In this new value driven economy, if you’re an entrepreneur, not only do you need to be able to literally create money making opportunities for yourself and your business, you also need to stay away from common mistakes that entrepreneurs make.
So what I’ve done for you is put together some of the most common mistakes that you might make on your way to entrepreneur success.
But before I reveal these mistakes to you, I just wanna say that these aren’t just the routine mistakes that you see plastered all over the internet. Chances are that some of these might have slipped past your radar. But don’t let that fool you. These are still mistakes that you are more likely than not to make.
Without further ado…let’s get to them shall we.
1. Sticking with one – and only one idea for way too long:
While having a single idea might be the reason for you entering into a market, you should never be afraid to put on your explorer’s hat and continue to explore other new ideas and options. To overcome this issue, you’ll need to remain open minded and continue to explore new ideas to see which one of those ideas will actually pan out into new opportunities.
2. Being product driven, and not market driven:
With today’s current economic condition, the customer is king. Understand this. Even if your product is bigger, better faster, smaller or whatever word they might use, if it isn’t what the customer wants, then they won’t buy. It’s really that simple. And to know what your customers want is like having the goose that laid the golden egg in your backyard. What they want should be your number one priority.
3. Not having a clear focus:
Here is where a lot of business people will tell you that your business plan will come in handy. Well, I’m not one of those people. I have used a business plan within a business and it didn’t help at all. I’ve also ran a business without a business plan and did fine.
What made the difference?
In a word, focus. When you keep things simple at the beginning you are able to focus much better. When you’re just starting up, your focus should be on becoming a super seller. You don;t need to worry about anything else but selling your major product or service and that’s it. Because at the start of your business, you most important need is cashflow.
4. Catching the one big customer syndrome:
This one is a real back breaker for small businesses. Looking for that one big customer who can help build your business might be good at the start. However, don’t rest your business on that one customer. Use that one customer as leverage to acquire other new customers.
If at any time in the future that one customer was to go out of business, you will have a hard time keeping your business going.
5. Not performing enough market research ahead of time:
Sadly, this is one that can be avoided. Not performing enough market research on the size of your potential market can suck the life right out of your business. You also have to ask yourself the right questions. What are your potential customers buying now? And if they are currently buying from your competitors, then what is their incentive to switch? Is there enough market demand to support the introduction of a new product?
6. Too much overhead:
As an entrepreneur, you need to keep your eye on the prize. Many startups fail because of too much spending on overhead. To be a successful entrepreneur, you’ll need to learn how to spend your cash for building business processes. research and development are always two areas where money is well spent.
7. Equal partnerships:
One of the things that entrepreneurs will often do when starting their business is to form a partnership. And although at the time of forming the business it might seem like a good idea, as the business grows it can actually hurt your growth. In the beginning both sides might agree on decisions, disagreements will eventually arise. You may also disagree on the amount of time to put into the business.