Pitfalls to Avoid as an Entrepreneur

Proverbs 11:14
[14]Where no counsel is, the people fall: but in the multitude of counsellors there is safety.

Where you seek counsel, who counsels you, the quality of counsel you receive is proportional to your success.

There are many pitfalls to avoid as an entrepreneur, and you can do that by knowing them from people who have scaled through them. That is why you have to surround yourself with people with the same passion, similarities who can contribute to and add value to your life. Imagine an eagle in the company of chickens. What do you think will happen to the eagle?
Your circle influences your, growth and your success.

Your journey becomes smoother and easier when you have guide, right counsel and good friends. Alot of people have made mistakes that led to their fall because of wrong counsel and failure to seek and take good counsels.

Moses became a successful leader because he listened to the counsel of his father-in-law. Exodus 18:17,19
[17]And Moses' father in law said unto him, The thing that thou doest is not good.
[19]Hearken now unto my voice, I will give thee counsel, and God shall be with thee: Be thou for the people to God-ward, that thou mayest bring the causes unto God:

Some of these snares and pitfalls sneak up and ruin your success but with the right counsel the can be avoided. These pitfalls can come before you’ve even made your first sale, or they can come after you have finally started to build your success.

Examples of these pitfalls includes:
Debt:
Successful entrepreneurs will advice you to avoid debt whenever possible. Some, like Mark Cuban - an American businessman and investor, whose worth $4.1billion, will tell you to avoid debt entirely. According to Cuban, if you are starting a business by borrowing money, you are already doomed to fail.

Other entrepreneurs will take a more moderate stance on debt, saying instead that debt should be kept to a minimum. Becoming an entrepreneur with no money is hard, but high amounts of debt is a pitfall for entrepreneurs and should be avoided.
Proverbs 22:7
[7]The rich ruleth over the poor, and the borrower is servant to the lender.

This one might sound contrary to what common sense would suggest, inappropriate management of rapid success can actually. How, when a business gets too busy, processing all the orders, flaws in management etc may begin to reveal themselves which will result to a steady drop in revenue until the bottom falls out.
1 Corinthians 10:12
[12]Wherefore let him that thinketh he standeth take heed lest he fall.
Preparing for success with scalable management models and quality control is essential. Always at alltimes take heed.

Another pitfall to avoid is over-dependence on a single income source. This can be avoided by not letting a single customer represent more than 25% of your income. If a single client or customer represents too much of your sales, what happens when they decide to stop doing business? You lose a significant portion of your income.
Having a diverse client-base can help you avoid this pitfall.

There are other pitfalls to avoid, including internal conflict and high employee turn-around, but with good management, a solid business plan, and quality support, a good entrepreneur can keep moving forward.

Thank you,
Lily Generation Publication