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Mistakes Every Entrepreneur Makes and How to Prevent Them

Mistakes Every Entrepreneur Makes and How to Prevent Them

The road to owning your business is not an easy one; Anyone who has ever started and grown a company will tell you that it was hard. The journey begins with creating a product or service that your target market will want and buy. Then there is trying to scale your company into a business that will have a future for you and your family. Add to that the day-to-day activities and strategies that are involved in keeping the door open, and you will quickly realize that entrepreneurship takes a lot of work.

There are no absolute rules; you will not find a road map to guarantee success in business. But if you were to talk to a new or even an established entrepreneur, they will tell you one thing: you will make mistakes. The risk element associated with operating a business can lead to a lot of mishaps as you try to grow your company.

You will find that mistakes are common and often inevitable. They also play a role in producing a more attentive and better business owner. You can solve some wrong decisions quickly, but there are others that can cost you precious time and money. In fact, some mistakes can lead to the failure of your business.

Below we share suggestions that will help you prevent six common mistakes business owners make while starting and growing a business.

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Feedback is Good, but Beware

Doing business all by yourself is hard. So, do not be afraid to consult with business mentors and good friends. Feedback is exceptionally important to a new business – especially when the advice is coming from an experienced business owner who has been successful in the market or industry. Their valuable opinion can make a difference in your entrepreneurial skills and knowledge.

However, even well-intentioned business consultants can overwhelm and confuse entrepreneurs. A ton of advice can cause analysis paralysis. It is important to give yourself the time that is needed to make significant decisions without being rushed. However, don’t get caught in procrastination and lose out on an incredible business opportunity. So, surround yourself with individuals that will give you the support you need without pulling you in all different directions.

Get Your Customers’ Opinions

Despite your best plans, the products, and services that you create as an entrepreneur is for your clients. Accordingly, one of the biggest mistakes that you can make as a business owner is to ignore the feedback of your customers.

The opinion of your customers, especially in the beginning when you are defining your business offerings, provides an opportunity to fine-tune your product or service. Often what you think might be a big win may not resonate with your target audience. However, if your customers are telling you exactly what they want and your business is providing it, you could see your company flourish in the marketplace.

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A prudent entrepreneur should test a new product or service on a small group of potential customers to get feedback on how to go forward.

Look for Business Opportunities to Network

As an entrepreneur, you should understand that networking is more about who knows you than it is about who you know. Your calendar might include meetings from daybreak to sunset. However, just 30 minutes at a networking event can produce significant business opportunities that can make a difference.

Do not ignore networking events. Some entrepreneurs consider them to be a waste of time, especially when they don’t immediate generate a business deal. However, the key to successful networking is to maintain visibility. Attend relevant networking events, create and sustain a list of corporate contact, and add value to the experience. Remember networking is a two-way street.

You will find this to be uncomfortable at first, particularly for entrepreneurs that don’t consider themselves to be social butterflies. However, to promote your business, you should get out of the office and mingle with others.

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Be Focused at All Times

Like many other business owners, you have more ideas than you can execute. Don’t make the mistake of chasing every seemingly great idea while disregarding the core of your business. Instead keep a journal or folder and record all your thoughts and concepts. When time permits, you can go through your list and assess the ideas.

A lot of products and services with no real link can prove chaotic to the consumer. Delaying execution and going back to your plans when you are not too excited will allow you to make better decisions for your business.

Employ the Right People and Fire the Wrong Ones

Choices about who to hire and which positions to fill are few of the most difficult business decisions you must make as an entrepreneur. They also fall into the category of the most time-consuming considerations. Unless someone is the very best individual for the task, think twice about working with friends and members of your family. There are numerous stories of how personal relationships can create a challenging and toxic working environment.

Your staff is critical to the execution of your business plan. Hiring the wrong person, even if for the most minute role, can severely impact your company’s bottom line. Ensure that your employment process includes choosing the most qualified, capable individual with a strong work ethic. Think about hiring people whose strengths complement your weak points. If staff members are not carrying out responsibilities to your expectations, get them some training or let them go. Don’t make the mistake of making staffing decisions based on emotions.

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Respond Quickly

It is important to be accessible both to your staff and your customers. Make sure you can respond to voicemails and emails within 24-48 hours. If you are not the techie type or you are prone to forget, delegate this task to someone on your team. Your initial response does not need to be an action plan but can just be an acknowledgment of the message and an indication to respond in a timeframe.

There are many benefits to owning your own business, but no one can promise that it will be easy. You can choose to be the entrepreneur who will go out and make the mistakes and hopefully learn from them, or you can save yourself some headache and incorporate some of the suggestions above.

