Have you ever made any Entrepreneurship Mistakes in your business?
What is a common mistake that small business owners make when their business beginning growing?
What are the pitfalls an entrepreneur must avoid when starting a business?
Which entrepreneurship big mistakes an entrepreneur should look out for on starting a small business?
What about you?
What entrepreneur mistakes have you made, since starting your online business?
Don’t be shy…
You are certainly not the first entrepreneur to have made major entrepreneurial mistakes in business.
It is not uncommon to see or hear of new entrepreneurs making these critical entrepreneurship mistakes when starting their business’s journey.
If left unchecked, these fatal small business mistakes can be detrimental to the success of your business’s ventures.
They could either make or break you.
I learned things the hard way, and If I knew then what I know now I would surely have stayed well clear of them.
I wish I had someone to hold my hand and tell me this is what you must do and these are things you should avoid in your business.
Nevertheless, I learned valuable lessons, hence today I am able to share them with you.
I hope this blog post will serve as a quick guide to help you recognize and avoid the mistakes of entrepreneurship when working on your business.
The key is to use these 10 deadly mistakes of entrepreneurship, business owners make as a learning opportunity to improve yourself and your business.
Just make sure you do not repeat the common mistakes where possible
#1: Trying To Run Before You Can Walk
I am sure you have heard of the saying “you must learn to walk before you can run”. How many of us rush into things before taking the time to learn the basics?
Often people jump right into the deep end, then when things don’t work out they wonder why their businesses are failing.
It is important to concentrate on the fundamentals of your business before focusing on major issues, such as traffic conversions and advanced marketing strategies.
All these factors are important and have their place in your business but do not need to be implemented straight away.
They should be implemented after the groundwork has been set, so you have a solid base to start from.
At the earliest stage, it is important to cover the basics and focus on the following:
- The identity of your business
- Drafting your business plan and stating your main objectives
- Finding out what your potential business idea or hot niche could be
- Carrying out market research for your chosen niche or business idea
- Choosing correct business model(s) based on what resonates with you
- Identifying your competition where applicable
- Incorporating your company (when applicable)
- Opening a business account (when applicable)
- Figuring out how you are going to fund your business
- Identifying your core strengths and weaknesses and which areas you need to develop your skill-set to help build and grow your business
- Building a brand based on your chosen niche (optional but highly recommended)
- Identifying who is your audience and prospective customers are
- Identifying where and how you are going to quickly build your audience
- Identifying how you are going to support your target audience and provide value
- Identifying your marketing strategies and sales channels
- Building an email list and nurturing your subscribers/leads (customers)
- Learning how to create/find your products or services to sell
- Learning how to promote and sell your products or services to your target audience/customers
- Learning how to convert and close your potential customers
- Learning how to take care of your finances, cash flow, legal aspects, accounting, operations, taxation and maintenance for your business
- Learning how and when to scale up your business (where applicable)
- Learning how to build a team, hiring, introduce systems, automation and delegation for your business (where applicable)
- Learning how to re-invest your profits and finally make money work for you
#2: Delaying In Starting Up
There will never be a perfect time to start your online business.
Once you have made a decision that this is what you want to do and have chosen your business idea, take the plunge and go for it.
What is important is for you to make a start.
Remember once you have decided to become an online entrepreneur you have entered into a journey of discovery.
You will learn a lot about yourself, the good, the bad and the ugly.
It is a process that has many ups and downs but subsequently, also has a final destination.
You will know when you have arrived.
My advice is that you fully commit to the process, follow a reputable training program, proven system or get a Mentor.
Either way, you need to follow a plan that will guide you through your entrepreneurship journey.
#3: Thinking You Can Do It All By Yourself
Throughout my blog, you will notice how I keep iterating the importance of investing in a good reputable training program, proven system, or following a trustworthy mentor or coach of your choice.
This is because you are more than likely to lack the essential skills and knowledge required to help you build your online business.
There are so many moving parts to consider and to get it right.
When you don’t know what you are doing it makes it harder to contribute effectively.
It is impossible to know it all, especially in the early part of your journey.
