8 Common Mistakes Entrepreneurs Make
23 April 2015 ,Thursday
Everybody who ever went into business for themselves started at the beginning with not a lot of information or experience but the drive to build something. That desire and excitement are wonderful things to have as an entrepreneur – hopefully you’ll never lose it. But you also need to be aware of some common mistakes that nearly everyone makes at least once.
Avoid these eight things, and you have a much better chance of developing your business idea into something amazing.
1. Not doing enough research. Unless your business venture is one you’ve been working on from childhood, chances are you’ll need to do some research. Whether it’s product research or information about business planning, there’s no way you know it all.
2. Ignoring the competition. You don’t need to lose sleep over them, but you will want to be aware of who your competitors are and how you can offer a better product, an easier system, or superior customer service to set yourself apart.
3. Starting too big. Having a goal to become a household name is a worthy endeavor but everyone starts small at first. Sell the first product. Win over the first customer. Work towards the bigger goal but understand that your success is built one person at a time and one day at a time.
4. Having the wrong team or no team at all. As a small business owner, you’ll have to wear many hats, but that doesn’t mean you don’t need help. Attorneys, bookkeepers, programmers, marketers – wherever you lack skill and knowledge, you need to find the right person to help you.
5. Skimping on marketing. Getting the word out and branding cost time and money, there’s no doubt about it. But marketing is a crucial part of building any business. Don’t fool yourself into believing that your product or service are so wonderful that people will magically find you.
6. Waiting to release the perfect product. Sometimes good enough is all you need to get started. Get a product in front of people so you know what you need to improve. You’re guaranteed zero sales if you never launch, but you may be surprised at how well a less-than-perfect product can do.
7. Not understanding the tools needed to run the company. If your business is based on technology, you need to know how that technology works. If you’re business requires specific parts or materials, you need to understand how and why. Assembling a great team means you don’t have to do everything yourself, but if you lose a member, you need to understand enough to make the right decisions until that team member is replaced.
8. Forgetting a simple rule: people first. Whether they’re employees or customers, you want to remember that your business doesn’t exist without people. Treat people the way you’d like to be treated and they will reward you, especially if you have a product they can’t live without.
Starting a business isn’t easy, but when done right, it can be rewarding. Keep these rules in mind, and you’ll have much more success developing your idea into a viable business.
When you’re putting your team together, you may need someone who can help with strategy, funding, or marketing. Whether you need one or all three team members, we have the expertise to help you develop your business from a simple idea into something real. Contact us and let’s work together.