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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 May 26, 2020

Top 10 Reasons Why People Don’t Reach Their Goals

Top 10 Reasons Why People Don’t Reach Their Goals

With everything that happens around us, it is sometimes difficult to reach our goals. This is compounded if you have any of the reasons on the list below.

Luckily, in addition to the top 10 reasons why people don’t reach their goals, I’ve included a quick fix for each of them. So let’s get to it.

1. Creating Vague Goals

When you don’t know where you are going, it is really hard to get there. Many people set themselves up for failure when they set goals that are unclear. “I want to lose weight” sounds like a great goal but the people who set this kind of goal will never reach it. It is not because the people are not motivated or disciplined but because the goal is too general. Do you want to lose 5 lbs or 50 lbs?

Quick Fix:  Set SMART goals by being Specific, making sure they are Measurable, Achievable and Realistic, and last but not least — give yourself a Time deadline. If you want to go one step further, you may want to read The Missing Letter in Your Smart Goals.

2. Lacking a Higher Purpose

Goals can be set on any topic imaginable but if you don’t have a higher purpose, it makes it is easy to give up once the initial motivation and excitement wears off. Understanding how your goal is relevant to you allows you to persevere even when the going gets tough.

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Quick Fix: When setting your SMART goal, ask yourself how the goal is relevant to your life and what you want to achieve.

3. Procrastinating

Even when you have SMART goals that are relevant to your purpose, if you don’t get started, you’ll never achieve your goal. One of the most dangerous phrases is “I’ll do it later.”

Quick Fix: Make sure the goal has been broken down into manageable pieces and then start right away. Here are 11 Practical Ways to Stop Procrastination.

4. Not Taking Responsibility

Things will go wrong. That’s a fact of life. When something comes up and you don’t achieve your goal, who do you blame? Your boss who kept you at work late so you couldn’t work on your book or maybe the horrible weather that stopped you from going to the gym. If it’s not your fault, there is nothing you can do, right?

Quick Fix: Own up to not reaching your goals. When you take responsibility, you’ll become resourceful knowing that you have control over the attainment of your goals.

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5. Listening to People Who Discourage You

When you go for your goals, especially the big ones that really count and fit in with your purpose in life, it is inevitable that people will discourage you. There are many reasons for this: concern, jealousy, ignorance, etc. How many goals have already been given up on because other people decided they were not worth pursuing?

Quick Fix: This one is easy. As long as you know the purpose for your goal, ignore the naysayers. You can take what they are saying into consideration but make sure you make the final choice.

6. Starting Too Many Projects

I’m a starter. That sounds like a good thing but not when you start too many things, you don’t end up finishing many of them. This usually stems from the fear of missing out (FOMO) or being someone who has many ideas.

Quick Fix: Understand that you have a limited amount of time and that you can’t do everything. To deal with FOMO, realize that by not finishing, you are missing out on all the opportunities that open up when you finish the projects you are working on.

7. Being Negative

If you think you’re not going to make it, then you’re probably not going to make it. If you don’t believe you’re going to reach your goal, then when you fail, it is expected which makes it easy to stop trying. When you are optimistic and a setback occurs, you focus your energy on finding solutions because you truly believe there is one. If you believe that you suffer from bad luck, check out this article.

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Quick Fix: Consider the idea that optimism and pessimism are both expectations of the future. Each are equally likely to be true but which belief will help you lead a happier more fulfilled life? Instead of wasting your energy on complaining, spend that energy on learning.

8. Being Selfish

There are people out there that think it is silly to help others. They believe in taking and not giving. They are misers with their time, money and knowledge and are only interested in opportunities where they stand to benefit. Most big goals require the help of others and it is very difficult to help people who only care about taking.

Quick Fix: Serve others first. Always look for ways to add value to other people.

9. Surrounding Yourself with People Who Don’t Reach Their Goals

You are who you associate with. This may be hard to swallow for some people and there are always exceptions to the rule but for the most part, we act in accordance with the people around us. This comes from the strong ad natural desire to belong and to be accepted (think of all the dumb things you did in high school just to fit in).

Quick Fix: Associate with people who always reach their goals.

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10. Watching Too Much TV

Not all TV is bad but if you are watching TV then most likely you are not doing anything to move one step closer to your goal. The problem with TV these days is that it is captivating. There are programs for all interests and hobbies and the shows keep getting better and better. Those who watch alot of TV usually don’t reach their goals and perhaps people watch TV because they don’t have any goals.

Quick Fix: Shut off the TV. Cancel the cable. Pick up a book that will help you move one step closer to your goal. Here are 6 Steps to Remove TV from your Life.

Do you have anything to add? What do you think are the reasons why people don’t reach their goals and what are your thought about the 10 reasons we have listed here. Feel free to give your own effective quick fixes for the different reasons in the comments section below.

Featured photo credit: Kyle Glenn via unsplash.com

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