You may be able to get by, by doing few things yourself here and there, but soon you will find, you need clarification for things that you cannot make sense of or not sure how to do them.
You might also just be needing someone to guide you in the right direction.
Most of us have gone through this step and are still learning and exploring as we go along.
You learn by following something or someone.
What it’s important at the end of the day, is to make sure whatever thing you apply to your business is correct and it is in the best interest of you and your business.
#4: Having No Expectations
Often new entrepreneurs enter the world of business without having a proper understanding of what is the mission of their business.
They have no high expectations nor do they know the outcome their business should bring to them.
The end goal needs to be defined very earlier on in the process otherwise, is like drifting in an open sea hoping you will get to your destination but not quite sure how to.
All they know is just I want to make money, which is ok to some extent but is still not strong enough reason to start an online business.
If the focus is only on money then the chances of truly fulfilling your potential and take your business to the next level are highly reduced.
Think big, aim big and realize that you can achieve whatever you believe is possible.
It requires hard work and dedication but it is certainly not impossible.
Remember you are running a business so take it seriously and treat it as such.
#5: Doing Too Many Things At Once
It is very easy is to get overwhelmed and distracted when trying to do everything at once.
Remember Rome was not built in a day. So is your business. Tackle each task at a time.
Let us look at the analogy of how does one eat an elephant.
Do you eat all of it at once or a bite at a time?
The elephant-like your business is huge and has so many components.
You will never be able to consume all of it at once nor do everything in one go.
It is simply not possible…
You start with one thing, move on to the next one, then the next one and so forth until all the tasks are completed.
Have a checklist of items you need to do and tick them off as you complete them.
In the Inspiration area of my blog, I covered topics such as Goal settings.
You need to define all the tasks for your business whether long or short term.
Then prioritize based on their importance.
Follow a plan and keep moving forward as you progress to the end.
#6: Getting Distracted By Shiny Objects
We are constantly bombarded with emails, pop-ups, instant messaging and offers of various kinds, each promising us, that the products or services presented to us are the best ones and that they are all that we need to succeed.
If we purchase them all our problems will be solved and we will live happily ever after.
Wouldn’t that be nice if that was possible?
First thing first, remember you have a business to run and that your time is precious.
Learn to manage it effectively so you don’t waste it on unnecessary things that do not contribute towards achieving success for your business.
Set a time when you can read all your emails together and look at phone messages at once as opposed to reacting every time you hear a beep.
Unless it is a matter of life and death try to avoid this.
The other thing to note is that you don’t need to buy everything presented to you.
Time will come when you will need to spend good money to pay for special services such as paid traffic or for email marketing.
For this, you will need to invest in a reputable email service but note, there are also some free ones available, albeit the free ones are offered with limited capacity.
As your business grows and the number of clients signing up to your list is increasing, it may be a good idea then to consider signing up for a paid service.
It is a step by step approach and you will learn as you go along.
What I am stressing to you is that don’t feel that you must buy things just because someone else says so.
Timing is crucial. As you build and grow your business you will have an idea of when to buy things.
You will be able to identify if the ‘thing‘ is a must-have, and if you happen not to have it in your business you will not be able to make progress without it or if it is just a part of the wish list.
Plan in accordance with the needs of your growing business and to your budget.
#7: Not Taking Action
Your business is not going to be built by itself.
You need to hustle and struggle a bit, the sooner you come to this realization the easiest it will be down the road.
Yes, it is uncomfortable and will force you to do things you don’t like.
You will simply have to learn to come out of your comfort zone.
Remember that success is a result of knowing:
- What to do
- When to do it
- How to do things in the right way
- And taking massive action
Be a doer of things, not just a consumer.
For every learning opportunity or training you do, you must put it into action.
Some entrepreneurs spend so many hours learning new stuff whether from:
- Following a training program or a mentor
- Watching YouTube videos or webinars
- Reading books
- Listening to podcasts or audiobooks
- Researching online
- Attending workshops, conferences or seminars
But fail to adequately put it into practice what they have learned so they can benefit from it by growing their businesses.
#8: Not Being Productive
Appearing as if you are so busy, yet no work of real substance is being done.
