How to avoid these common mistakes that entrepreneurs make

Posted on Posted in 2016 Business Opportunities For You, What's Trending Now

 

Anyone who has ever started a business will tell you how hard it is. First, you have to create a viable product or service and prove there’s a market willing to purchase. The next step is to scale your business and make decisions critical to the future of your company.

Mistakes are common; in fact they’re inevitable. They also can make you a more cautious and wiser businessperson. Many wrong decisions can be quickly fixed while others may cost you precious time and money.

These tips will help you avoid the six most common mistakes entrepreneurs make while starting and growing a business.

 

1. Prevent analysis paralysis
Don’t be afraid to seek advice from trusted mentors and friends. Feedback is incredibly valuable to new businesses — especially when it comes from an experienced business owner who has built a business within your market or industry. But beware. Even well-intentioned advisors can overwhelm and confuse entrepreneurs. Too much advice can lead to analysis paralysis. Give yourself time to make big decisions, but not so long that you miss an opportunity or never move forward. You can correct a mistake, but you can’t succeed if you never get started.

 

2. Ask the customer or client
Feedback, especially in the beginning, gives you the opportunity to fine tune your product or service. Sometimes, what you may think is a great idea may not resonate with your key market. If you ask a customer or client what he or she wants and you adapt to provide it, you’re almost guaranteed to receive a positive response. Before you launch a new feature, product, service or presentation, test it with a small group of customers or clients first.

 

3. Take advantage of every opportunity to network
It’s not just who you know, it’s who knows you. Your calendar may be booked from sunrise to sunset, but even 30 minutes at a networking event will pay off in the long run. Visibility is the first rule of networking. In order to promote your business, it’s essential to see and be seen.

 

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4. Avoid distractions and stay focused
If you’re like most entrepreneurs, you have more ideas than you’ll ever be able to execute. Don’t fall into the trap of getting a brilliant idea and chasing it down only to find you’ve neglected your core business. Instead, keep an idea journal or folder. Periodically go through your list and evaluate which ideas should be executed right away and which can be saved for later.

 

5. Hire the right people and let the wrong ones go
Decisions about who to hire and which positions to fill are some of the most difficult — and deserve the most time for consideration. Unless someone is absolutely the best person for the job, think twice about hiring close friends and family. Many personal relationships can be deeply challenged or destroyed by difficult work situations. Ensure every new employee is qualified, capable, eager to learn, and has a strong work ethic. Consider hiring people whose strengths complement your weaknesses. If staff members are not performing to your expectations, get them some training or replace them.

 

6. Respond promptly and keep your word
Unless you’re on vacation, it’s best to respond to every voicemail and email within 24 to 48 hours. Even if you’re unable to take action on a request within that timeframe, respond and let the person know you received their message. If you happen to miss a deadline or forget to return a phone call, apologize immediately. When you make a promise to a customer, client or colleague, keep your word. Do everything you can to ensure you maintain a reputation as a responsible and reliable entrepreneur.

 

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