The 10 Most Common Mistakes Entrepreneurs Make In Their 20s & How To Avoid Them

 Entrepreneurs always have to be on their toes. From running a small business to finding the right interns, there are challenges around every corner.

Being an entrepreneur is hard. If you're reading this, we're guessing you already know this. But it doesn't have to be, you know? There are a lot of common mistakes entrepreneurs make in their 20s. We've made a few ourselves. It's not that big of a deal, but we'd like to spare you the trouble of making them. So here they are—

The 10 most common mistakes that young entrepreneurs make, and how to avoid them:

1. Standing at the cash register till 12 am

You know that feeling when you're just standing at the cash register till 12 am, and the store's closed, and there's nobody else left except for that one guy who has bought nothing for like 20 minutes and keeps looking at stuff, but then he puts it back? You feel alone, even though you're not. That's one of the most common mistakes entrepreneurs make in their 20s. Making a mistake doesn't mean it's the end of the world, or that you should give up! Learn from your mistakes and keep on keeping on.

2. Not asking for help when you need it

Asking for help should be second nature for entrepreneurs. Unfortunately, it's often something we avoid, because we feel embarrassed or think that others won't care enough to help us. We all need help from time to time. It's part of life—and being an entrepreneur is no different. Acknowledging that you require help and reaching out to your peers will not only make you feel less stressed, but it can actually help you succeed faster and more effectively. How do you ask for help without feeling like a burden? How do you know when and how to ask for what you require? And how can you avoid the common mistakes that entrepreneurs make when they're asking for help?

3. Thinking that you can do everything yourself.

Entrepreneurs typically think they can do everything themselves, but this is disastrous. They are the owner and managers of a company, and there is only so much they can accomplish while being both. The best way to avoid this mistake is to hire people with specific skill sets to help you get things done. For example, if your company sells products online, you might want to hire someone who knows how to drive more traffic to your website. If you run a sports apparel company, maybe you need someone who can help you develop and market new athletic gear. These people can help you grow your business and give you some added time to focus on the other aspects of running a company.

4. Not taking enough breaks

Entrepreneurship is not for the faint of heart. It requires an immense amount of dedication and hard work. However, it's important to remember that you need to take a break once in a while.

We live at a time when success is measured by how much you can get done in a day, but that's the wrong way to go about it. There are very few things you can't accomplish if you just have enough time and resources--but there are plenty of things you'll never accomplish if you don't take time to rest your brain and recharge yourself. It's easy to think that taking a break will hold you back, but it's even easier to see the damage that comes from not taking breaks. If you want to reach your goals, take some time off. You'll be surprised by how much better you feel and how much more productive you are.

5. Going out with friends while your business is on fire

Entrepreneurs often come to the startup world from corporate jobs, with all the attendant social interactions and networking. However, in the early days of a business, it's important to be laser-focused on getting that business off the ground. Entrepreneurs need to be careful not to focus so much on business that they let other aspects of their life lapse—over time, it's easy to fall into the trap of going out with friends while your business is on fire. Entrepreneurs need to make sure they're taking care of themselves during those early days and putting in the work required to get their company off the ground. This means making sure you're getting enough sleep, exercising, eating well, and spending time with friends and family you don't get to see often enough. It means making sure you're paying yourself for your efforts, too; if you don't take care of yourself financially, you won't have the resources available when your company pulls in revenue.

6. Not planning 

The number one mistake entrepreneurs make in their 20s is not planning for business and personal goals. If you have any goals or aspirations, writing them down can help you achieve them. If you don't write them down, you are more likely to forget about them or lose sight of them. So how do you plan? First, ask yourself what your goals and aspirations are. Then, break those into smaller chunks that can be broken down into actionable steps. Write these steps down to help keep you focused on what needs to be done. Include deadlines for each action step so that you can track your progress and stay motivated. Jot a few notes about your personal goals in the margins of this document and see how they align with your business goals.

7. Running out of cash because you didn't budget well enough

If you're a young entrepreneur, there's a lot on your plate. You're trying to build a brand-new company, so you've got to learn everything from the ground up. People are depending on you, and the stakes are high. It's easy to feel overwhelmed, especially if you're not sure where to start. However, one of the most common mistakes that young entrepreneurs make is running out of cash because they didn't budget well enough. If you're trying to grow your business without having a good idea how much money is coming in and going out, you could end up in serious trouble. It may sound counterintuitive—after all, if you've never managed money before, how can you manage it well? The truth is that it's not that hard once you get the hang of it. All it takes is some discipline and a little of extra time every week to track spending and stay on top of things. For example: -Payment apps like Venmo are great for tracking simple transactions with friends -Make sure to set aside time every week, ideally Sunday night or early Monday morning, to look over your budget -Try making a "budget bucket" that has different categories for different purchases

8. Working over 40 hours per week

One of the most common mistakes that people in their 20s make is working over 40 hours a week. Workaholism is very common in the startup world, and it can certainly be tempting to spend all your waking hours at your desk, thinking about the business. However, if you want to build a sustainable business that lasts for decades, then you need to take care of yourself. The key to avoiding burnout is to set some boundaries: only work between 9 am and 6 pm, or only work on work-related tasks during work hours. That way, you will have more time to spend with your loved ones and pursue hobbies outside of work. This will not just help you avoid burnout; it will also help you prevent making poor decisions when you're exhausted from working too many hours.

9. Being too picky about your first clients/customers

It's no secret that the first step to becoming a successful entrepreneur is picking a great idea. However, many entrepreneurs don't realize that their first big step in becoming successful is simply finding someone who wants to buy what they're selling. And most of the time, your first customers will be the people around you—friends, family members, and neighbors. When you start out as an entrepreneur, however, it's easy to be too picky about these initial clients: maybe your idea would work better if they were in another city, or if they had more money, or if their business model differed from the one you've come up with. In short, it's easy to overlook those close to you because it isn't as exciting as trying to land a multimillion-dollar client right away. But if you want to make your entrepreneurial dreams come true as soon as possible, remember this: your best bet for getting started is to go after the people who are already around you.

10. Not taking care of yourself

Entrepreneurship is hard work. That goes without saying. You're constantly fighting to get your business off the ground, and it's a lot to handle. If you're not taking care of yourself, though, you won't be able to handle all the stress that comes with being an entrepreneur. The good news? Taking care of yourself doesn't have to be hard. All it takes is a little self-awareness and a few simple changes to your daily routine. Just make sure you're getting enough sleep each night (7-8 hours is recommended), eating well (try to eat 3 meals and 2 snacks each day), and exercising at least 3 times per week (we recommend something like walking or biking because they're low-impact). You'll feel better—and you'll be able to handle anything that comes your way!

Conclusion

Hopefully, this article has helped you identify a few things that can help you improve your work and life as an entrepreneur. Hopefully, it's been helpful and inspiring. But at the end of the day, the best thing we can do is promise you that the future is bright ahead and there are plenty of opportunities to be had if you work hard enough and believe in yourself. Ultimately, the journey of entrepreneurship is one that no one knows how to take alone—but it's a journey worth taking. Good luck!

Please let me know in the comments section which of the 10 most resonate with you, or perhaps share your personal experience with any of them.