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Top 10 Entrepreneurial Mistakes

Joe Karthein, a WCOWMA-BC member and owner of Sentinel Excavating, used to work as self-employment counsellor with Community Futures. In that role, he helped over 100 small businesses develop business plans and grow their existing businesses. In March, Karthein delivered a presentation at the 2024 WCOWMA-BC Convention on building a business plan. 

Keep an eye on your mailbox for the Summer edition of WCOWMA’s Onsite Informer magazine where we’ll present some of Karthein’s best tips for Bringing Your Business To The Next Level. 

In the meantime, this is an adapted list of top ten entrepreneurial mistakes originally listed in a Community Futures business plan writing document. 

1. Getting stuck on one idea or way of doing things.  Explore all possible ideas and options.
2. Being too arrogant.  You have to have a strong belief in yourself and your capabilities. However, if you don’t focus on working on your own weaknesses, you’ll pay for it. 
3. Spending money before you make it. You can’t look at the gross number. Remember, not $15,000 – try $2,500 if that!
4. Attracting weak employees. Weak employees kill businesses.  Strong employees make businesses.  Get help with this if you need it.
5. Not being realistic. Think in a world of possibilities, but work in a world of reality.
6. Not listening.  Stop hearing only what you want to hear!
7. Not setting up sufficient support networks for your business AND personal needs.
8. Not writing a business plan and setting long and short-term goals. 
9. Over-delegating. Don’t assume other people can see your vision and will come up to speed to manage projects. Chances are they won’t and you will be left in a lurch.
10. Quitting. There’s no quitters in this room though right!

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