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Peter Decaprio – 10 Common Mistakes First Time Entrepreneurs Make

Peter DeCaprio

The transition from working a full-time job to becoming an entrepreneur is hard. There are no set plans or deadlines when you’re an entrepreneur says Peter Decaprio. People think they can just quit their day-to-day employment and start generating income from their online business the next day, but it doesn’t work like that. Companies take a lot of time and effort to build, especially when creating something from scratch.

Suppose you’ve finally decided that you want to make a go as an entrepreneur, congratulations! But before setting off on this journey, there are a few things you need to know about what it takes to start successful businesses. And some of these things might be quite contrary to what your expectations were, so read through carefully and don’t skip bits – they may just save your life down the line.

1. You have to work more than 8 hours a day –

If you’ve been following the habits instilled in you by your parents and society since childhood, then I’m sorry, but it’s not going to cut it here. Peter Decaprio says Studies show that successful entrepreneurs work on average 70 hours a week. That’s almost double the average 40-hour workweek, and that’s just the start-up phase of things.

2. You’re going to work more than 8 hours a day on something you don’t enjoy –

As an entrepreneur, you’re not only building up your own business, you’re also building yourself up as a brand through your company. For some people, this means blogging; for others, it means putting out YouTube videos. No matter what form it takes, chances are that you probably won’t be doing exactly what you want to do with it right off the bat if you’re starting this business.

3. You have to learn how to sell –

This one is pretty obvious since if you have a business, you have to have customers, right? The thing is that just because someone buys from you once does not mean they’re going to keep buying explains Peter Decaprio. This means that as a business owner, being able to sell yourself and your products or services will be a pretty big part of what makes your company successful.

4. You have to learn how NOT to sell –

For the above point, work has to be balanced out by knowing when not to approach people about buying things from you. For example, I’ve been contacted before by someone asking me if I wanted their service or product “at a discount.” Would I ever say yes? No way! If something sounds too good to be true, then it probably is. The people who approach you about it will know that they’re selling a low-quality product or service and will take advantage of any customers they can get, even if that means having to give your business away for free to contact it.

5. You have to learn how to network –

Those four words together seem like a nightmare, but networking effectively is one of the best ways for entrepreneurs to find new customers. As per Peter Decaprio in today’s world, social media has made it easier than ever before for all kinds of businesses to connect and grow their reach exponentially. But connecting online isn’t enough; successful entrepreneurs make time in their busy schedules for face-to-face meetings as well.

6. You have to stay up-to-date on many things –

A few weeks ago, I went to my first hackathon, an event where more than 100 people came together to learn more about the latest technology and create websites and apps. There were more people at this one single event than I had met in the past year. As a business owner, you have to know what’s going on in your industry to keep up with trends and stay ahead of your competitors.

7. You have to wear many hats –

At any given time, as a growing business owner, you’re probably going to be wearing a bunch of different hats simultaneously. This is just part of being your boss! But it takes some getting used to, so don’t be surprised if you start feeling like you’re not sure what’s going on.

8. You won’t make any money for quite a while –

Peter Decaprio says, even though you may work an insane number of hours, the chances are that even though your business is making money, it’s not doing so enough to keep up with your bills. Sure, there will always be something to spend your cash on, but in the beginning, the chances are that most of it is just going right back into growing the business. And when things do finally reach a point where you don’t have to put all of that money back in? It’ll almost feel weird because you’re used to being poor!

9. If something goes wrong, YOU have to fix it –

The “blue screen of death” is scary enough on its own, but if your business computer crashes, the chances are that you’re going to have a lot more riding on getting it up and running again than just some work documents or pictures. Anytime something goes wrong with anything related to your business, it’ll be your responsibility to fix the problem yourself.

10. You will not have much time for anything else –

It might seem significant at first when you start making more money than ever before, but even though being wealthy is fantastic, don’t forget about things like family or friends who might want to spend some time with you! On the flip side of the coin, though, it’s good motivation to get through those less-than-stellar moments to get your business to a place where you can finally take a break.