Because of my work as an entrepreneur, teacher, mentor and now director of Wayra, I have encountered hundreds of entrepreneurs seeking the magic formula for success. While there is no formula that works for everyone, there are a number of tips that I think I can give to avoid (or at least mitigate) the typical mistakes entrepreneurs make, especially during their first steps. That is why I have compiled the following list that I hope you find interesting:

  1. Embark on something you like. The entrepreneurial path is not easy. In fact, those of us who are experienced in this can safely say that is the most difficult of all. If you’re going to start a business, do it in an area you enjoy and do work you’re passionate about (we can’t all be CEOs or General Managers). That way, when the blows start falling (and believe me they will) and you have to work many more hours than others, at least you will do it willingly and it will be pleasant.
  2. Focus. The popular saying is very clear: “Don’t bite off more than you can chew.” I’ve met dozens of entrepreneurs who think they can handle 2 or 3 projects simultaneously and in the end are successful at none. I recommend that you focus on one and save your other ideas for later. Of course you can change what you’re doing as you go. What you can´t do is everything at the same time, especially when you’re new to all this.
  3. Look to create something important, not money. Most modern entrepreneurs look to generate money fast, which leads to attracting the wrong kind of investors and employees and the company usually perishes prematurely.  The idea is that the company must make sense and preferably change (improve) the lives of the people it touches. If this happens, the money will follow.
  4. Reach out to your potential market fast. As good as your idea may be, it is best to test it as early as you can. That is, look for feedback from your potential customers even before your product or service is ready. Waiting for the final version can cost a lot of money and effort. Use constant feedback to improve your product or service and then get to market with something you have tried.
  5. Finalize versions. Everything can be improved, but there is no need to wait for a perfect product or service. One of the major mistakes of entrepreneurs, especially engineers, is to continue adding functionality to the product, which leads to eternal development cycles. Having an original version and closing it once the original objectives have been met is important. Later, you’ll have time to make improvements in subsequent versions.
  6. Address a need. Another major error of technological entrepreneurs is developing something just because they have the ability to do so, without regard to any needs of the target audience. The end result is often a technology that lives in search of a market, the cause of death for many companies. It is much better to start in reverse, realizing that something is missing or could be improved and then seizing the opportunity.
  7. Follow your instinct. Listening to others, your clients, mentors and friends, is recommendable but be careful because you will face many different opinions and you can lose your way. Follow your instinct and accept advice, but without losing the essence of why you began in the first place. If you try to make everyone happy, you will probably fall into mediocrity.
  8. Differentiate yourself. Make sure you have some important differential value over your competitors. Doing the same as others is not enough.  You have to do it better, cheaper or in a different way to excel in the market. Your business must have a clear advantage over the rest that is also sustainable over time to prevent someone bigger coming along and competing with your same advantage.
  9. Persist. Success usually takes time, so you have to be persistent in your attempt to achieve it. If you get frustrated quickly, entrepreneurship is not your thing. Do not confuse persistence with obstinacy: be persistent but also learn to lose. One of my favourite sayings is “lose, but do not lose the lesson.” Even by losing, you can gain courage and experience.
  10. Delegate. You have to learn to delegate, you cannot do everything yourself. Entrepreneurs often believe that only they can do something right and take a hand in everything. This can eventually lead them to ruin. As a company grows finding specialists for different areas is essential. Lean on people you trust and that you can eventually train to be better than you in a specific area and give them power to carry out tasks.
  11. Control your ego. Many people find criticism difficult to accept, but we must always learn to listen. Pride is the natural enemy of success, so if you shut yourself off from the world, you end up being the only customer of your development.
  12. Lose your fear. Challenge yourself, explore and dare to do things that you have not done or have not been done before. While it is true that if you do not try you will not fail, it is also true that if you do not try you will never succeed. Most of the most successful entrepreneurs made many mistakes and learned from them, and that made them better and more valuable in the end.
  13. Help others. In Mexico, this happens a lot. We tend to follow a route without looking at those we tread on, without giving or asking for help. If you become successful, give a little back to those who are behind you and to the ecosystem itself. In addition to generating good karma we promote Mexico’s image to the outside world. The fact that there are more successful projects helps us all, because it improves the conditions for the next generation of entrepreneurs.

