3 Deadly Entrepreneurial Mistakes

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 Today’s #MillennialToWatch is Brian Gerrard

At the age of 25, Brian became the Co-Founder & Chief Executive Officer of Bae :: Before Anyone Else. He led the company in becoming one of the fastest growing social/dating platforms in the world. The award winning business peaked as a top application in US, and top 50 Lifestyle app in 20 African/Caribbean countries.  Brian was acquired in 2016 by If(we), where Brian current runs marketing.

Brian’s has appeared in publications such as TIME, TechCrunch, Inc. Mag, Fortune and Product Hunt. Brian has spoken at F8 (Facebook’s annual conference), The United Nations, Fast Company Harvard University and Google.  Currently, Brian can be seen on National Geographic’s TV show, “Original Sin” airing weekdays.  Oh!  And he writes for millennial tech entrepreneurs like you, here.

Brian shares…”3 Deadly Entrepreneurial Mistakes”

“#1Confusing “do-porn” with doing something
James Altucher coined the phrase “do-porn” (the recent phenomenon of “motivational” videos with screaming entrepreneurs telling you hustle or die) when he noticed aspiring founders didn’t know where to find inspiration.  Do-porn is dangerous because it encourages people to run as fast as they can, without ever stopping to consider a direction. Just like James, I believe true motivation comes intrinsically, and when you find it, it will be the reason you jump out of your cubicle and into your passion.    What if for every hour you watched other people on YouTube about being successful, you were actually working on your business?

#2Getting caught up in the numbers too early
So, you just got funding, a major press piece, a big positive spike in data, or maybe all 3.  Congrats!  But now the pressure to keep it up and hit your numbers every month quickly creeps in.  Frantically, you spend more and hire faster.  Typically focusing too much on your numbers and not enough on your customers at first, will leave you with low retention.
If you have the right investors however, they will know that perfecting your product is more important then hitting your sales or usage goals.  Always keep long term goals in mind.

#3Doing it to be happy
A lot of entrepreneurs go into business thinking that it will make them a millionaire and therefore make them happy.  You are very likely to be interested and fulfilled by your business, but happiness will always be a moving target.  Being a millionaire running your own business might take 80-hour work weeks, managing 10+ employees and dealing with the lows and highs of business, with all of the responsibility.  This won’t always make you “happy”.
Instead, backwards plan from the emotion you want to have.  If you want to feel like a million bucks, surround yourself with people and experiences that you love.  But don’t depend on entrepreneurship to fulfill this void.”

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Brian would like ask you…

” Will live streaming apps surpass curation apps (like Snapchat, Instagram etc.) for Gen Z?”  

Tell him your thoughts here