Top 10 Mistakes New Entrepreneurs Make3:00 AM
Mistakes of Entrepreneurs : A big part of starting a business is having a plan then having the dis...
Mistakes of Entrepreneurs: A big part of starting a business is having a plan then having the
discipline to act on it. Being part of a startup isn’t always glamorous,
and often requires simply submitting yourself to the process.
The Top 10 Mistakes New Entrepreneurs Make
Mistake #1: No Plan
The first mistake is thinking you have a great idea and it’s time to start without a solid plan. An idea isn’t going to make you rich. You have to have solid action steps and a business model that is actually going to work.
I know business plans are overwhelming but there’s a reason why large companies have them. When you have a plan, you know where you should be spending your time and you know what your future customers want. You don’t just post a social media update and hope someone will buy your product.
Even your social media should be planned out and match your overall business plan.
Also read: 10 Common Entrepreneurial Mistakes To Avoid
Mistake #2: Spending Too Much Money
The second mistake new entrepreneurs make is spending too much money first. Some investment is necessary. There are startup costs but you can keep it simple. You don’t have to go big and invest in a nice fancy website for thousands of dollars. I actually do not recommend that. Instead, I recommend that you cash flow it.
You can start with a small budget. Start hustling and find those first clients. Once you are making an income, then put more cash into your new business.
Invest in yourself and building up your business and marketing knowledge and a few minor investments to get your business model and a basic website up and running. Then, go!
Also read: 7 Steps To Move from Employee to Entrepreneur
Mistake #3: Trying to Do Everything Yourself
The third mistake is trying to do everything yourself especially when you are employed at your day job still. You need to leverage your time. How I did this was hiring a virtual assistant when I was still employed. My virtual assistant was the best investment I have ever made. She lives in the Philippines and works during her day when I sleep. This is also something I cash flowed to start with and actually you’d be surprised at how affordable it is.
I learned about virtual assistants from this book, The 4-Hour Workweek when I was working full time. I implemented what I learned immediately and took action. This is key! It’s all about the action. As my business has grown even more, I have learned how important it is to not try to do everything myself.
To start with, just take baby steps. Pick one thing you don’t like doing or you know would take you so long to do and ask for help! You don’t always have to pay for this. I got my first videographer of my live event for free because a college student needed work for a school project. Be creative!
Also read: 10 Biggest Cause of Business Failure - ENTREPRENEURS
Mistake #4: Making Things Perfect Before Launching
Mistake #4 is trying to get everything perfect before launching and waiting too long to launch. Taking too much time for thinking and not enough time taking action.
When I started, I sold a course I hadn’t even created yet. I didn’t wait and think about it. I’m all about the action. I put my course out there, someone bought it and I HAD to create it. I recommend that you test, sell and create as you go. If I think too much I get paralyzed!
Mistake #5: Not Surveying Potential Clients
Mistake number 5 is not really, really understanding who your ideal client is. This is a big mistake if you do not solve an actual problem and an urgent problem that your ideal clients have.
So this is all about talking to potential clients and learning more about their frustrations. Surveying is great but talking to them is even better. Take notes. Put them in a spreadsheet. See the common themes. What do they say over and over again? Where’s the intersection between what you are passionate about and what they need? That’s your thing!
Don’t just go creating your own thing that you think will be sold out by the end of the week. That’s a big mistake and one of the reasons I love creating my products and services with my clients. I enjoy creating as I go because it becomes a much better product than me in my office creating this program I think that people will want. Trust me, I ‘ve done the do it alone process and those products always flopped. So learn from me!
Also read: 7 Reasons Why Most Entrepreneurs Fail in Business
Mistake #6: Copying Others
The sixth mistake is not being different from others out there and copying others. Maybe you are subscribing to every email list gobbling up free information and all of a sudden your website looks like someone else’s and your emails look like someone else’s too! You have to cut out the noise that is going on around you. I know there are ads thrown at you left and right but you have to get quiet and determine your own voice. If you are jealous of someone, something is wrong.
Remember that you are unique. Only you have your purpose. Only you have your personal mission and dream. Your dream is for you and is not what someone else is doing. Even if other people are succeeding in what you want to do. That is great! It means there is a market for what you want to do too and you can put your own spin on it.
You have a different background and are a completely different person and there are more than 7 billion people in the world. In other words, the pie is big enough that everyone can have a slice. The main point really is this: There are people out there waiting for you to help them. They are just waiting for you right this very second. You have a mission to complete so why not start now.
Mistake #7: Not Passionate About Your Business Idea
The seventh mistake is starting a business you aren’t passionate about just to make money. It’s really important that you know your interests, values and motivations before starting your business. Start a business that you will love doing because it’s really never just about the money.
Mistake #8: Doing it Alone
The eighth mistake new entrepreneurs make is doing it alone and not having a partner, mastermind group or coach to help you.
My business changed overnight when I invested in a coach and I continue to have a mastermind group and accountability partner. A community of support is truly what you need so you are never alone in this.
Also read: 6 Common Money Management Mistakes That Entrepreneurs make
Mistake #9: Thinking a Blog is a Business
The ninth mistake many entrepreneurs make is thinking that having a blog is a business. Blogging has really grown lately and sometimes it makes it seem like everyone is making a living off advertising. Well, let me break it to you gently, getting advertising to replace a full-time income is incredibly hard. You can do it but it will take years of hard work. My goal is helping you quit your job quickly so we need to fast track your income which is why just blogging alone is a mistake.
This was a mistake I made for a long time. I was getting a little bit of advertising and breaking even but I couldn’t quit my job! That’s why I decided it was time to create my own services and products and is what I recommend you do as well. It’s not that hard and you can do it too.
Also read: 10 Stupid Mistakes Entrepreneurs Are Still Making
Mistake #10: Not Starting Today
The last mistake is not taking baby steps forward and imperfect action every single day. This truly is my motto and how I live my life. I have big dreams and goals too but it’s all about taking baby steps forward every single day.
Which mistake hit home? What is your new business? Share in the comments below!
A must read: 15 Signs That You Are An Entrepreneur