How to Avoid the 6 Most Common Mistakes That Entrepreneurs Make

Posted by on October 2, 2017 in Conscious Business, Economy with 0 Comments
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By Fabrizio Moreira | Lifehack

The road to owning your business is not an easy one; Anyone who has ever started and grown a company will tell you that it was hard. The journey begins with creating a product or service that your target market will want and buy. Then there is trying to scale your company into a business that will have a future for you and your family. Add to that the day-to-day activities and strategies that are involved in keeping the door open, and you will quickly realize that entrepreneurship takes a lot of work.

There are no absolute rules; you will not find a road map to guarantee success in business. But if you were to talk to a new or even an established entrepreneur, they will tell you one thing: you will make mistakes. The risk element associated with operating a business can lead to a lot of mishaps as you try to grow your company.


Related Article: 7 Lessons Every Entrepreneur Can Learn From Walt Disney

You will find that mistakes are common and often inevitable. They also play a role in producing a more attentive and better business owner. You can solve some wrong decisions quickly, but there are others that can cost you precious time and money. In fact, some mistakes can lead to the failure of your business.

Below we share suggestions that will help you prevent six common mistakes business owners make while starting and growing a business.

1. Feedback is Good, but Beware

Doing business all by yourself is hard. So, do not be afraid to consult with business mentors and good friends. Feedback is exceptionally important to a new business – especially when the advice is coming from an experienced business owner who has been successful in the market or industry. Their valuable opinion can make a difference in your entrepreneurial skills and knowledge.

However, even well-intentioned business consultants can overwhelm and confuse entrepreneurs. A ton of advice can cause analysis paralysis. It is important to give yourself the time that is needed to make significant decisions without being rushed. However, don’t get caught in procrastination and lose out on an incredible business opportunity. So, surround yourself with individuals that will give you the support you need without pulling you in all different directions.

2. Get Your Customers’ Opinions

Despite your best plans, the products, and services that you create as an entrepreneur is for your clients. Accordingly, one of the biggest mistakes that you can make as a business owner is to ignore the feedback of your customers.

The opinion of your customers, especially in the beginning when you are defining your business offerings, provides an opportunity to fine-tune your product or service. Often what you think might be a big win may not resonate with your target audience. However, if your customers are telling you exactly what they want and your business is providing it, you could see your company flourish in the marketplace.

A prudent entrepreneur should test a new product or service on a small group of potential customers to get feedback on how to go forward.

3. Look for Business Opportunities to Network

As an entrepreneur, you should understand that networking is more about who knows you than it is about who you know. Your calendar might include meetings from daybreak to sunset. However, just 30 minutes at a networking event can produce significant business opportunities that can make a difference.

Do not ignore networking events. Some entrepreneurs consider them to be a waste of time, especially when they don’t immediate generate a business deal. However, the key to successful networking is to maintain visibility. Attend relevant networking events, create and sustain a list of corporate contact, and add value to the experience. Remember networking is a two-way street.

Related Article: 9 Rules for Building a Successful Business (from XPRIZE Founder, Peter Diamandis)

You will find this to be uncomfortable at first, particularly for entrepreneurs that don’t consider themselves to be social butterflies. However, to promote your business, you should get out of the office and mingle with others.

4. Be Focused at All Times

Like many other business owners, you have more ideas than you can execute. Don’t make the mistake of chasing every seemingly great idea while disregarding the core of your business. Instead keep a journal or folder and record all your thoughts and concepts. When time permits, you can go through your list and assess the ideas.

A lot of products and services with no real link can prove chaotic to the consumer. Delaying execution and going back to your plans when you are not too excited will allow you to make better decisions for your business.

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