The mistake: Hiring the wrong people
Too many entrepreneurs spend time in the CCMA rather than working on their business. Don’t hire just anyone; you must ensure that they are competent. Get proper employment contracts in place and pay appropriately. If your new business requires employees when you start up, consider hiring a labour lawyer on a retainer to assist in the early stages.
The mistake: Not immersing yourself in entrepreneurship culture
It’s important to spend time with other entrepreneurs. Read up about entrepreneurship. Go to seminars on running your own business. It helps you think like a business owner and you get to network and share ideas and solve problems with like-minded individuals.
The mistake: Not taking action
It is possible to do too much planning. Often too much planning masks considerable fears of starting a business – more than the usual fears every entrepreneur has. These need to be dealt with first. To be an entrepreneur you need to have some ideas and then put them into action. Then you need to look at the results of your actions, do some more planning and take more and possibly different action. You plan the business while you actually work on and in the business.
The mistake: Working 17 hours a day, 7 days a week
You will work hard, but you have to have downtime. If you take no time to rest and look after yourself you will end up ill and burnt out, and then you very definitely won’t be successful.