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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 May 22, 2019

50 Great People To Follow On LinkedIn, No Matter Your Industry

50 Great People To Follow On LinkedIn, No Matter Your Industry

LinkedIn is an excellent platform to network with great people to help you in your career and businesses. However, with over 575 million people on the site, who should you follow? This list will steer you to the right people to follow, organized by categories of expertise.

Job Search Experts

You will likely have several jobs throughout the course of your career, and you will constantly need advice on new trends and strategies out there in the job market. Here are the LinkedIn experts who you should follow on these matters.

1. Liz Ryan is the CEO and founder of Human Workplace. Her articles on job searching are filled with creative and colorful cartoons.

2. Lou Adler is the author of The Essential Guide for Hiring and Getting Hired.

3. Dr. Marla Gottschalk will help you make an impact in a new job.

4. Hannah Morgan runs CareerSherpa.net, where she gives expert advice on job searching and how to be more visible online.

5. Alison Doyle is the CEO and Founder of CareerToolBelt.com.

Management Experts

They say that people leave managers, not jobs. These experts in LinkedIn will help you become your employees’ dream manager.

6. Jeff Weiner. How can we leave out the CEO of LinkedIn himself?

7. Nozomi Morgan is an executive coach. She can help you transition from a boss to a true leader.

8. Mickey Mikitani is the CEO of Rakuten. He constantly shares his expertise in managing a global player in e-commerce platforms.

9. Andreas von der Heydt was the head of Amazon’s Kindle Content and now the Director of Talent Acquisition. He has extensive experience in management, branding, and marketing.

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Productivity Experts

By maximizing your productivity, you can win in all aspects of life. The following LinkedIn experts will help you win big in your career.

10. Gretchen Rubin is a happiness coach and the bestselling author of the The Happiness Project.

11. Carson Tate is the founder of Working Simply. She advises us to include play in our schedules.

12. Greg Mckeown is an essentialist. Part of being an essentialist is saying no to many things so that we can focus on the things that matter.

13. Brian de Haaff, CEO of Aha! Labs Inc. provides strategies on how to be productive and happy at work at the same time.

Marketing Experts

14. Sujan Patel is VP of Marketing at When I Work, an employee scheduling software. He is an expert in content marketing and he even shares his ideas on content marketing in 2020.

15. Megan Berry is the Head of Product Development at Rebelmouse, a content marketing and AlwaysOn powerhouse.

16. Sean Gardner will help you navigate the social media landscape. This includes how to use different platforms to help accelerate your career. He is also the bestselling author of The Road to Social Media Success.

17. Christel Quek is an digital and marketing expert. She is the VP of South East Asia at Brandwatch. Their products help businesses utilize social media data to make better business decisions.

18. Jeff Bullas is a digital marketing expert. His blog has over 4 million readers annually.

19. Michael Stelzer is the CEO and Founder of social media powerhouse site, Social Media Examiner.

20. If you’re looking for inbound and content marketing expertise, follow Dharmesh Shah, Founder and CTO of Hubspot.

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21. David Edelman is a McKinsey partner and is at the helm of the Digital Marketing Strategy Practice Department.

22. Dave Kerpen leads the social media software company Likeable Local. He is the author of Likeable Social Media: How to delight your customers.

23. Clara Shih is the CEO of Hearsay Social and the author of The Facebook Era.

24. Aaron Lee is Grand Master of Customer Delight at Post Planner. He is an excellent resource for everything social media.

25. David Sable is the CEO of Y&R, one of the largest advertising firms in the world.

26. Content marketing trumps traditional marketing these days, and who else better to lead you in this area than Joe Pulizzi, Founder of Content Marketing Institute.

Personal Branding Experts

Part of what we market in our personal career is our brand. When people hear your name, what kind of brand comes into their mind? What traits and qualities do they associate with you?

Here are some personal branding experts from LinkedIn to improve your own brand.

27. Dorie Clark is the author of Stand Out and Reinventing You. He can help you craft the professional image you’ve always wanted.

28. Dan Schawbel is the managing partner of Millennial Branding. If you’re a millennial, Dan is the guy to help you craft your personal brand.

Other Notable Experts to Follow

29. Lisa Gates is the expert to follow if you’re negotiating for higher salaries and promotions.

30. If you’re a Baby Boomer, Marc Miller will help you navigate the continually changing landscape of the workplace.

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31. To avoid getting your resumé moved to the “No” pile, read Paul Freiberger’s excellent advice.

32. James Caan provides insightful ideas on careers in general. He is also a serial entrepreneur.

33. Jeff Haden writes on various topics, such as leadership and management. He is the owner of Blackbird Media.

34. If you’re looking for expert business advice on getting new customers and keeping them, follow Jay Baer.

35. Suzanne Lucas, aka Evil HR Lady, is a great human resources specialist.

36. If you need help in using Twitter to boost your career, Claire Diaz-Ortiz can guide you in the right direction.

37. Ryan Holmes is the CEO of Hootsuite, a social media management tool.

38. Customers are the lifeblood of a business and Colin Shaw focuses on revolutionizing this customer experience.

39. Brian Solis often reflects on the future of business and how technology can disrupt our world.

40. Nancy Lublin provides advice on more lighthearted topics, which are perfect after a long day’s work. She is the CEO behind Dosomething.org, a portal designed for social change; and the founder & CEO of Loris.ai and Crisis Text Line.

41. Katya Andresen provides advice on how to manage your career. She was the CEO of Cricket Media and now responsible for the SVP Card Customer Experience at Capital One.

42. Gallup has created a system to test what your strengths are and how to use them at work. Jim Clifton is the CEO of Gallup.

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43. Adam Grant is a Wharton Professor and the author of Give and Take, which provides advice on why being helpful at work can accelerate your career.

44. Hunter Walk is a partner at Homebrew Venture Capitalist Company and has specialty in product development and management.

45. If you’re running a nonprofit organization, follow Beth Kanter for expert advice on this area.

46. Emotional Intelligence is necessary to succeed in your career, and Daniel Goleman is your expert for that.

47. Rita J. King connects science, technology and business.

48. Tori Worthington Rose is a Creative Director at Mary Beth West Communications, LLC. She has extensive experience in sales and digital media.

49. If you’re looking for some advice on how to use writing and personal content marketing to boost your career, follow Ann Handley.

50. Tim Brown is the CEO at IDEO and shares his insights on Leadership and Creativity.

These are just some of the key thought leaders and movers in various industries. They will provide you with constant inspiration, as well as the willpower to pursue the career that you’ve always wanted. Their stream of expert ideas in their respective fields will help you become well-equipped in your professional pursuits.

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Featured photo credit: LinkedIn Sales Navigator via unsplash.com

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