Search

6 Honest Entrepreneur Pitfalls

Updated: Jan 27


Picture of a cup with the word hustle on it
Unsplash

I’m two years in and here is what I have learned. It was technically December of 2019 when I put the pieces in place to officially say I was jumping into the entrepreneur game. I launched a podcast and did over 100 interview style episodes where I interviewed people with motivational health stories.


Looking back, I clearly thought setting up a podcast was going to be difficult. Turns out, starting a podcast is easy, making it last is hard. As a one-person podcast team, you are forced to learn a lot more than just how-to setup a microphone.


The podcast was really a stepping stone to other opportunities that I didn’t know were possible. Between websites, apps, SEO, social media, sales funnels and of course the dreaded email marketing, I stumbled into all of it just for the little old podcast. Before it knew it, I was a full-fledged digital entrepreneur in the making.


My interpretation of “digital entrepreneur”, is anyone who is selling or offering a good or service on the internet. Overwhelming is the best way to describe the digital entrepreneurial space and for anyone looking to jump in, I have some honesty to share with you.

If you can master these 8 pitfalls, you give yourself a better chance at success.


Unsplash

#1 You’re going to lose more than you win in the beginning

At least in the beginning and it is possible you won’t even be seen, let alone lose. The reality is that the entrepreneur world is defined by successful people who are able to wipe away the loses from a day before and focus on potential wins for the tomorrow.


No one cares who are you, how intelligent you are, what your experiences are or even what you offer if you don’t know how to craft it in a winning way. It takes practice, time and persistence.


#2 You’re going to spend more money than you generate

For everything that claims to be free out there in the entrepreneurial universe, money will need to be spent. Actually, look at it this way, if it says free, it probably means with limitations, which means of little value. Accept it, forget about it and instead learn how to spend wisely. If you don’t have data you can’t move up the ladder.


Data is typically only acquired through trial and error. Trial costs money and error costs headaches. You can’t have one without the other and they will hammer your bank account until you get what you need to understand where your ideal customer is at.


#3 You’re going to get sucked into stuff you don’t need

Let me give you an example. There is a product out there called “Clickfunnels” that was created to give people like us templates to create sales funnels. It is probably one of the best sold entrepreneurial products around.


Unsplash

I have gotten sucked in twice at $99 bucks a month (that’s right, I’m real special), and both times I wasn’t ready to use it. Why? Because I didn’t have the content, ideas, understanding and customer base (both social and email) to use it wisely.


Remember, software doesn’t make great sales people. Research, data and consistency do. With that said, Russell Brunson (one of the creator’s and face of the product) has made a mark like no other. I’ll be back.


#4 You’re going to neglect content creation

This one is going to happen over and over again. Without content you have nothing to sell and more importantly, nothing to give away for free. For most, the thought of giving away the content you create for free is like having your bike stolen when your 11 years old.


Free is used to attract emails and emails can eventually turn into sales down the road. To recap, you create good content to give away in exchange for an email. You create even better content that you sell to your email group.


Trust, me content, content and more content.


Picture of a guy facing the wall
Shutterstock

#5 You’re going to overlook the five-year measure

This one is my own made-up measure but it needs to be discussed. It appears that the most successful digital entrepreneurs fail to mention that they have been doing this for at least five years. Five years is a long time in this game so remember that when you get down or frustrated.


For the one person who makes it right out of the box, the rest slowly push along, learning, trying and figuring out what they do best. Hang in there and become the next five-year guru.


#6 You’re going to suck at sales and marketing

There is a chance that you have the greatest idea in the last 10 years. It will stay your greatest idea unless you embrace the wonderful world of digital sales and marketing. Like I said in the beginning, no one knows who you are or what you offer if you don’t know how to market and advertise.


In the beginning, the most common thing to do is market your product or service to everyone and anyone. The problem? Everyone and anyone are your ideal customers and until you can locate where they hangout, you go in circles, spend money, waste time and become fed up.

Just avoid those 8 topics and will you make a million bucks! Well, actually probably not but you will certainly be on the right path.


With all that said, I think the most important thing beginning entrepreneurs can do is understand the basics of how all this stuff works. It wasn’t until my second year that I finally took the time to understand the value of organic traffic for example.


RWest Consulting offers FREE consultations on all things animated video or digital marketing. Set an appointment HERE!

3 views0 comments

Recent Posts

See All