“A lot of times seeing something new and exciting is easy to go toward because it’s new and exciting. When you get into the grind, and you’re actually in the inner workings of this business that you once said yes to, well, that starts to become a drag”

<ul><li>Every great business idea starts with the belief in one’s own self, but you can’t just stop at pure belief </li><li>Once you have a good idea you have to move forward with the process of validating that idea with concrete evidence</li><li>Dive deep into discovering what the problems, and the pains, and the concerns are, of your target audience. And this means yes, doing some research upfront.</li></ul>

Bias And Assumptions

<ul><li>The most cost-effective method of diving deep is simply having conversations with your target market to see if they like what you’re thinking about.</li><li>On the flip side, some people are too cautious and will research their market without taking decisive action thinking that they must prepare for every possible scenario</li><li>The biggest lessons often come from being in the field rather than strategizing plans from the armchair.</li></ul>

Deep Diving: The Details

Oftentimes, we give up right at the inflection point.

<ul><li>Entrepreneurs don’t have a true ‘clock-out’ time and that’s why it’s mandatory to enforce it yourself.</li><li>Even supremely confident entrepreneurs who view themselves as unstoppable machines must recognize that machines must be maintained or they break down.</li><li>This doesn’t mean you can’t occasionally put the pedal to the metal when the time calls for it though.</li></ul>

Overclocking Yourself

How are you improving and getting better each day?You don’t have to go from amateur to master immediately; a 1% improvement every day will lead to exponential results.

One Percent Every Day

Just-in-time learning means allowing yourself to only learn about the things and get excited about the things that are related to the next thing that’s on your list.To avoid missing out on lucrative opportunities, bookmark those ideas for later and after your current goal, you can delve into them.In most cases, you’re not going to go back to them. By the time you’re ready to move on to something else; guess what? There’s even better and newer material that comes out.

Just In Time Learning

<ul><li>Almost all overnight successes took years of grinding behind the scenes before the pieces clicked into place</li><li>Every great business idea starts with the belief in one’s own self, but that alone isn’t enough</li><li>Once you have a good idea you have to move forward with the process of validating that idea with concrete evidence</li><li>Your belief in what you sell will take you much farther than a desire for profit</li><li>If all you care about is profit, there are easier ways of making money than being an entrepreneur</li></ul>

Key Quotes: Seven Terrible Traps That Entrepreneurs 

The time you save by outsourcing tasks to people who are more efficient at it will make you more money than the money you save by doing it yourselfYou have to understand that your time is precious and that there are likely other and more important things to do.This applies to non-business related activities too. You may not even realize the time you’re spending on social media every day, every week until you have the numbers staring at you.For example, If you hire someone to take care of the administrative tasks you can free up time to focus on expanding and being even more successful.

Doing Everything On Your Own

Comparison is incredibly useful in discerning different experiences and lessons other people have learned, but not when it’s used for negative purposes.When you get involved in a business community, especially in the beginning, you may wonder why you’re not as successful? Avoid that sort of thinking.Every single person is at a different point in the journey of their life.We need to be comparing ourselves to ourselves yesterday, to ourselves last week, to ourselves last month.

Comparisons With Others

Mistakes And Traps That Entrepreneurs Fall Into

#435: On this session of the SPI Podcast, I give you a heads up about seven terrible pitfalls that entrepreneurs often encounter. Podcast show notes available at https://www.smartpassiveincome.com/session435See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Pat Flynn from The Smart Passive Income Blog reveals all of his online business and blogging strategies, income sources and killer marketing tips and tricks so you can be ahead of the curve with your online business or blog. Discover how you can create multiple passive income streams that work for you so that you can have the time and freedom to do what you love, whether it's traveling the world, or just living comfortably at home. Since 2008, he's been supporting his family with his many online businesses, and he's been openly sharing his wins, his losses, and all the lessons in between with the community of energetic but humble entrepreneurs who follow him. Self-proclaimed "crash test dummy of online business", you'll learn about building authority online, email marketing, building a team and outsourcing, content marketing, podcasting, search engine optimization, niche sites, social media strategies, how to get more traffic, creating online courses, affiliate marketing, and productivity tips so that you create something amazing without burning yourself out. It's a mix of interviews, special co-hosts and solo shows from Pat you're not going to want to miss. Hit subscribe, and get ready to change your life.

PAT FLYNN

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