Watch what work you are doing as it may be redundant or have no significant importance towards helping you accomplish goals for your business.
Get the balance right, by applying 20 % learning and 80% doing.
The aim here is to be productive by producing more work for less time.
This can be achieved by setting daily goals where you focus on the tasks you need to complete for the day and tick them off as you finish them.
I personally use it at work as well as for my business.
Set all your tasks for the day, week or month in one column, As you finish one task, move it to the done list and repeat the cycle for the next item in the list.
You can join by signing up for a free account from Trello.com.
Iterating what I already mentioned above, learn to manage your time effectively.
Either it will manage you by wasting it on unnecessary things or…
…you manage it better by making sure you execute hard on doing the actual work without any delay.
You must also try your best to avoid Procrastination.
Procrastination is a success killer. Do whatever you can to avoid it.
How To Develop New Success Habits. Increase Focus & Productivity and, Finally End Procrastination For Good.
#9: Having Unrealistic Expectations
Whatever misconceptions you have about building an online business, you have to try to put them aside.
You hear a lot of people making big claims on how easy, is to build a successful online business.
This could not be further from the truth.
Yes, in comparison to the traditional brick and mortar business, it is to some degree a lot easier.
However, it is important to note that online businesses also come with challenges of their own, which you will need to learn to tackle and overcome.
As you go through your entrepreneurship journey, you will discover the real you and whether or not you are made to be an entrepreneur.
Expect that you will be tested.
You will find out soon enough if you have it in you to stick it out to the end.
You need to give yourself a minimum, a realistic 12 months to possible few years before you begin to smell success and reap the rewards for your hard labor.
It is imperative that you believe with a strong conviction that success is possible and will come to you in due time.
Remember nothing worthwhile is achieved in a rush.
Your best strategy is to think long term and aim to build a long-lasting sustainable business.
Follow the process and stick to the plan.
You will get there slowly but surely.
Take Home Message
Whatever stage you are at in your business, know that it is never too late to put things right.
It does not matter if you a brand new entrepreneur or an experienced one.
There is always something new or better you can learn to improve your habits and the tactics you use in your business.
The day you stop learning, is the day you stop growing.
You are going through a phase…
At each stage of your journey, you will discover a change in you, hopefully for the better.
- The business mistakes
- The challenges
- The setbacks
- The self-doubts
- The disappointments
- The insecurities
- The discouragements
- The fears
- The struggles
- The rejections
- The defeats
- The failures
- The loses
- The adversities
- The overwhelm
… and joys are all part of what makes you hopefully a good entrepreneur in the long run.
Some say failures are necessary as part of becoming successful in your business ventures.
They teach you great lessons and give you much-needed experience on how to survive in the big world of business.
Without them, you will not have a clue about what really works and what to avoid.
…I will go as far and say fail fast so you can find out, way in advance what is not working for you.
This will in, turn, help you save tons of time and money, to allow you to focus on what could potentially and realistically deliver results for you.
At the end of the day, results are all that counts.
In fact, you will find in business most of the time it’s all about trial and error.
You try until you get:
- A yes
- An awesome product, service or client
- A winning idea
- A working strategy or system
- A proven method, program or formula
What I love about entrepreneurship is the actual journey and the process we have embarked on, the true potential we can all reach to and the invaluable assets we are becoming and developing into.
The true value is actually You and who you are becoming in that process whilst building your business.
In essence, You become an invaluable asset where your expertise and knowledge will allow you to create value in the market place.
At the end of the day, in all honesty, we only get paid or rewarded for the value we create in the market place.
You could never say you know enough.
…You don’t know what you don’t know.
The business mistakes and failures you encounter along the way, do not define your future nor your final results.
They are there to steer you in the right direction so you can finally get to your destination.
Continue to be hungry, be ambitious, remain passionate, stay focused and do whatever it takes to achieve all your dreams and goals.
Learn from your entrepreneurial mistakes and failures.
Be prepared to change direction as you discover better efficient ways to do things right, in order to help boost your business and skyrocket your future success.
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What fatal Mistakes of Entrepreneurship have you made since starting your business? Please share them with us by leaving a comment below.
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