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20 Common Entrepreneurial Mistakes To Avoid

20 Common Entrepreneurial Mistakes To Avoid

Building a business from scratch is definitely not an easy task. As an entrepreneur, you will make a lot of mistakes and face failures along the way — not a big deal as long as you are ready to learn from your mistakes and try to avoid them in the future. That’s how most entrepreneurs learn and grow. But once you are in the business game, you can’t afford to make blunders constantly. You have to play real smart to win a competitive edge over others and for that you must be aware of some fatal entrepreneurial mistakes that can ruin your business!

1. Trying To Be A Know-It-All

Never play a know-it-all, especially if you have just stepped into the business world. Why? Simply because you are not! Running a business is all about learning and gaining knowledge. It’s really not possible to keep up with the dynamically evolving market, if you don’t try to learn. So whether you have experience of doing business or you are a startup, make the most of every opportunity that helps you broaden your vision.

2. Starting The Business Without Infrastructure

It’s true that now you can start your own business without any setup — but definitely not without an infrastructure. Planning is probably the most important aspect that lays a strong foundation for your business to grow — and if you are not focusing on the infrastructure if your business, you are making a terrible mistake!

3. Choosing The Wrong Partner

First of all you don’t necessarily need a co-founder, if you are starting your business on a small scale. With strategic planning and organization, you can handle your business yourself too. But if you think that its too big of a responsibility for you to handle alone and you need a business partner, then be really careful in picking the co-founder. Make sure that the co-founder is mentally compatible with you — you need someone intelligent to make important decisions, so choose someone who can compliment your entrepreneurial skills and support your ideas.

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4. Focusing On Growth Only

Your business can’t grow, if your strategies are not dynamic. As an entrepreneur, you have to think in multiple directions while making decisions. If you are focusing on business growth only, and not on the quality of services, it will impact your business eventually. Achieving a balance between growth and quality is the key to success in business.

5. Expecting Customers To Spot You

Do you really expect customers to find and follow you when the market is already buzzing with so many entrepreneurs offering promising services? Definitely not! If you want your customer base to expand, you will have to be where your customers are.

6. Underestimating The Importance Of Technology

Regardless of the nature of your business, you must be technology savvy if you want to be a successful entrepreneur. That’s because today technology is everywhere, and you can’t keep up with the competition if you don’t make the most of technology.

7. Obsessing Over Competition

Acquiring success as an entrepreneur is not just about worrying about the stiff competition in the market. Of course it matters, but you have to focus in other important aspects too, like self-evaluation and understanding the mindset of customers. As Mark Cuban once said, “Focus on building the best possible business. If you are great, people will notice and opportunities will appear.”

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8. Financial Mismanagement

If you are not managing your finances, your business can crash down like a house of cards. You have to spend really wisely — hiring a financial advisor can be really helpful in avoiding financial blunders.

9. Expanding Without Planning

Expanding the business without any planning is another common mistake entrepreneurs often make. The “Jack of all, Master of none” policy never works in business. Expand your business only when you are financially stable and have a strategic plan.

10. Not Hiring Competent Employees

Your success heavily depends on the competence of your employees. So put in your best efforts to pick the best fit for your business.

11. Ignoring Customer’s Response

One way to evaluate your business is asking customers to give feedback. Often entrepreneurs don’t understand the impotence of customer’s response, but it can really help you spot your weaknesses and understand what customers expect from you.

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12. Missing Viable Investment Opportunities

Entrepreneurs who wait for the “right time” to invest don’t stay long in the business game. Opportunities will not knock on your door — you will have to spot them and make the most of all viable opportunities.

13. Denying Professional Help

If you need help, admit it! Learning is an ongoing process and there is nothing bad in seeking professional help. Entrepreneurs,who deny help and try to resolve issues on their own end up making blunders.

14. Not Keeping Up With Market Trends

You don’t want to be left out, do you? The marketing is changing dynamically and you can only keep up with if you stay updated about current trends. Elon Musk offers this great advice: “Constantly think about how you could be doing things better and keep questioning yourself.”