Although being dogmatic about rules on entrepreneurship is difficult, (after all, it is an adventure), perhaps you may get something from these tips. And, of course, extend the list with some of your own experiences. Can you think of any?

written by Marcus Dantus, an entrepreneur who often writes for ThinkBig. see more.
SHARE
Previous articleHow Humans Created Value Through History
Next articleSESAMi Receives Investment Funding
The Asian Entrepreneur Authors & Contributors
Our content is produced by a team of authors & contributors stemming from multidisciplinary backgrounds, experiences, achievements and various expertise. Together they form a collective of committed media individuals who passionately write to bring and deliver to readers valuable content on Asian startups, entrepreneurship and developments. On certain posts, please refer to the attribution notice usually found below the article to discover the author and related personal details and pages, should you wish to learn more about that particular author's work.

130 COMMENTS

  1. I just want to mention I am just beginner to blogs and honestly enjoyed your blog. More than likely I’m planning to bookmark your blog post . You definitely come with tremendous articles. Cheers for sharing your web site.

  2. I simply want to say I’m very new to blogging and definitely liked your blog. Probably I’m planning to bookmark your site . You definitely come with impressive stories. Thank you for sharing with us your webpage.

  3. Get pleasure from the admission you supplied.. Is not it superb when you obtain a very good publish? indeed, study is paying off. I enjoy you stating your viewpoint..

  4. I really wanted to write down a quick remark in order to appreciate you for some of the marvelous points you are writing on this site. My rather long internet look up has finally been paid with reasonable insight to exchange with my friends. I would admit that many of us visitors are very much endowed to exist in a perfect network with very many awesome professionals with good things. I feel pretty lucky to have seen your entire website and look forward to really more amazing moments reading here. Thanks a lot once more for a lot of things.

  5. I appreciate you revealing your perspective.. Is not it fantastic when you discover a good article? Honestly helpful standpoint, appreciate your sharing.. My personal searches seem total.. thanks.

  6. Hiya, I’m really glad I’ve found this info. Today bloggers publish only about gossip and internet stuff and this is really irritating. A good blog with exciting content, this is what I need. Thank you for making this web site, and I will be visiting again. Do you do newsletters by email?

  7. Hiya, I’m really glad I’ve found this information. Nowadays bloggers publish only about gossip and internet stuff and this is actually frustrating. A good blog with interesting content, this is what I need. Thanks for making this site, and I will be visiting again. Do you do newsletters by email?

  8. Hiya, I’m really glad I have found this info. Today bloggers publish just about gossip and net stuff and this is actually frustrating. A good blog with interesting content, this is what I need. Thanks for making this web site, and I will be visiting again. Do you do newsletters by email?

  9. Hiya, I’m really glad I’ve found this info. Today bloggers publish just about gossip and net stuff and this is actually annoying. A good blog with interesting content, this is what I need. Thanks for making this site, and I will be visiting again. Do you do newsletters by email?

  10. Socius Marketing gets its name from a Latin word meaning partner. The company was founded in 2006 and is based in Tampa, Florida. Socius believes that search engine optimization is essential to the success of any business and seeks to help companies navigate through what has become an increasingly complex industry.Socius Marketing operates under the belief that the customer should expect more from an SEO company than just a bill in the mail. We believe the success of your site hinges on the content on your pages, and it is for this reason that every quote we provide includes building websites through the addition of optimized content created by Socius writers. We firmly believe the end goal is a website that can increase sales and contribute to the growth of your company.

  11. Hiya, I am really glad I have found this info. Nowadays bloggers publish just about gossip and internet stuff and this is actually frustrating. A good site with exciting content, that is what I need. Thanks for making this site, and I’ll be visiting again. Do you do newsletters by email?

