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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 January 24, 2020

10 Good Habits To Have in Life To Be More Successful

10 Good Habits To Have in Life To Be More Successful

Habits are behaviors and patterns that you showcase by default. They enable you to carry out crucial activities like taking a shower, brushing your teeth, getting prepared for work.

Interestingly, you follow this routine every day without considering them. Your unconscious habits create room for your brain to perform more advanced activities like problem-solving and choosing what book to read.

Everyone has habits, and several of those habits are activated every day. I would classify them into three groups:

  • The first category includes the habits that you hardly notice as they have become a major part of your life- such as brushing teeth or wearing clothes.
  • The second category comprises good habits to have to be more successful-like eating healthily, exercising your body and reading books.
  • The last group consists of those habits that are harmful-like procrastinating, smoking or overeating.

Habits are fundamental to becoming successful in life — or probably ending up a failure. Yet, as significant as habits are, some lack the knowledge of their capabilities.

Habits are default activities that you engage in without giving an afterthought. They are automatic behavioral or mental activities. They help you carry out some actions without exerting too much energy. They simplify your life.

Several people aspire to break bad habits. For instance, some people diet to stop overeating. They exercise to reduce obesity. Habits can hinder or impact your performance and productivity.

That’s why I would share 10 good habits to have to be more successful in life.

1. Begin Your Day with Meditation

I recommend mindful meditation early in the morning. This practice helps you to be in the present moment. Consequently, it enables you to be mindful of challenging situations during the day.

Different stressors may trigger as you go through the day; meditation helps you to remain calm before taking on the challenges.

Personally, it helps me to devise strategies and think about ideas. Meditation is a good habit to have if you want to be connected to what’s significant in your life.

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2. Be Grateful for What You Have

Sometimes, you waste time thinking of what’s not enough. You become immersed in those daunting challenges. However, challenges justify the presence of hope. When you have life, you have expectations. You will be free from challenges when you are six feet under. The only strategy you have to stop focusing on your problems is to focus on what you have.

Gratitude is a time-tested pathway to success, health, and happiness. It redirects your focus to what you have from what you lack. Here’s what James Clear does every day,[1]

“I say one thing I’m grateful for each day when I sit down to eat dinner.”

3. Smile

Can you pause and smile before you continue reading this?

Now here is what just happened based on research conducted by the Association for Psychological Science; you set a pace for living a happier life when you smile. A genuine smile or what’s called a Duchenne smile is a good habit to have if you want to find spiritual, emotional and mental peace of mind.[2]

Smiling induces the release of molecules that function towards fighting stress. The physiological state of your body determines the state of your mind. When you slouch or frown, your mind takes cues relating to unhappiness and depression. But, once you adjust yourself by putting up a smile, you begin to feel a new level of excitement and vibrancy.

Can you smile again?

4. Start Your Day with a Healthy Breakfast

Starting your day with a healthy breakfast is a good habit to have and forms a crucial part of your life. Nevertheless, about 31 million Americans skip their breakfast each day.[3]

If you are fed up hearing that breakfast is a crucial component of your day, you are only fighting the truth. If you want to become more successful, you need to ‘break your fast’ with healthy foods every morning.

This habit is not difficult to form if you usually rush out the door every single morning. You can wake up earlier to fix yourself a meal so you don’t break down during the day.

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Get inspired by these 20 Healthy Breakfast Choices That Will Save You Time.

5. Exercise Daily

One of the good habits to have is to exercise your body and muscles every day. You don’t have to run a marathon or lift a weight. You only need to engage in less strenuous activities that oxygenate your blood and inject endorphins in your body.

Jack Dorsey, the CEO of Twitter, classified exercise as a good habit to maximize his already jam-packed schedule.[4] He said,

‘I wake up by 5, meditate for 30 minutes, seven-minute workout times three, make coffee, and check-in.’

He said on Product Hunt that he follows this routine every day as it gives him a steady-state that empowers him to be more productive.

6. Manage Your Time as You Manage Your Finance

Another good habit is the act of managing your time effectively. This goes a long way to impact your achievement.

Time management is what separates the successful from the rest of the world as we all possess the same amount of time. How you leverage time determines your potential to succeed in life.

So how do you manage your time effectively?

Here’s Jack Dorsey’s recommendation in one of the Techonomy events;

“I accomplish effective time management by theming my days and practicing self-discipline. These themes help me handle distractions and interactions. If a request or task does not align with the theme for that day, I don’t do it. This sets a cadence for everyone in the company to deliver and evaluate their progress”.

And this is Dorsey’s weekly theme:[5]

  • Monday – Management
  • Tuesdays – Product
  • Wednesday – Marketing and growth
  • Thursdays – Developers and partnerships
  • Fridays – Culture and recruiting
  • Saturdays – Taking off
  • Sundays – Reflection, feedback, strategy, and preparing for Monday

No wonder he was able to run two companies when others were struggling with one job.

7. Set Daily Goals with Intentions

Everyone has goals. It may relate to business or personal life. The truth is, we’re all tending towards a particular direction or another. Nevertheless, while long-term goals can offer you direction, it’s your daily goals that you establish that help you develop short-term goals that are essential for your success.

Long-term goals may not give you the motivation you need to keep on. But when you implement your short-term milestones daily, you become fired up, and you can overcome the challenges that come with taking on bigger tasks.

Here’s the main truth:Successful people don’t set goals without establishing their intentions. According to Jennifer Cohen of Forbes,[6]

“What helps you to achieve your desired expectation is ensuring intentions accompany your daily goals.”

Be intentional about your daily goals!

8. Seek Inspiration

It is usually difficult to be inspired for a considerable length of time. Sometimes, you become discouraged and feel like giving up on your goals when things are not working out as intended.

A practical approach to stay on top of the situation is to inspire yourself each day. When you wake up in the morning after meditation, watch some motivational videos, and let the story of great leaders inspire you.

Establish what Anthony Robbins called the ‘hour of power.’ Determine how many minutes you spend but make it count. Inspiration is the fuel for achievement because when you can conceive it in your mind, you can accomplish it.

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Michal Solowow, an investor and the founder of Mitex, a construction company puts it this way,[7]

“The problems I encounter in everyday life motivates me to find solutions. This is a self-propelling mechanism. becoming a billionaire was never a motivating factor.”

9. Save Steadily, Invest with All Prudence

I can exhaust the good habits to have without talking about saving and investing. Most times, you overlook the significance of saving for the future when you are living in your present moment. According to CNBC, a $1000 emergency will propel several Americans into debt.[8]

However, it is not enough to save, and you must invest your fund and be wise with it. If you pay attention to this now, you will set yourself for a life of success in the future. Ensure you save at least six months in your emergency account so you can be prepared for any future emergency.

10. Budget and Track Your Spendings

Benjamin Franklin warned of taking the precaution of little expenses. He said,

“A small leak sinks a great ship.”

It is easy to discard little expenses, but the truth is they always add up. This happens when you fail to budget.

Budgeting is a good habit to have, which can impact your financial life significantly. The money you spend on extravagant lifestyles can be saved and invested in your future.

The Bottom Line

Endeavor to cultivate these good habits to have to become more successful as you journey through life. The quicker you cultivate them, the faster you achieve your goals.

More About Habits

Featured photo credit: Andrijana Bozic via unsplash.com

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