7 Deadly Sins of Entrepreneurship: Are You Guilty? Listen now to find out…
Maybe you're in your second or third year of business and wondering if you're on the right track. Or maybe you're just starting out, and Google can't guide you on which pitfalls to avoid. Regardless of where you are, I'm ready to meet you halfway. Hi, my name is Sami—the co-founder of The Paper Money—and here are 7 things you shouldn't do in your business.
First things first, do not focus solely on 'more sales'. I know what you're thinking, "a business should sell..." Yes, I am well aware, but here's the thing: the sales you're worried about will come anyway. It's easier to sell a product than it is to sell an experience. When you become too sales-centric, you miss out on numerous opportunities to build your brand.
Don't just focus on getting more sales; focus on creating more connections. Ask yourself: is this ad, post, or content drawing people closer to your brand? Is it something they are proud to share or repost because it resonates with their core identity? Once you build that tribe, selling becomes easier than just offering products as solutions. It's kind of like how we buy bread not because it's our only option for breakfast, but because it fits our needs.
Secondly, put your ideas to work. Don't just focus on theory. The problem with us human beings is that we live in our heads—a habit exacerbated by the current economic downturn. It's the only rent-free place right now, isn't it? But here's my point: take action on your ideas. Even if the result is less than perfect, at least you have something tangible to improve upon. For instance, I've been trying to film a 'day in the life' series without a camera. Sure, using my phone isn't ideal, but I started anyway. I post the videos, despite disliking them, because it's about progress, not perfection. Remember, a challenging game makes for a better player. You don’t have to get ready if you stay ready. Also, if you do nothing, nothing changes. It's better to do something than nothing at all.
Thirdly, don't be too forward-facing. Sometimes, stepping back is a form of progress. You might be fixated on posting every day to maintain consistency, but occasionally, taking a break—for two weeks, maybe—is more beneficial. It's in these moments of pause that you might realize it's not your message that's off, but your delivery method.
Fourth, don't burn yourself out, especially if you're unsure of your direction. Go to sleep, boss. Get those 8-12 hours in. If you couldn't figure it out when your brain was most active, it's unlikely you'll have a breakthrough when it's exhausted.
Fifth, don't rely solely on your own thoughts. Your mind will reassure you, telling you that you're doing great, but what seems appealing to you might not always be what's best for your business. Seek the opinions of 2 to 3 different people from various industries and niches.
Sixth, avoid excessive optimism, which some might call toxic positivity. It's okay to acknowledge your current situation and navigate through reality. Yes, you can make £300K, but in 3 months? With no experience, no mailing list, and no pre-existing momentum? That's a tall order, requiring significant effort and perhaps a few miracles. We can't build businesses solely on luck or miracles.
Lastly, and importantly, know when to quit, give up, or keep fighting. We often either quit too soon or too late. To make your dreams a reality, you need to fight, but even the finest soldiers know the perfect time to rest or retreat. Don't let your ambition turn into your downfall.
Don't be your own Roman Empire.
If you missed out on part one from our newsletter where we talk about 7 things you shouldn’t do: management edition, you can read part one by clicking on the image below:
