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13 of the Most Common Mistakes Entrepreneurs Make When Starting A Business

13 of the Most Common Mistakes Entrepreneurs Make When Starting A Business

Even the most seasoned entrepreneurs commit mistakes, most of which they don’t want to talk about. But imagine the many pitfalls entrepreneurs can help others avoid when they share the mistakes they have made to warn others.

Most, if not all, entrepreneurs have no problem with goal setting or in having a clear vision. Along the way, however, they fail to anticipate or even realize that the road is filled with bumps and humps that can make even the seasoned entrepreneur fall if they are not careful.

He feels that it is not fair for entrepreneurs to commit the same mistakes over and over again simply because no one dared to talk about them.

Below are some of the most common mistakes most start-ups commit. By recognizing what they are, you can skirt around them and avoid downtime.

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1. Picking the wrong partner

Having business partners is common and also advisable in the world of business. But it is quite tricky to pick the business partner who is a good fit for you and your business. Just because someone is your friend or someone is a family member, doesn’t mean they are necessarily the right business partner for you.

How do you even know that you picked the right business partner?

The primary step in choosing the right business partner is to understand that business partnership is like a marriage. That means that there will be misunderstandings and fights, but they are necessary. However, you need to realize that misunderstandings should be met logically. Therefore, it is essential that you set the right expectations on Day 1, so that both of you know what to do.

2. Lacking focus

If you lack focus, you won’t just be harming your business but your relationships with your clients and partner as well. However, the challenge of not being able to find focus is real for some people, and the advice that “you have to find your niche” can sometimes seem implausible.

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Instead of feeling bad about lack of focus, you can turn your lack of focus into an advantage. Think about Richard Branson and all the diverse products he has to offer. If someone is to judge Branson negatively for a lack of focus, that person can be seen as a fool just by looking at Branson and all he has achieved through diversification. Thus, if you are having a hard time focusing or finding your niche, try adopting a diversified business model.

3. Too much planning

Lack of planning is a formula for failure, but too much planning can also lead you to the same path. Too many plans can in fact weigh you down. Instead, a good plan is always something that leads to a decision. So how do you make a plan that leads to clear decisions? Focus on a few key themes instead of addressing all your potential problems immediately. Strengthen what areas are already bringing revenue to the company before moving onto minor issues.

4. Choosing the wrong investor

Just as it is crucial to find the right partner, so it is when finding the right investor. Just because someone has deep pockets doesn’t guarantee that they are the right fit for you. So how do you find the right investor for you? It all starts by understanding the investment options you have. Study all the options you have before choosing one. Second, don’t be afraid to ask what the investor can provide for you. This will also determine how involved your investor will be in the business or project. Lastly, make sure that your pitch will clearly articulate your vision and business plan.

5. Not spending on marketing

So you want your business to grow and become successful, but you don’t want to invest in marketing? Then, good luck if you want to make it past the first month. It is a no-brainer to invest at least to some degree in marketing your business.

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6. Doing everything yourself

Research has already found evidence that multitasking can harm your brain and affect your productivity. Multitasking will not make your company grow quickly or increase your profits. In fact, it can do the opposite because you will wear yourself down by wearing too many different hats at the same time.

7. Hiring too quickly

While it is not advisable to do everything by yourself, hiring too soon can also spell out disaster for your business. So when is the right time to hire? One of the best ways to determine that is to look at the growth of your business. Just because you experience a sudden growth rush doesn’t mean you need to hire right away. Make sure that the increased workload will be for a long time before you start hiring.

8. Ignoring the finances

Business and finance go together. No business owner, from small to big-sized companies, in their right mind ignores this factor. Checking the financial statements for your business will help you know where it stands. It helps you evaluate which areas gobble up much of your cash and which areas you need to cut spending on.

9. Neglected company branding

Your brand reflects your consistency and when you are inconsistent, people lose their trust in you. How do you destroy your brand? Ignoring your customers, not listening to criticisms and feedback, and refusing to change are surefire ways to destroy your brand.

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10. Not listening to customers

Product reviews and feedback aren’t provided without a reason. They help you gauge which approaches work best with your customers and which don’t. Paying attention to these helps you improve your business and avoid approaches which do not work well with your customers. When your customers see that you care about what they have to say, you will be able to earn their loyalty. More so, they will become your most effective marketers.

11. Trying to be perfect

Everybody is familiar with the quote which says that nobody is perfect; this is true. Each one of us has flaws, so do businesses; thus, it is natural to make mistakes. It is a fact of life that mistakes are inevitable. When this happens, get up and find out what’s wrong, re-strategize, and start all over again. What’s important is to not keep committing the same mistakes.

12. Missing employee accountability

Effective leaders and successful businesses are accountable. When there’s no accountability, there is no standard to measure employee performance. As a result, good employees are not recognized and bad employees are not penalized. In the end, the good employees are frustrated and leave the company filled with bad employees. What happens next is not difficult to guess.

