Did you know that most people will only have three-to-four truly groundbreaking ideas in their lifetime? But many of these ideas never come to life. They instead go to the Idea Graveyard.
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Neil Patel, shared on Entrepreneur.com, 6 common traps that many entrepreneurs fall into and I’m sharing some of his with you today (adding in a few of my own that I feel are traps that my clients face). Knowing what these traps are and how to overcome them is a key ingredient to success in your business.
1. Lack of Commitment
You’ve got a good idea. So what?! Most people like the idea that they have, but they lack the commitment to execute and turn their ideas into reality.
My husband has always liked the idea of having a big dog, a lab. But when presented with the opportunity to actually get one recently, he realized he liked the idea of having the dog more than he was willing to commit to doing the work of actually owning a dog, e.g. taking it on walks, playing, etc.
You must have discipline and commitment to execute on an idea.
2. Analysis Paralysis
Once you are 100 percent committed to your idea, the next fatal mistake that many people make is that they spend too much time thinking about their idea instead of turning it into an implementable plan.
It’s one thing to do some research. But don’t get stuck in the permanent research mode. In fact, Neil had Lack of Research on his list of pitfalls…and while this is true…I see so many go to the other extreme and get stuck doing nothing but research.
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Okay, this one is personal for me, as I consider myself to be a recovering perfectionist. I now embrace Imperfect Action.
Early on in my entrepreneurial journey, I read the book The 22 Immutable Laws of Marketing, and one of the laws really stuck with me…
It’s better to be first than it is to be perfect.
Put this onto a sticky note and read this every day until you live and breathe this mantra.
4. Lack of Strategy
Good strategy boils down to two things: effective planning and organization.
What I’ve realized, however, is that breaking an idea into an implementable plan doesn’t come easy for everyone. Whereas, my left brain loves making bite-size plans. When you can take action every day towards your goal, you are more likely to get your idea off the ground.
If you fail to prepare, then prepare to fail.
But let’s say that’s not the case; you do have a plan of execution. Once you have developed it, you need to stay organized. Using somesort of project planning tool can help tenfold. I personally love using Trello.
Whether you track progress with a pen and paper or online, you need to track the action you are taking and stay organized with your idea.
5. Going it Alone
Ideas take time to develop and grow, and to expect instant success is naive and will inevitably lead to disappointment and failure. And we often go it alone which actually leads to even more failures than are necessary.
Working with a community, or a mentor, can save so many headaches and reduce the failures you experience because they can share what they have tried and they can share their mistakes.
Why go it alone when you don’t have it? In this day and age of being online…there is no reason why can’t find a community of like-minded entrepreneurs to support you as you bring life to your ideas.
If you would like to join my free community of online entrepreneurs, I invite you to join my Time, Money & Happiness Matters Facebook group today.
6. Fear of failure
Finally, and most importantly, do not be afraid to fail.
“Failure is Awesome!” is one of my key mantras. I say this all the time. I live it. I breathe it.
It takes courage to pursue an idea and give it your all, knowing fully well that it may fail, and the simple fact that you took action makes you more successful than anyone sitting around waiting for “someday.”
You can not learn without failure…so embrace failure instead of fearing it.
Neil shared that the “graveyard is the richest place in the world — not because of gold or silver buried among the dead, but because of the amazing, world-changing ideas that have died because the people who had them were not willing to execute and take risks.”
To read Neil’s original article, you can check it out here.
Get out of your comfort zone and into what I call your Courage zone. Understand what traps to avoid and bring your idea to the world today before it’s too late!
My goal for you is to support you in avoiding these pitfalls so that you can bring your ideas to life.
My goal for you is to create the habits, systems, and processes so that you can work less and make more.
My goal for you build your profitable online business and enjoy your life.
Building a business can often be lonely and frustrating… BUT IT DOESN’T HAVE TO BE!
The Profitable Lifestyle Inner Circle is the best way to take your business to the next level, and I’d like to invite you to join this community Today!