If you want to be a successful entrepreneur here are eight things you should never say.
1. “It’s not a good time to start a business”
We’ve all met those budding entrepreneurs who’ve got a great idea for a business but the timing just isn’t right. The economy isn’t going so well, they’ve just bought a house or they’re really busy in their current role.
The truth is you could die waiting for the perfect time to start a business.
Glen Carlson, co-founder of Entrevo, says, “It’s never a good time to start, so start now.”
He also warns starting up is likely to be “four times harder” than you think it’s going to be.
But don’t let that dissuade you. It certainly didn’t put Carlson off – he went on to build a training business that turned over $3 million last year.
2. “I don’t believe in gut instinct”
Successful entrepreneurs go with their gut instinct rather than ignoring it.
As an entrepreneur you have to make countless decisions every day, sometimes there is no right or wrong answer, you just have to make a decision and go with it.
Your intuition got you this far so don’t abandon it at a key moment.
Eytan Lenko at Outware Mobile says he and co-founders Daniel Gorog and Gideon Kowadlo often found themselves under pressure in the past because they didn’t trust in their growth ambitions and held back from scaling up until they absolutely needed to.
“My advice would be to trust in your plan until it proves that it isn’t working rather than the other way around,” he says.
3. “I can do it alone”
Maybe you can do it alone, but you can do it better with others.
Relationships are key to succeeding in business, according to Mike Frizell, founder of Smart50 winner Pet Circle.
“Whether it’s a relationship with a customer, a supplier or partner, trust and dependability are key to success,” Frizell says.
Similarly, Chris Byrnes, co-founder of digital agency Klyp, is not afraid to be the dumbest person in the room.
“Hire people that are smarter than you!” he says.
“Surround yourself with sharp minds and specialty knowledge. This is the backbone of a successful business, especially in the services sector as you can leverage expert skill sets across a variety of disciplines.”
4. “When it gets tough, it’s time to give up”
It’s no bed of roses being an entrepreneur. The key is to not give up when the going gets tough.
Instead, if you experience a setback, learn whatever you can from the experience so that you can avoid making the same mistakes the next time.
David Strangis, co-founder of online retailer Bronze Snake, says entrepreneurs should never give up.
“You must give 110%, and be willing to not get paid for a few years. We made our first wage payment on the fifth year of having the business,” he says.
5. “I never delegate”
Yes it may be true that nobody can do things quite as well as you, but you need to get over this.
Delegate everything that is not a high value activity and free yourself up for working on your business, not in it.
Anna Carosa, co-founder of the Retail Savvy Group, says entrepreneurs can’t control everything.
“No one has passion like an owner, but you need to learn to delegate in a growing organisation,” she says. “You need to let go and give others the opportunity to shine.”
6. “The competition is too fierce”
As an entrepreneur, tough competition will only make your business better.
Adam Schwab, founder of AussieCommerce, says it’s important for entrepreneurs to value their competitors.
“We love having strong competitors – they drive us harder to treat our customers better and come up with innovative solutions for our clients,” he says.
“Without strong competitors it's easy to get complacent.”
7. “I just focus on the big picture and don’t worry about financial details”
While you may think you are a blue sky thinker, you need to be all over the details when it comes to finance.
Trudi Jenkins, co-founder of online retailer Hard to Find, says entrepreneurs need to stay close to the numbers.
“If you're not across the detail of cash flow and don't have a well-thought-through forecast and business plan in place, you can run into some serious trouble!” she says.
“We make key business decisions based on real data.”
8. “I know it all”
The best entrepreneurs are always learning.
Ben Handler, co-founder of property and business services company Cohen Handler says there’s always more to know.
“Read as much as you can to learn about business, educate yourself professionally and personally to prepare yourself, especially when opportunities pop up,” he says.
“Good luck is preparedness and opportunity coming together.”