Featured photo credit: Pexels.com via static.pexels.com

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Last Updated on October 22, 2018

Do You Have to Give Everything Up to Get a Fresh Start?

Do You Have to Give Everything Up to Get a Fresh Start?

There is a common belief that when you want to embark or start on something new, whether it be a project, a hobby, a job or some big life change, a certain sacrifice must be made. “Out with the old, and in with the new” as they say. It’s almost as if we’re not capable of handling more than what we already have unless we let go of something. But is that really always the case?

When I was young, I took up violin lessons. I enjoyed playing the violin, but when I saw a friend playing the guitar, I got interested in that and wanted to start playing the guitar. My parents however, insisted that I continue with violin lessons and felt I should give my full attention to one instrument, rather than a few; they didn’t believe in being a Jack of all trades. And so sadly, I never got to take up guitar lessons.

Afraid of Giving it Up?

Have you found yourself in a similar circumstance? Perhaps you’re at a crossroad right now, and you’re trying to decide on whether to stay on in your current job, or move on to something completely different.

You’re not truly doing something you love or are passionate about, and so you want to make that change… but it’s a risky plunge.

You’re going to have to sacrifice everything that you’ve worked for over the years. You’re going to have to say goodbye to that big salary, the benefits that comes with the job, and you’re going to have to adjust to the changes.

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Thinking of all that is already detering you from stepping out to take that plunge, isn’t it?

Or maybe you have many responsibilities in life and little time for yourself. You have a spouse and children to take care of, maybe you’ve even got aging parents to think of.

At work, you’ve got subordinates waiting on you for advice. As a leader, you have to manage the team. You’ve got conference calls in different time zones to take, business trips to make, decisions to execute.

You have a lot on your plate, and you wish you could just set aside some time to enjoy the pleasures in life. Golf more, take the kids out more, go on vacations more.

Sure, if you wanted all that time, you could take on a lower paying job that would require less of your time. But that would mean a big pay cut and less comfort in your life. If not, you’ll just have to wait till retirement.

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Play It Safe and Regret It Later

In these situations, it usually feels like an all or nothing approach. And, it then becomes the ‘smart’ thing to just ignore the challenge and stay put. Unless you’re overly confident that things are going to work out, or that you have a back up plan in place, most people never truly dare to take on new opportunities after a certain age or stage in life for fear of losing out, falling behind or having to give up whatever it is that they’ve already accomplished thus far.

But this is also where many individuals end up feeling regret much later on in life, perhaps as they approach retirement and have a sense of unfulfillment. There is an emptiness or a lack that they start feeling because they never answered their ‘calling’ or satisfied their heart’s desires. You may end up feeling short changed and unhappy with how things have turned out.

Most people end up feeling more bitter over the regrets of not having done or tried something, rather than in the mistakes they made when they tried something. It’s always the ‘what ifs’ that will go on to haunt you.

No Sacrifice Needed!

The good news is, you don’t actually have to make such a big sacrifice when it comes to change! You can carry on with your existing way of life, your job or your responsibilities while changing or doing something new.

It’s really not that hard because everything that you do in life, whether it’s your career, relationships or even health, are driven by 7 Cornerstone Skills. These are 7 qualities that if you have them, can make you excel at anything. And we already have most, if not all, of these 7 Cornerstone Skills; we just don’t always know how to use them to the best of our abilities.

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Unfortunately, some of us may not even know the importance of these Cornerstone Skills, and how just sharpening one skill can significantly improve the wellbeing of your life.

If you’re that busy professional with far too much on your plate, thinking there’s nothing you can do to lighten the weight so that you can breathe a little and have time to enjoy life, then think again.

Because I can show you some proven techniques that will improve your Focus significantly, and the way you manage your Time. You’ll end up investing in more time, than spending time unnecessarily, thus giving you the ability to enjoy some of that time for yourself.

By learning to Learn again, you’ll be able to grasp knowledge a lot quicker, allowing you to manage your responsibilities in a smart manner.

These are just 3 of the 7 Cornerstone Skills that I’ve mentioned. By harnessing the potential of all 7, you will realize that if you truly want to achieve a certain goal or ambition, you need not worry about having to trade off a certain aspect of your life.  Instead, you’ll be able to work around things, or improve things even faster because of the skills that you’ve now enhanced from understanding how these 7 Cornerstone Skills work together.

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Making a life improvement, career switch or new goal pursuit can easily happen without risky trade-offs once you know how to harness your Cornerstone Skills into your existing life.

Ready to learn more about the 7 Cornerstone Skills and find out why they’re so important? Subscribe to our newsletter today and begin making that change you’ve been wanting to, without sacrifices!

Featured photo credit: Martha Dominguez de Gouveia via unsplash.com

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