  12. Hi there. I found your site via Google whilst searching for a similar topic, your site came up. It appears good. I have bookmarked it in my google bookmarks to come back then.

  13. *Wow! This could be one particular of the most helpful blogs We’ve ever arrive across on this subject. Basically Excellent. I’m also an expert in this topic therefore I can understand your effort.

  14. Hiya, I am really glad I’ve found this info. Today bloggers publish just about gossip and web stuff and this is actually annoying. A good site with interesting content, this is what I need. Thank you for making this web-site, and I will be visiting again. Do you do newsletters by email?

  15. Generally I do not learn post on blogs, but I would like to say that this write-up very compelled me to check out and do it! Your writing style has been amazed me. Thanks, very nice article.

  16. I enjoy you posting your perspective.. Isn’t it fantastic any time you locate a very good publish? Adoring the contribution.. all the best So happy to get identified this post..

  17. I actually wanted to write down a brief message so as to appreciate you for those great steps you are sharing at this site. My time intensive internet research has at the end been paid with incredibly good details to exchange with my family members. I ‘d say that many of us website visitors are rather blessed to be in a fine network with so many brilliant professionals with insightful secrets. I feel quite grateful to have discovered your entire website page and look forward to plenty of more awesome times reading here. Thank you again for a lot of things.

  18. *I must say, as a lot as I enjoyed reading what you had to say, I couldnt help but lose interest after a while. Its as if you had a wonderful grasp on the subject matter, but you forgot to include your readers. Perhaps you should think about this from far more than one angle. Or maybe you shouldnt generalise so considerably. Its better if you think about what others may have to say instead of just going for a gut reaction to the subject. Think about adjusting your own believed process and giving others who may read this the benefit of the doubt.

  19. Hello there. I found your web site by the use of Google even as searching for a comparable matter, your site got here up. It appears to be good. I’ve bookmarked it in my google bookmarks to visit then.

  20. Hello there. I discovered your blog by the use of Google while searching for a similar subject, your site came up. It looks good. I’ve bookmarked it in my google bookmarks to visit then.

  21. Its like you read my mind! You appear to know a lot about this, like you wrote the book in it or something. I think that you can do with a few pics to drive the message home a bit, but instead of that, this is magnificent blog. A fantastic read. I will definitely be back.

  22. Hiya, I am really glad I’ve found this info. Nowadays bloggers publish just about gossip and net stuff and this is actually annoying. A good blog with exciting content, this is what I need. Thanks for making this website, and I’ll be visiting again. Do you do newsletters by email?

  23. Hello there. I discovered your website by way of Google whilst searching for a related topic, your website got here up. It looks great. I have bookmarked it in my google bookmarks to visit then.

  24. I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly very often inside case you shield this hike.

  25. If you are looking for discounts this is the right place, whether you are from Oxford, Reading, Plymouth, London or another city in UK, DealGator.co.uk offers you complete discount vouchers for accommodation, food, merchandise and much, much more. Therefore, it is always worth it to check out our website and find out what discounts are currently running, why not spare yourself 50% to 85% due to our vouchers? We do the best discounts on UK.

  26. Hello. Vastly cool site!! Man .. Charming .. Amazing .. I’ll bookmark your blog and engage the feeds additionally…I am happy to find a lot of useful information here in the send. Thank you for sharing..

  27. Hiya, I am really glad I’ve found this information. Today bloggers publish only about gossip and web stuff and this is really frustrating. A good blog with exciting content, this is what I need. Thank you for making this website, and I’ll be visiting again. Do you do newsletters by email?

  28. I’m typically to blogging and i in point of fact deference your content. The article has actually peaks my interest. I’m going to bookmark your web position and retain read-through for brand pristine original information.

  29. Hey there. I found your website by way of Google at the same time as looking for a comparable matter, your website came up. It seems great. I’ve bookmarked it in my google bookmarks to visit then.

  30. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment. Is there any way you can remove people from that service? Thanks!

