Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Why should Small Business Owners shift to Cloud-Based Accounting Software? New Girl Has Broken Sitcom Stereotypes How American TV Show New Girl Has Broken Sitcom Stereotypes Startup's first office space 6 critical considerations for your startup’s first office space Are you a Boss or a Leader? Are You A Boss Or A Leader? And One Is Definitely Better Than The Other Five Ways to Sprint to the Top in Business Before 2018

Trending in Productivity

116 Productivity Secrets of Highly Successful People Revealed 27 Surefire Ways to Become a Successful Writer 36 Characteristics of Successful People That Make Them Outstanding 4The Importance of Reminders (And How to Make a Reminder That Works) 515 Best Android Productivity Apps (2018 Version)

Read Next

Advertising
Advertising

Last Updated on August 16, 2018

16 Productivity Secrets of Highly Successful People Revealed

16 Productivity Secrets of Highly Successful People Revealed

The same old motivational secrets don’t really motivate you after you’ve read them for the tenth time, do they?

How about a unique spin on things?

These 16 productivity secrets of successful people will make you reevaluate your approach to your home, work, and creative lives. Learn from these highly successful people, turn these little things they do into your daily habits and you’ll get closer to success.

1. Empty your mind.

It sounds counterproductive, doesn’t it?

Emptying your mind when you have so much to remember seems like you’re just begging to forget something. Instead, this gives you a clean slate so you’re not still thinking about last week’s tasks.

Clear your mind and then start thinking only about what you need to do immediately, and then today. Tasks that need to be accomplished later in the week can wait.

Here’s a guide to help you empty your mind and think sharper:

How to Declutter Your Mind to Sharpen Your Brain and Fall Asleep Faster

2. Keep certain days clear.

Some companies are scheduling “No Meeting Wednesdays,” which means, funnily enough, that no one can hold a meeting on a Wednesday. This gives workers a full day to work on their own tasks, without getting sidetracked by other duties or pointless meetings.

Advertising

This can work in your personal life too, for example if you need to restrict Facebook access or limit phone calls.

3. Prioritize your work.

Don’t think every task is created equal! Some tasks aren’t as important as others, or might take less time.

Try to sort your tasks every day and see what can be done quickly and efficiently. Get these out of the way so you have more free time and brain power to focus on what is more important.

Lifehack’s CEO has a unique way to prioritize works, take a look at it here:

How to Prioritize Right in 10 Minutes and Work 10X Faster

4. Chop up your time.

Many successful business leaders chop their time up into fifteen-minute intervals. This means they work on tasks for a quarter of an hour at a time, or schedule meetings for only fifteen minutes. It makes each hour seem four times as long, which leads to more productivity!

5. Have a thinking position.

Truman Capote claimed he couldn’t think unless he was laying down. Proust did this as well, while Stravinsky would stand on his head!

What works for others may not work for you. Try to find a spot and position that is perfect for you to brainstorm or come up with ideas.

6. Pick three to five things you must do that day.

To Do lists can get overwhelming very quickly. Instead of making a never-ending list of everything you can think of that needs to be done, make daily lists that include just three to five things.

Advertising

Make sure they’re things that need to be done that day, so you don’t keep putting them off.

7. Don’t try to do too much.

OK, so I just told you to work every day, and now I’m telling you to not do too much? It might sound like conflicting advice, but not doing too much means not biting off more than you can chew. Don’t say yes to every work project or social engagement and find yourself in way over your head.

8. Have a daily action plan.

Don’t limit yourself to a to-do list! Take ten minutes every morning to map out a daily action plan. It’s a place to not only write what needs to be done that day, but also to prioritize what will bring the biggest reward, what will take the longest, and what goals will be accomplished.

Leave room for a “brain dump,” where you can scribble down anything else that’s on your mind.

9. Do your most dreaded project first.

Getting your most dreaded task over with first means you’ll have the rest of the day free for anything and everything else. This also means that you won’t be constantly putting off the worst of your projects, making it even harder to start on it later.

10. Follow the “Two-Minute Rule.”

The “Two-Minute Rule” was made famous by David Allen. It’s simple – if a new task comes in and it can be done in two minutes or less, do it right then. Putting it off just adds to your to-do list and will make the task seem more monumental later.

11. Have a place devoted to work.

If you work in an office, it’s no problem to say that your cubicle desk is where you work every day.

But if you work from home, make sure you have a certain area specifically for work. You don’t want files spread out all over the dinner table, and you don’t want to feel like you’re not working just because you’re relaxing on the couch.

Agatha Christie never wrote at her desk, she wrote wherever she could sit down. Ernest Hemingway wrote standing up. Thomas Wolfe, at 6’6″ tall, used the top of his refrigerator as a desk. Richard Wright wrote on a park bench, rain or shine.

Advertising

Have a space where, when you go there, you know you’re going to work. Maybe it’s a cafe downstairs, the library, or a meeting room. Whenever and wherever works for you, do your works there.

12. Find your golden hour.

You don’t have to stick to a “typical” 9–5 schedule!

Novelist Anne Rice slept during the day and wrote at night to avoid distractions. Writer Jerzy Kosinski slept eight hours a day, but never all at once. He’d wake in the morning, work, sleep four hours in the afternoon, then work more that evening.

Your golden hour is the time when you’re at your peak. You’re alert, ready to be productive, and intent on crossing things off your to-do list.

Once you find your best time, protect it with all your might. Make sure you’re always free to do your best uninterrupted work at this time.

13. Pretend you’re on an airplane.

It might not be possible to lock everyone out of your office to get some peace and quiet, but you can eliminate some distractions.

By pretending you’re on an airplane, you can act like your internet access is limited, you’re not able to get something from your bookcase, and you can’t make countless phone calls.

Eliminating these distractions will help you focus on your most important tasks and get them done without interruption.

14. Never stop.

Writers Anthony Trollope and Henry James started writing their next books as soon as they finished their current work in progress.

Advertising

Stephen King writes every day of the year, and holds himself accountable for 2,000 words a day! Mark Twain wrote every day, and then read his day’s work aloud to his family to get their feedback.

There’s something to be said about working nonstop, and putting out continuous work instead of taking a break. It’s just a momentum that will push you go further./

15. Be in tune with your body.

Your mind and body will get tired of a task after ninety minutes to two hours focused on it. Keep this in mind as you assign projects to yourself throughout the day, and take breaks to ensure that you won’t get burned out.

16. Try different methods.

Vladimir Nabokov wrote the first drafts of his novels on index cards. This made it easy to rearrange sentences, paragraphs, and chapters by shuffling the cards around.

It does sound easier, and more fun, than copying and pasting in Word! Once Nabokov liked the arrangement, his wife typed them into a single manuscript.

Same for you, don’t give up and think that it’s impossible for you to be productive when one method fails. Try different methods until you find what works perfectly for you.

Featured photo credit: Unsplash via unsplash.com

Read Next