11 Things Should Not Do As An Entrepreneur to Be Successful6:40 PM
The 11 Biggest Mistakes Entrepreneurs Make. 80% business fail within the first 18 months. That’s a ...
The 11 Biggest Mistakes Entrepreneurs Make. 80% business fail within the first 18 months. That’s a shocking number, isn’t it? But its true. We have identified 11 mistakes entrepreneurs do what cost them to down their business. There is no golden bullet to being a successful entrepreneur and there is no sure
My hope is that many of these mistakes will help you stay proactive and avoid errors that could be detrimental to your business in the long-run
1. Undervaluing yourselfThis has become a recurring issue that I’ve seen, not only in my own business, but in the businesses of my clients and peers, especially those who are just getting started. But before I really dig into this more, I think it’s important to step back and consider the purpose of a business and the one thing that keeps a business afloat: money. While providing a quality service, benefiting others, and working for the greater good might be at the heart of your business, your business can’t run without money. You can’t take your business full-time without making a solid income. You can’t pay your business expenses without money. You can’t support your family or your employees without money. Passion is great, but money is what keeps a business running. So in order to beat that one-year statistic, you have to make decisions with this in mind.
This applies first and foremost to your pricing. Pricing your products and your services can be difficult; if you price yourself too high you run the risk of not receiving any inquiries or sales, but if you price yourself too low you don’t make enough to keep your business afloat. I’ve seen more of the latter; entrepreneurs charging low prices, offering too many discounts, and giving away too many free things. All of the above not only lower your profit margin, but they devalue your work and your products. You have to take yourself seriously in order for others to take you seriously, and that starts with valuing your time, experience, and talent.
2. Looking to others for inspirationWhen you’re just starting out in business, it’s natural to look to others for advice, guidance, and wisdom. And while it’s great to seek wisdom from other entrepreneurs, it can be tempting to mimic their ideas and practices. That’s where it gets dangerous, especially for those who want to build a genuine, one-of-a-kind brand and business. Looking to others for inspiration can hinder your creativity and keep you from considering other ways of doing things that might work better for you. So instead of looking to your others for ideas, consider ways to do things differently and differentiate yourself from your competition.
3. Lacking a solid business planJust winging it just won’t cut it in entrepreneurship; a business plan is crucial in order to stay afloat financially and reach your business goals. Many new and seasoned business owners are flying by the seat of their pants, trying to keep their heads above water because they haven’t put time into thinking through and writing out their budget, marketing strategies, and goals. This leads to inconsistencies, confusion among potential customers and clients, and financial stress, all of which could potentially lead to closed doors. If you haven’t taken the time to create a business plan, make time to do so as soon as possible. A little planning goes a long way.
4. Doing everything yourselfYou wear many hats as a business owner, especially when you’re trying to get your business off the ground. And while doing everything yourself may make sense financially, you run the risk of burning out quickly and stretching yourself thin. Delegating tasks and outsourcing can be a game-changer for your business. This can take many shapes and forms, from hiring a virtual assistant to help with social media and administrative tasks, bringing on an intern to take on simple responsibilities, outsourcing printing or editing to another business, or even recruiting the help of a meal delivery company or cleaning business so that you can spend more time focusing on your work. If you’re struggling to afford any of the above, you might consider raising your prices to accommodate them.
5. Blogging inconsistentlyMany business owners don’t understand the great marketing potential that’s available to them through blogging. Consistently providing valuable content on a blog not only brings traffic to your site, but it gives your business an opportunity to attract your ideal customers, build trust with them, and turn them into paying clients and customers. If you’re trying to get your business off the ground and money is tight, blogging is one of the best things you can do for your business.
6. Starting Out too BigThere is a common myth that you need an enormous amount of money to launch a business. In a recent online survey by Inc. Magazine, the #1 barrier survey applicants felt was holding them back from opening a business was that they didn’t think they could raise enough money.In truth, the majority of small businesses can be started with little to no capital; at least in the beginning.
One of the biggest mistakes newbie entrepreneurs make is they try to become too big too quick.
Start small, and leave your pride and ego at home. As a starting entrepreneur, you still have many lessons to learn. Making a $2,000 mistake is a lot easier to handle than say a $20,000 mistake. So, start small and focus on a specific niche market. Specializing in what you know enables you to be in a unique position - you can offer the costumer in-depth knowledge in this sector, because you know it inside out.