In this episode, Erika Lucas shares her insights on the 5 mistakes that new entrepreneurs often make. As an investor who works with startups, growth phase and mature companies, she’s seen it all and boils it down into 5 things to watch out for. All entrepreneurs fall into these traps but once you know what to look out for, you can prevent staying in them. Both Amanda and Erika share personal examples of each of the mistakes to ensure you don’t feel like you’re the only one navigating the tough times in entrepreneurship.
*This conversation led to a part 2 that will be released in the next episode on this podcast.
Takeaways:
- Avoid falling into the trap of focusing on vanity metrics instead of metrics that really matter
- Spending money before making money is not a good option, you need organic growth first
- Remember that there will always be challenges in entrepreneurship, no matter your level of success
- Detach your personal identity from professional roles and find your core values and purpose.
- Be aware of the fear of missing out and prioritize activities that align with your goals and values.
Resources Mentioned:
- StitchCrew: https://www.stitchcrew.com/
- VESTHer: https://www.vesther.co/
- VESTHer Podcast: https://www.vesther.co/podcast
- Erika’s LinkedIn: https://www.linkedin.com/in/erika-lucas-51207911/
- Erika’s Instagram: https://www.instagram.com/erika_lucas07/
- Erika’s Tiktok: https://www.tiktok.com/@erika_lucas7?lang=en
- Erika’s Threads: https://www.threads.net/@erika_lucas07
