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Three Big Differences of First-time and Veteran Entrepreneurs

First-time entrepreneurs and veterans are very different indeed. There are three important things that veterans are so successful whereas a first-time would mostly mess up everything. The three important veteran advantages are:

(1) A veteran is successful because the veteran have failed once.

(2) A veteran knows that everything is hard, and is prepared to deal with a difficult situation.

(3) A veteran selects the industry and market carefully, instead of just a random good idea.

A first-time entrepreneur are exactly the opposite. Because the first-timer is new, he/she under estimates the difficulties. Even if they succeed at starting up, they will mostly end up in a bad sector or industry with no further room to grow. Because the first timer does not choose correctly and under estimates the difficulties, they are more likely to give up quickly, sadly without knowing if they are on the right track or not.

This may sound bad, but this is actually the right way to go forward. If someone wants to avoid a newbie mistake and go directly to second base, it is impossible. No-one will be there to help. Actually, if they help, the first timer won't understand and appreciate anyways.

I know this, because I was a first timer, and I interviewed many successful entrepreneurs. As a rule of thumb, everyone fails on the first try, which takes about 3 years. Then people smart up for the second time, and it would be actually fun.

The key is to start, even knowing you won't succeed. It is mandatory to fail forward. The first timer will surely become a veteran, if there is a second time.

Here is the whole playlist in Youtube.

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