15. Investing Too Much On Workplace Setup

Invest wisely: wasting your capital on workplace setup when you don’t even need it, can affect your bottom line negatively.

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16. Not Spotting Target Audience

You must know your target audience to reach them. You can’t communicate and form a bond with your customers unless you understand their mindset and for that you need to know who your target audience is.

17. Poor Marketing

Your marketing strategy should not be for a specific group of customers. Successful entrepreneurs focus on dynamic marketing strategies that address all types of customers.

18. Choosing The Wrong Platform

Choose the platform that’s most engaging when launching your products. For example, you can choose social media to market your products because almost everybody is active in social media these days.

19. Being Too Mainstream 

Be innovative! Implementing the same ideas that everyone else is using will not help you stand out of crowd.

20. Not Working On Entrepreneur Skills

Last but not least, keep striving for improvement. Never be satisfied with what you are today — you always have some room for improvement. Successful entrepreneurs observe their flaws and work on them. Your failures can lead you to the success you have always dreamt of, if you take them as lessons and now that you are familiar with common mistakes that entrepreneurs often overlook, try to avoid them!

Featured photo credit: RYAN MCGUIRE via gratisography.com

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Last Updated on September 20, 2018

How to Be Happy at Work and Find Fulfillment in Your Career

How to Be Happy at Work and Find Fulfillment in Your Career

If you’re going to spend 1/3 of our life at work, you should enjoy it, right?

Trust me, I know that’s easier said than done. Difficult coworkers, less-than-desirable tasks, or even just being in the wrong position can all lead to a lack of enjoyment and fulfillment in your work.

But what if I told you it doesn’t have to be this way? Or better yet, if you struggle with all of the above (and then some), what if I told you that enjoying your work and finding fulfillment regardless of those obstacles is possible?

Don’t believe me? I don’t blame you because I was there too. Before implementing the tips below, I struggled to get through each day, much less find real fulfillment, in the office. Now, even after the toughest days on the job, I still come away with feelings of pride, accomplishment, and fulfillment. The best news is, so can you.

If you’re ready to make those hours count and find happiness and fulfillment in the office, then read on to find out how to be happy at work and find fulfillment in your career:

1. Discover the root(s) of the problem

For this first step, we’ll need to think back to 8th-grade physics (humor me). We all know Newton’s 3rd law, “for every action, there is an equal and opposite reaction.” When you think about it, the same can be said outside of physics, and we see this law play out in our daily lives, day after day.

Simply put, all the issues we deal with in the office (and life in general) affect us in a noticeable way.

If you’re appreciated at work, like the work you do and receive frequent praise, promotions, or raises, then this will probably have an altogether positive effect on your life in the office.

But what if we reverse this? What if you feel under appreciated, get passed up for promotions, or get denied raises? This is sure to affect the way you feel at work on a negative level.

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So, before you can implement the steps of feeling happy and fulfilled at work, we first have to discover the reasons why you don’t feel that way already.

Think about it, write a list, or make a mental note. Run through all the reasons you’re dissatisfied in the office, and don’t hold back. Knowing the exact obstacles you’re facing will make overcoming them that much easier.

In fact, as a side-challenge to this article, I recommend picking the top three reasons contributing to your dissatisfaction at work and using the following tips to tackle them.

2. Practice gratitude for an instant uplift

Did you know the simple act of feeling grateful can increase your happiness and make you more fulfilled at work?[1]

Well, it’s true, and it’s scientifically proven.

Dr. Lisa Firestone notes that practicing gratitude “reminds us of what we lacked in the past.” Meaning, it serves as both a boost to happiness and a bit of a wake-up call that things have been or could be, much worse.

Trying to conjure up feelings of gratitude can seem almost impossible when your work situation seems bleak, but hear me out: There are incredibly easy ways to get started and it doesn’t involve trying to “force” yourself to feel grateful about things that stress you out.

For an instant pick-me-up, try this:

Find a loose piece of paper, a blank sticky note, or anything you can write on, be it physical or digital. List just three things that you are absolutely without-a-doubt thankful for in your life.

