back to bite you. You can start to live worse than you did at the beginning so it is better to place yourself in a position where you can make the calls instead of where you would be suffering from financial burden in the process of trying to figure out the right solution to get you to balance and continue pushing.