  31. Hi there. I found your site by way of Google even as searching for a similar subject, your site came up. It looks great. I’ve bookmarked it in my google bookmarks to come back then.

  32. I precisely wished to appreciate you once again. I’m not certain the things that I would have handled without the actual information provided by you regarding this question. It absolutely was a traumatic crisis in my view, nevertheless seeing a new expert approach you treated that forced me to jump for gladness. I am thankful for this service and in addition hope you comprehend what a powerful job that you’re getting into training the rest by way of your web page. Most probably you haven’t met all of us.

  33. Awesome post. I’m a normal visitor of your web site and appreciate you taking the time to maintain the excellent site. I’ll be a regular visitor for a really long time.

  34. Hello there. I found your website by means of Google at the same time as looking for a related topic, your website got here up. It looks great. I have bookmarked it in my google bookmarks to come back then.

  35. Hiya, I am really glad I have found this information. Nowadays bloggers publish just about gossip and internet stuff and this is actually frustrating. A good site with exciting content, this is what I need. Thanks for making this web-site, and I will be visiting again. Do you do newsletters by email?

  36. *I simply wanted to thank you a lot more for your amazing website you have developed here. It can be full of useful tips for those who are actually interested in this specific subject, primarily this very post. Your all so sweet in addition to thoughtful of others and reading the blog posts is a great delight in my opinion. And thats a generous present! Dan and I usually have enjoyment making use of your recommendations in what we need to do in the near future. Our checklist is a distance long and tips will certainly be put to excellent use.

  37. Wow that was unusual. I merely wrote an enormously prolonged comment except later than I clicked accept my observe didn’t illustrate positive. Grrrr… well I’m not script all that above again. Anyhow, emphatically sought to declare outstanding blog!

  38. You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complex and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!

  39. Hiya, I’m really glad I have found this information. Today bloggers publish only about gossip and web stuff and this is really annoying. A good blog with exciting content, that is what I need. Thanks for making this site, and I’ll be visiting again. Do you do newsletters by email?

  40. Very interesting subject , thankyou for putting up. “I am convinced that life in a physical body is meant to be an ecstatic experience.” by Shakti Gawain.

  41. Genuinely good point of view, many thanks for writing.. I value you revealing your point of view.. I enjoy you telling your viewpoint.. Is not it amazing any time you discover a fantastic submit?

  42. I just couldn’t depart your site before suggesting that I really loved the standard information an individual provide in your visitors? Is going to be again regularly to check out new posts.

  43. Hiya, I am really glad I’ve found this information. Today bloggers publish only about gossip and internet stuff and this is actually annoying. A good website with interesting content, this is what I need. Thank you for making this site, and I will be visiting again. Do you do newsletters by email?

  44. I actually wanted to type a message so as to say thanks to you for those superb points you are placing at this website. My considerable internet search has finally been rewarded with really good tips to write about with my friends and family. I would admit that many of us site visitors are very fortunate to live in a magnificent place with very many brilliant people with very beneficial methods. I feel rather lucky to have discovered your web site and look forward to really more awesome minutes reading here. Thanks a lot once more for a lot of things.

  45. 锘垮鐨囧悗 DVD 2000鍐? 姣庢棩鏂板搧銇撱亾銇汉姘楁捣澶栥儔銉┿優 鍥藉唴銉夈儵銉濪VD銇嬨倝銆併偄銉嬨儭DVD Blu-ray銇俱仹锛岄煋鍥姐儔銉┿優銆併偄銉嬨儭銉夈儵銉炪€佹棩鏈琓V銉夈儵銉炪€佷腑鍥姐儔銉┿優銆備汉姘桪VD鐗逛尽銈汇兗銉腑!鍏ㄥ搧閰嶉€佺劇鏂欍€

  46. I believe that avoiding processed foods could be the first step in order to lose weight. They could taste very good, but processed foods possess very little nutritional value, making you consume more only to have enough strength to get throughout the day. For anyone who is constantly having these foods, changing to grain and other complex carbohydrates will help you to have more vigor while consuming less. Good blog post.