Now here’s the trick: Don’t just list what you’re grateful for, you have to list why you’re grateful for them, too.

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For example, simply saying “I’m grateful for my kids” will probably make you feel good, sure, but what if we could amplify the warm, fuzzy feeling into real, lasting motivation?

Instead, write the reason you’re so thankful for your children. Is it because they make you laugh and forget about other stressors? Or maybe they help to remind you of why you go to work every day in the first place?

Whatever your reasons may be, jot them down and keep your list somewhere you can see it while you work. A quick glance at your gratitude list throughout the day can provide powerful, positive motivation to keep going.

Bonus:

If you can find just three things to be thankful for that specifically relate to your job, and list why those things make you grateful, your list can also help you find fulfillment in your work itself which can give you an even bigger boost of positivity throughout the day.

3. Take meaningful time for yourself

We all know creating a strong work-life balance can be crucial to feeling satisfied in our jobs, but rarely do we ever address how we’re spending our time outside of work.

Many of us survive a 9-hour work day and commute home only to find ourselves busy with our personal to-do lists, running a household, and taking care of a child (or 2 or 3, and so on).

If you spend all your time working, whether in the office or within your household, you’re going to feel drained at some point. This is why setting meaningful time for yourself every day is highly important.

Look, I get it: I don’t know anyone in the working world who can shun all responsibility for a 3-movie marathon or happy hour with friends whenever they feel like it. But finding time for yourself, be it just 30 minutes to an hour, can really make a difference in how you feel at work.

This works because you’ll have time to actually relax and let the day’s stress melt away while you enjoy something just for you. The to-do lists and stressors will still be there after you’re refreshed and ready to tackle them.

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No time for me-time? Try this:

If you have a busy household, you’ll need to capitalize on a block of time you know will be completely uninterrupted. The easiest way to do this: try waking up 30 minutes to an hour earlier than usual (or push bedtime back an hour if you’re a night owl, like me) and take time to do something you enjoy.

This could be reading with a cup of tea, catching up on Facebook, spending time on a passion project—anything! As long as it’s meaningful to you, it works!

Bonus:

Starting your day with meaningful time for yourself can set you up to have a positive mood that lasts well into office hours, and having your me-time in the evening can give you something positive to look forward to during the day.

4. Get productive and feel accomplished

Don’t you just love the feeling of checking the last item off of a hefty to-do list? That’s because self-motivation can be a huge driver of positivity and success.

When we accomplish something, no matter how small, it makes us feel good, plain and simple. Applying this tactic to your daily work can be the motivator you need to find fulfillment during the daily office grind.

While there are tons of steps to get more done at work, I’ll share my personal favorite: Prioritizing.

Now, many people handle prioritizing differently. Some like to tackle the little tasks first so they can spend focused time on the big to-dos. Others like to knock out the big items first and get to the smaller ones when they can.

No matter which camp you’re in, you may be missing one crucial step: Time management.

So how’s this work? When you factor in the amount of time your priorities will take, it can transform your productivity ten-fold.

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Say you have three top priorities for the day. You might jump into the smaller ones or the bigger ones depending on your preferred method, and then find yourself out of time and bringing work home with you at the end of the day.

This is prevented when you factor in time. Knowing how long each item will take, or deliberately setting specific blocks of time for your priorities can help you accomplish more in the same 8-9 (or 12) hours that you typically spend at work.

Try this:

Take a look at your priorities and consider how long they should take. Pop into your Google calendar (or Filofax, whatever works for you) and schedule time to work on your priority items around any important meetings or events of the day.

The most important thing to remember is to stick to your dedicated time.

Often, when we know exactly how long we have to work on something (and honor this time limit), we’re motivated to get more done on time to avoid taking work home at the end of the day.

The bottom line

There’s no need to waste 1/3 of our lives feeling unsatisfied at work. Luckily, you now have the tools to get started, take back your time, and become happy and fulfilled at work again.

The only question is — which tip will you try first?

Featured photo credit: Ellyot via unsplash.com

Reference

[1]Psychology Today: The Healing Power of Gratitude

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