Before starting ANY business, do NOT fall into this trap below:
- Watch a TV program hyping up entrepreneurs. How many of us have come across that?
- Decide that you want to be an entrepreneur too. How many of us have watched a TV program hyping up entrepreneurs and suddenly decided, “Oh, I want to be entrepreneur as well.”
- Look around to see what businesses are already existing and decide which of those businesses you would like to also have.
- “Envision” yourself putting up a business just like one of those that you see. (“Envision” is sometimes just a nice word of “daydream.”)
- “Envision” your first customers coming to your imaginary business and liking it.
- “Envision” your first customers telling all their friends about your business.
- Imagine your imaginary growing customers. Yes, “imagine your imaginary.” I know that sounds silly but that’s exactly what people do when they are “planning” their so called businesses.
- Imagine the media featuring a story about you and your growing market.
- Be inspired by this imaginary vision and withdraw all your money, bet the house, borrow cash and look for investors among friends and family to invest in your dream.
- Talk to friends about your business plan and get motivation from the ones who cheer you on… and ignore the ones who tell you its problems and challenges. You may have heard quotes online as well which say that you should stick with positive people and “stay away from negative people;” and you may interpret that to mean that you should only listen to people who tell you what you want to hear. As a result, you may listen to people who say that your screwed up business plan is good and stop listening to people who bring you back to reality and tell you that it is wrong or that it won’t work.
- Build and launch your business.
- Start wondering why a lot less customers are coming than in your “vision.”
- Cling on to your dream. Watch and read more hyped up entrepreneurial media telling stories about entrepreneurs who almost failed but ‘marched on’ until they became billionaires. Now I admit there are some of those people who did exactly that and they became very rich. But guess what? There are also a lot of people who bought the lottery and became very rich. Just because it worked for some people does not mean it is probably going to work for most others in the same way. Later in the book I will talk about how to properly take entrepreneurial risks.
- Selectively look for the friends who cheered you to “go for it” and talk to them so that you can hear more motivation from them.
- Continue to see your business fail.
- Start getting desperate for cash and start cutting costs which often includes cutting quality, as well as start changing your dream business from a vision to a “quick buck” business just to try and keep it afloat.
- Watch everything go haywire and get screwed up even more.
- Start hiding from the money lenders, relatives, friends and everyone else that invested or lent you money for your dream business.
- Lock up yourself somewhere and say “WTF just happened???”
So what do you think of this common business plan? It is very real, isn’t it? You have seen it happen or possibly it has happened to you already. I wouldn’t be surprised. Well, guess what? A lot of it has happened to me as well. I don’t blame you for it nor do I blame myself because it is really so common. So many people fall into this trap. Why? Because of the media hype and quotes that are thrown around on social media that they believe.
This is taken from the book Entrepreneurgasm: 33 Realistic Steps Turning $1,700 into $103,000 Online for the Average You which was the #1 BESTSELLER WORLDWIDE for Business Education on Amazon.com for Christmas 2014. You can download the e-book version here.