Business

Mike Sancho Specifies 3 Grave Mistakes to Dodge When Starting Out on Your Journey

Published

13 years ago

October 12, 2011

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The beginning of any journey is akin to the beginning of a great adventure. It’s a time of excitement, wonder, potential, and promise. Yet, it is also a time when you can lose your head and forget to focus on the things you should be taking care of to ensure you have a safe and successful trip.

As someone who learned the hard way that “the devil is always in the detail,” digital entrepreneur Mike Sancho knows from experience that there are critical mistakes that nearly everyone makes when starting on their journey.

Keen to help others avoid these common pitfalls and effortlessly navigate these easily surmountable obstacles, Sancho has kindly agreed to share with us three critical mistakes you need to identify and ways to avoid them.

Plan Like Your Life Depends On It

Just like you wouldn’t set off into the jungle without a map, or set sail on the ocean without a compass, you should not begin your business journey without having a concrete plan in place about your destination along with how you intend to get there, what obstacles you’ll encounter along the way, and what measures you have in place in case of an emergency.

You’d be surprised how many start-ups think they can just bluff it out and make it up as they go long. Big mistake! Plan like your life depends on it because in many cases it does.

Investment Is Critical

Investment is extremely critical to early success, says Sancho. It takes money to make money and the more investment you have, the more it’ll send the right signals to other investors that you’re a brand with a lot of backing and one they can trust.

Covering the cost of business expenses such as premises, equipment, stock, wages, etc. all add up. So it’s essential that you ensure your cash flow doesn’t dry up at the critical moment.

Surround Yourself with Mentors

As an individual who believes in learning from others and benefiting from their wisdom, Mike Sancho has always been a keen advocate of the power of mentorship. He stresses that surrounding yourself with mentors is like building an impregnable wall.

Sancho adds, “A good mentor is like a guide to the unknown. They’ve walked the walk you’re currently on and if you listen to their advice, you can get to where you need to be without setting a foot wrong.”