13. Waiting too long to launch

It is easy for the scope of your project to get out of hand. However, the product you have does not need to be perfect at first, and the additional buttons and features you painstakingly add are not necessarily fundamental. When you get your product out there, you can get feedback easily and you can modify your product/service along the way. Waiting too long can contribute to a loss of momentum.

Featured photo credit: Gratisography via gratisography.com

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Last Updated on January 13, 2020

Is It Time for a Career Change? (And How to Make the Change)

Is It Time for a Career Change? (And How to Make the Change)

Are you challenged at work? Do you regret career decisions? Are you happy? If the answer to the questions leads to a negative feeling, it is time to determine next steps.

Many people settle for a career that no longer brings satisfaction. Most will respond by stating, “I am surviving” if a colleague asks them “How’s work?”

Settling for a job to pay bills and maintain a lifestyle is stagnation. You can re-direct the journey of a career with confidence by taking control of future decisions. After all, you deserve to be live a happy life that will offer a work-life balance.

Let’s look at the reasons why you need a career change and how to choose a career for a more fulfilling life.

How to Know if You Need a Career Change?

The challenges of dissatisfaction in a career can have a negative impact on our mental health. As a result, our mental health can lead to the obvious appearance of stress, aging, weight gain and internal health issues.

You deserve a career that will fulfill the inner desire of true happiness. Here are common factors that it is time for you to change your career.

Physical Signs

Are you aging since you started your job? Do you have anxiety? What about work-related injuries?

It feels amazing to receive a pay cheque, but you deserve to work in an environment that brings out the best of you. If the work environment is hazardous, speak to your boss about alternative options.

In the case that colleagues or your boss take advantage of your kindness, feeling the anxiety of fear of losing your job because of a high-stress environment may not be right for you.

Mental Signs

One out of five Americans has mental health issues, according to Mental Health America.[1] In most cases, it is related to stress.

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I remember working at a job in a work environment where harassment was acceptable. I had to walk on eggshells to avoid crossing the line with colleagues. My friends started to notice the difference in that I seemed out of character. It was then that I knew that changing a career to freelancing was the right decision.

Here is a list of mental signs of workplace unhappiness:

  • The tension in your neck
  • Difficulties with sleeping
  • Unable to concentrate
  • High anxiety
  • Depression

If you start to feel your self-esteem is diminishing, it is time to consider if working in a high-stress industry is for you. The truth is, this negative energy will be transferred to people in your life like friends and family.

Are You Sure You’re Not Changing for the Wrong Reason?

Most people that feel they need a career are frustrated with their situation at work. Do you really understand your current situation at work?

The reason it is important to think about the work situation is some people decide to change career for factors that are insignificant. Factors that can potentially change if the person works in a different department or new organization.

Here is a list of unimportant factors to think about before you decide to make the transition:

Desire for an Increase of Salary

The desire for a higher income can persuade some to believe they are in the wrong career. The issue with this is more money requires more time in the office or taking on several positions at a time.

At times, pursuing a high-income role can be the complete opposite of what one is expected. It is what happens when a colleague leaves a company to a new one and returns several years later.

Overnight Decision

Let’s face it. We make overnight decisions when stressed out or disappointed with situations at work. The problem with a quick decision is the negative and positive points is overlooked.

Rejected for a Promotion

I have heard stories of managers that applied ten times for a position throughout a 5-year period. Yes, it sounds to be a lengthy process, but at times, a promotion requires time. Avoid changing a career if you do not see the results of a promotion currently.

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Bored at Work

Think deeply about this point. If you work a job that is repetitive, it is normal to feel bored. You can spice it up by changing the appearance of your desk, socializing with new employees in a different department, joining a leadership committee at work or coming to work with enthusiasm. Sometimes, all it takes is you to change jobs into a fun situation.

A career change can take time, networking, education and the job search process can be a journey. Here is a list of things to consider before making a final decision:

  • How long have you worked in your career?
  • What is the problem at work? Do you work well with the team?
  • Do you receive recognition?
  • Can you consider working in a new department?

If after reviewing your work situation and none of the above recommendations can help, then it’s time to make a career change.

How a Career Change Will Change Your Life

I have a friend that works in the medical industry. She was once a nurse working directly with patients in one of the top hospitals in her area. After five years, she started to internalize the issues with her patients to the point where she felt depressed after work hours. It impacted her relationship with her family and she almost lost herself.

One day, she decided to wake up and take control of her destiny. She started applying for new medical jobs in the office. It meant working on medical documentation of patients which is not an ideal career based on what society expects a medical professional to perform. But she started to feel happier.

It is a classic example of a person that was negatively impacted by issues at work, stayed in the same industry but changed careers.

A career change can fulfill a lifelong dream, increase one’s self-esteem or revive the excitement for one’s work.