  47. This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.

  48. Hiya, I’m really glad I’ve found this info. Today bloggers publish only about gossip and net stuff and this is actually frustrating. A good web site with exciting content, this is what I need. Thanks for making this web site, and I will be visiting again. Do you do newsletters by email?

  49. Somebody essentially help to make seriously articles I might state. This is the first time I frequented your web page and to this point? I surprised with the analysis you made to create this particular put up incredible. Great task!

  50. This is the perfect blog for everyone who wants to find out about this topic. You understand so much its almost hard to argue with you (not that I actually will need to…HaHa). You certainly put a brand new spin on a subject that’s been discussed for many years. Great stuff, just wonderful!

  51. I do enjoy the way you have presented this specific situation and it does indeed give us a lot of fodder for thought. Nonetheless, through what precisely I have seen, I only wish when other feed-back pile on that individuals stay on issue and in no way start on a tirade regarding some other news of the day. Still, thank you for this superb point and although I can not necessarily go along with the idea in totality, I respect the standpoint.

  52. Awesome write-up. I’m a regular visitor of your blog and appreciate you taking the time to maintain the nice site. I’ll be a frequent visitor for a long time.

  53. Fast, Quick and Easy. Contact us and tell us a little about your vehicle then get a Free Quote immediately on your Car, Truck or Van. We arrange convenient pickup and pay you Cash at time of Pickup. Occasionally, a Company Check may be necessary in lieu of cash due to our volume. However, we always let you know what to expect at time of scheduling and ensure you are satisfied with the plan as well as the results.

  54. Throughout the great scheme of things you get a B- for effort. Where exactly you actually misplaced us was in your specifics. You know, as the maxim goes, details make or break the argument.. And it could not be more accurate right here. Having said that, allow me say to you just what did do the job. Your article (parts of it) is actually extremely persuasive and that is possibly the reason why I am making the effort in order to comment. I do not really make it a regular habit of doing that. Second, even though I can certainly notice a jumps in logic you come up with, I am not necessarily sure of how you seem to unite your details which inturn make the conclusion. For now I will subscribe to your position however trust in the foreseeable future you connect your dots better.

  55. Office manager Afric Whittingham says Metro Locksmiths’ customers are always impressed by the store’s extensive selection of lock, key and security system products. Mr. Whittingham attributes the company’s success to its consistent focus on providing excellent customer service and competitive pricing. “We know our customers by their first names,” he says. “Our goal is create a unique experience for each client by combining our personal style of doing business with our expert knowledge of locks, keys and security systems.”

  56. Hi there. I discovered your web site by the use of Google even as looking for a similar subject, your website got here up. It appears good. I have bookmarked it in my google bookmarks to visit then.

  57. many thanks, it’s simply accessible and has countless good ideas and tips. the primary of my 2 favorite options are the pages where they’ll begin with an item or a handful of things that function inspiration for any space, and after that depth how the house owner used those things to form a novel and well-styled house.Online affiliates are alternative website sites that refer their own customers to a unique business’s website…browse a lot of at howtomakemoneywithaffiliate.blogspot.com

  58. Think about amenities like a full kitchen with blender and microwave, extra bedroom, handicap accessibility or even want amenities like whirlpool tub or a deck.
    Do not go over this amount though or it will start to mess
    up things like the image’s eyes. In the second installment of the cooking dash
    series, cooking dash diner town studios we have Flo and Grandma helping the restaurants that are located on the studio lot.

  59. La SEO è l'”arte” dell’ottimizzazione e del posizionamento dei siti web ai primi posti nei motori di ricerca. Tale arte richiede un mix di conoscenze, capacità tecniche e competenze strategiche di impostazione del lavoro fondamentali per raggiungere correttamente gli obiettivi di business dei siti web da posizionare.

  60. Hey there. I discovered your site by the use of Google at the same time as searching for a comparable topic, your site came up. It appears great. I’ve bookmarked it in my google bookmarks to visit then.

Comments are closed.