8 Critical Mistakes Every Solopreneur Must Avoid
From Someone Who's Made Them All!
I've been in the trenches of solopreneurship for years now. I've built several successful businesses, but I’ve also made some colossal mistakes along the way.
From trying to be all things to all people, spending hours creating products no one wanted, to putting all my eggs in one traffic basket – I've done it all.
Through this journey, I've learned that building a business isn't about wishful thinking or perfect planning. It's about action, adaptation, and persistence.
As Winston Churchill wisely said;
"Success is stumbling from failure to failure with no loss of enthusiasm."
So, let's dive into the 8 critical mistakes that every savvy solopreneur needs to sidestep – mistakes that I've made so you don't have to.
1. Thinking Too Much & Not Doing Enough
This is the granddaddy of all mistakes.
You know what? You don't know what you don't know yet. And you won't until you get out there and start experimenting.
Key takeaways:
Not sure who your niche is? Start writing about your interests on Medium or Substack every day. Your niche will find you.
Unsure what people will buy? Create MVPs (Minimum Viable Products) and test the market.
Remember: You don't know what people will buy until they put their hand in their pockets.
Action step: Pick one idea and implement it this week. No excuses.
2. Being Afraid of Failure
News flash: Failure is the point. It's not just okay to fail; it's necessary.
Why it matters:
Each failure is a data point.
Failed experiments tell you what doesn't work, bringing you closer to what does.
Embracing failure makes you more resilient and adaptable.
Remember: Every successful entrepreneur has a graveyard of failed projects. It's part of the journey.
3. Not Building an Email List
I bring this up all the time, but only because it's the most powerful strategy for building an online business.
Why it's crucial:
An engaged audience is your business's lifeblood.
With a solid email list, you can launch whatever products your audience wants.
It's a direct line of communication you own, unlike social media followers.
Pro tip: Start building your list from day one. Offer value, be consistent, and watch your most valuable asset grow.
4. Lack of Consistency
This was my biggest mistake, and it might be yours too. Pick something and do it every single day!
Options to consider:
Write on Substack
Post on TikTok
Promote your product on Amazon
Pitch for jobs on Upwork
It doesn't matter what it is, as long as you do that one thing every single day. As you grow, you can layer. But start by picking one thing and becoming obsessed with it.
5. Not Listening to Feedback
I'm guilty of this one too. Here's the truth: Your business is not about you. It's about your audience.
How to leverage feedback:
Pay attention to what gets clicked, bought, liked, and shared.
Engage with your audience and ask for their input.
Be willing to pivot based on what resonates with your market.
Remember: The market will tell you what it wants. Your job is to listen and deliver.
6. Not Managing Your Finances
This is the unsexy part of business that can make or break you.
Financial tips for solopreneurs:
In your first year or two, reinvest 100% of your profits back into growing your business.
Keep meticulous records of income, expenses, and profit from day one.
As you grow, strategically decide when to take money off the table, invest, or expand.
Pro tip: Consider using accounting software from the start. It'll save you headaches later.
7. Blindly Following Trends
Sure, being an early adopter can have advantages, but don't build your entire business on a fleeting trend.
How to approach trends:
Evaluate if a trend aligns with your long-term business goals.
Consider how you can incorporate trends into your existing strategy without losing focus.
Always prioritize building a sustainable business over chasing the next big thing.
As Jeff Bezos wisely said;
"I very frequently get the question: 'What's going to change in the next 10 years?' And that is a very interesting question; it's a very common one. I almost never get the question: 'What's not going to change in the next 10 years?' And I submit to you that that second question is actually the more important of the two."
Focus on what won't change in the next 10 years.
8. Procrastination, Over-Planning & Over-Consuming
This loops back to mistake #1, but it's so important it deserves its own point. A business isn't built on wishful thinking or endless preparation.
How to overcome:
Set strict limits on your planning and learning phases.
Implement a "learn-do" cycle: learn something new, then immediately put it into action.
Use the "2-minute rule": If a task takes less than 2 minutes, do it now.
Action beats inaction every single time.
Your Turn: From Mistakes to Mastery
Even as a seasoned solopreneur, I continue to learn and grow. The journey of entrepreneurship is just that – a journey. There's no final destination, only continuous improvement and adaptation.
Remember, making mistakes doesn't make you a failure. Not learning from them does. So go out there, take action, fail fast, and learn faster. Your success story is waiting to be written, one mistake at a time.
Now, I have a challenge for you: Pick one area where you've been procrastinating or overthinking. Commit to taking concrete action on it within the next 24 hours. Your future self will thank you for starting today.