1 min read
Being an entrepreneur and starting your own business is a rewarding accomplishment for any individual. As rewarding as being part of a startup may be, it is no secret that the job also comes with its challenges. Some may be foreseen; others, not so much.
However, the one thing any fellow entrepreneur or investor will point out is that these challenges are almost always more difficult than expected. One of the most important things anyone can do as an entrepreneur is this:
Manage your own expectations.
Creating something from scratch is subjective and there’s no limit to what you can dream up or accomplish. As wonderful as this is, a limitless business idea can also be a downfall. It can do more harm than good if you don’t have a grasp on expectations.
You have to give yourself the opportunity to make mistakes. It’s important to understand that things don’t happen overnight. Give yourself time and be realistic with your timelines along with what you expect to accomplish.
Allowing your expectations to have too much freedom means you may start making promises you can’t keep. Don’t promise the world to your investors. Chances are, you won’t be able to give it to them.
Investors don’t like it when people come in and try to promise them everything, even if everything is possible. Instead, give the idea some cushion and yourself some room to make mistakes.
Always try to have a contingency plan. You can’t just say plan A is going to work right away. Plan A hardly ever works the way you want it to. Always have a plan B in case plan A fails and keep those expectations in check.
Read more in our latest eGuide: https://tencapital.group/education/
Hall T. Martin is the founder and CEO of the TEN Capital Network.TEN Capital has been connecting startups with investors for over ten years.
You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: firstname.lastname@example.org