Are you a new entrepreneur? If so, be prepared for all manner of challenges and obstacles you might encounter. The competition may be tough, funds may be lacking, costumers may be difficult, or even your own employees may give a headache. However, the most painful problems you will probably face are those which you have caused yourself, as result of a late decision or even poorly timed actions.
Mistakes will always be a part of your life; it is what makes you human. However, you can learn from others’ mistakes so that you don’t have to experience them. All you need to do is to equip yourself with wisdom from peers and plan ahead to deal with some of the most painful mistakes entrepreneurs make.
Agree or disagree, but below are six most painful mistakes that entrepreneurs committed throughout their whole career and how they successfully got around them.
Note: The numbers do not necessarily mean that one is more important that the other.
1. Blindly following advice
Newbie entrepreneurs do this almost all the time. Poor advice can come from a friend who owns business in another field or even a professional.
Yes, it is important to get professional advice, but it’s also more important to be more objective about it and always put your business in perspective. You see, what worked for him may not necessarily work for you as well
2. Right goals were not set
Another mistake that even veteran business make is not setting the correct goals.
As a principle, you always need to have two sets of goals – short-term or long-term.
A short-term goal means something you want to achieve at the soonest possible time. What do you want to achieve today, this week, this month, or maybe even this year? Do you want to make sales? Do you want to have talented employees? Do you want to have loyal costumers?
A long-term goal means something you want to achieve in the future. These goals are not possible within a week or in a year. These goals take a really long time to achieve. These could be getting on the front page of google, growing your social media following, or increasing your brand recognition and awareness.
Another principle that you need to learn is that you have to do your best that your short-term and long-term complement and leads up to each other. When you get this wrong, you will be wasting time thinking and not doing anything productive for your business.
3. Bias towards your own product
Naturally, you will fall in love with your product when you it. You deceive yourself in thinking that it’s the best in the market.
Well, that isn’t necessarily wrong, and it great for your ego and confidence. It’s also very important to look for things that could be done to make your product best as it can be.
At the same time, you should not also be seduced in the beauty of perfection.
You should look for a healthy balance in these aspects if you want to have a successful career as an entrepreneur.
4. Reluctance to spend on marketing
I find it surprising how marketing is often not being prioritized with new entrepreneurs. Unbelievable.
THIS IS HOW YOU GET MORE SALES!
Especially if you are new, always set aside some funds on marketing.
You may not a have marketing budget because you can’t figure out the ROI.
This can be solved if you begin with proper monitoring and reporting. Knowing your costumers makes it easy acquire new ones.
5. Failing to delegate your work
You will have a lot less headache if you and a lot more successful business if you learn to delegate.
You may be tempted to the little things like designing your own logo, doing your own accounting, it’s really a bad idea.
Even if you are excellent at it, you have to ascertain how to maximize the use of your time and energy.
6. Spending too much on things you don’t need
Until your company has a consistent track record of profits, it pays to be conservative in your expenses.
Avoid having fancy equipment, web hosting, software costs, office space that your business doesn’t need.
Avoid taking on debt, as well. Be wary on business credit card debt.
So these are the Top 6 Painful Business Mistakes to Avoid. Do you agree with these? Have you experienced the pain of making these mistakes? Did I miss a mistake that others made? Feel free to share your thoughts in the comment section below.
If you also enjoyed reading this article, let’s see each other on Facebook and Twitter.