You know a career change can be the right decision to make if you experience one or all of these:

  • Working in a negative workplace: Don’t be discouraged. A negative workplace can be changed by working at a new organization.
  • Working with a difficult boss: The challenges of working with a difficult boss can be stressful. All it takes is communication. You can address the issue directly with a manager professionally and respectfully.
  • Feeling lost about what you do: Most people stay at their jobs and settle for mediocrity because of the fear of failure or the unknown. The rise to success often comes with working a tedious role or stepping outside of one’s comfort zone. If you fear the idea of being involved in activities that are new, remember that life is short. Mediocrity will only continue to make you feel as if life is passing you by.

How to Make a Career Change Successfully

The ultimate key to success is to go through a career transition step by step to avoid making the wrong decision.

1. Write a Career Plan

A career plan has a dead line for action steps that includes taking new courses, learning a new language, networking or improving issues at work.[2] A career plan should be kept in your wallet because it will motivate you to keep pursuing the role.

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You can learn how to set your career plan here.

2. Weigh Your Options

If you have a degree in Accounting, write down five positions in this industry of interest. The good news is diplomas and degrees can be used to a variety of roles to choose.

You don’t have to stick to what society holds a top job. In the end, choosing the right role that will make you happy is priceless.

3. Be Real About the Pros and Cons

It is time to be honest about strengths, weaknesses, opportunities and threats in the job market that are impacting the current situation.

A SWOT Analysis of a career can include:[3]

  • Economic factors
  • Direct competition: Is this role in high demand?
  • Location: Do you need to move? If the goal is to work in tech and living in Cincinnati is not realistic, consider moving to San Francisco.
  • Achievements: To stand out from the competition achievements like awards, committee involvement, freelance work or volunteering is a recipe for success.
  • Education: Do you need to go back to school? Education can be expensive. However, online courses, webinars or self-study is an option.

    A career blueprint is the first step to creating realistic goals. A person without goals will be disappointed without a clear direction of what to do next.

    4. Find a Mentor or Career Coach

    A mentor or a career coach that works in the desired position can share the pros and cons of working in the role. Here is a list of questions to ask a mentor:

    • What is required to be successful in the role?
    • What certification or educational development is needed?
    • What are the challenges of the role?
    • Is there potential for career advancement?

    A chat at a coffee shop with a mentor can change your mind about the desire for a career change.

    Find out how to pick a good mentor for yourself in this article: How to Find a Mentor That Will Help You Succeed

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    5. Research Salary

    Some people decide to change careers for a role that pays less or perks like benefits to make up for the difference in previous to potential salary.

    It can reveal the cities throughout the country that offer a higher salary for those that have an interest in relocating for work.

    6. Be Realistic

    If your goal is to move up into an executive position, it is time to be honest about where you are in your career.

    For example, if boardroom meetings, high-level discussions about financials or attending weekly networking events are boring, an executive role may not be right for you. If you are an introvert and working with people every day is nerve wrecking, you need to reconsider a job in sales.

    Ask yourself if you can work in this role for the next five years of your life. If other benefits that come with the role are enticing, other roles are fit that will make you happy.

    7. Volunteer First

    A person that wants to become a manager should take on volunteer opportunities to experience the reality of the position.

    Becoming a committee member to pursue a presidential opportunity can provide a perspective on leadership, maintaining a budget and public speaking.

    Volunteer in a role until you are certain that it is the right opportunity.

    8. Prepare Your Career Tools

    I recommend asking a boss, colleague or mentor for career tools. If you prefer professional assistance, you can seek out resume writing assistance. Here is a list of things to consider when preparing career tools:

    • Online search: Search your name online to see what shows up. I recommend searching images that are on Facebook, Twitter, Snapchat or other sites on a personal account. The last thing you want to realize is the job search is unsuccessful because there is unprofessional content you posted online.
    • Be LinkedIn ready: Recruiters conduct a LinkedIn search to see if the work experience is the same on a resume. Remember to change the wording on LinkedIn from the resume, or it will appear there was no effort put into creating the profile.
    • Portfolio: A portfolio of work is recommended for people that work in the arts, writing, graphic design and other fields. I recommend a portfolio online and one that is available in hand when attending job interviews or networking meetups.
    • Cover letter: A good cover writer will always impress your potential employers. Here’s how to write a killer cover letter that stands out from others.

    Bottom Line

    It takes time to move towards a new career. Pay attention to the physical and mental signs to maintain your health. You deserve to work in happiness and come home stress-free. If you avoid the common mistakes people make, you will find a job and discover the role in a career field that is the best fit with your skillsets.

    Master these action steps and changing career paths will be on your terms to make the best decision for your future.

    More About Career Change

    Featured photo credit: Pexels via pexels.com

    Reference

    [1] Mental Health America: The State of Mental Health in America
    [2] MIT Global Education & Career Development: Make a Career Plan
    [3] Creately: Personal SWOT Analysis to Assess and Improve Yourself

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