Here is my retake on a “7 Deadly Sins” post I made over two years ago. Very interesting (to me) to see the change in my thinking over these last 2.5 historic years. List yours here or post it on Twitter with #7DeadlySins tag. You can follow me there at Twitter.com/JamesWeddle. Have at it! (Posting and Tweeting, not the sins!)
These are the 7 Deadly Sins an entrepreneur must avoid:
- January, 2007 – thinking you don’t have any have real competition or thinking you know what is best for the customer, instead of listening to them.
- June, 2009 – Actually thinking you have better answers than your customer(s).
- January, 2007 – Wishing you were selling your competitor’s product instead of your own or worse, trying to keep up with other entrepreneur successes you’re seeing.
- June, 2009 – Looking at funded companies and thinking money is all you need to have a successful venture.
- January, 2007 – Growing too fast or not doing ROI analysis on a big purchase.
- June, 2009 – Not thinking about partnering models to grow your business.
- January, 2007 – Focusing on stock price versus profit margin.
- June, 2009 – Coveting a government, healthcare, or education project award or job. Stop! You’re an entrepreneur, not an innovative employee.
- January, 2007 – Blaming someone for your problems instead of focusing on finding a solution
- June, 2009 – This is temporarily off the list — it’s time to get angry! This administration should be doing a lot more for entrepreneurs, including a) offering private citizens/non-accredited investors tax incentives to invest in and/or start-up a new business and b) investing “recovery” dollars directly into entrepreneurial-led funds. Not VC or Angel funds; not regional economic development funds…a fund of, by, and for the Entrepreneur.
Please call me. $50,000 goes a long way for a smart start-up. See ShareOnce.com for more information.
- January, 2007 – Not giving back to your community…early and often!
- June, 2009 – Not building a green, sustainable business model. From energy to water, we are in crisis when you look 20-40 years out. Entrepreneurs, by definition, have to lead this change at both the consumer and business level.
- January, 2007 – Not taking care of your expense report on time or managing your overhead costs.
- June, 2009 – Not having an execution plan that can be adapted in days, not weeks or months. Agile, lean … whatever it takes.