Ten Business Mistakes Every Entrepreneur Can Avoid

Posted on 01. Jul, 2010 by Natalie in Inspiration & Motivation

Do you ever catch yourself repeating useless behaviors that get you nowhere? For me it’s things like keeping my email open or not prioritising my key task of the day and doing other things instead.

I know you’ve been there too. My question to you is why do we continually exhibit this kind of behavior that jeopardizes our brilliance?

The old saying “If you do what you’ve always done, you’ll get what you always got” couldn’t be any clearer.  There are several rules of business that, if followed, will make you truly successful, whatever your pursuit.

Yet, time and again, we don’t take note. It’s like we almost refuse to listen because, lo and behold, if these wise people are actually right and we achieve beyond our wildest dreams we won’t know what to do with ourselves.

I’ve been reading some great articles recently that have given me a good slap in the face to wake up to reality. So listen up. Below are the 10 things to avoid if you want to kick ass in business. Perhaps this time we’ll actually take note and more importantly take action!

No #1. Not solving a real problem

Got a great idea? Oh yeah? Says who? You and your ego or the hundreds of people you’ve heard complaining about this problem that you think you can solve.

You need to evaluate whether or not your business ideas solve a real problem or addresses a real customer need.  Then ask yourself if there are people out there actually looking for what you plan to offer, and how much they would be willing to spend to get it. It’s not rocket science.

Did you hear about how the Americans spent millions back in the day trying to make a pen that worked in space? The Russians gave their astronauts a pencil.

No #2. Lack of Focus

If you are like me you’re already pursuing several projects because it appears that one will not suffice or if you have several then surely one will succeed right?

Wrong. Choose one of them and focus on it. In the words of Obama “Yes we can”. Simple but true. When have you ever focused on several things and done truly well with ALL of them?

Sure test them before you make a decision is fine, but choose one as soon as possible and stick with it.
My best tip – don’t ask your closest friends, parents or people who have never been in business – just trust me on this. Ask your potential customers.

No #3. Always starting something. Never finishing

If I look back on the many `To do’ lists I make and goals I’ve set over the years I see a curious pattern emerge. Although I do actually complete quite a lot of stuff I also have way too many things on my list and therefore take a lot longer to do them.

You need to develop a habit of finishing what you start and work on it daily. The less you pile on your plate (see No #2.) the less you’ll have to finish and that means you’re going to complete it!

Apply this liberally – from large projects to your daily activities. Finishing clearing out your office, enter in your expenses, install the anti-virus software, paint your toe nails, book that trip. JUST DO IT.

No #4. Being Cheap.

It’s easy to not spend money when you don’t have much of it. But you have to invest in the important things. So make a list of basic items that are really necessary to get your idea off the ground such as the right servers or a domain hosting service.

Next list the items that would be worth investing in because they would likely give you a competitive advantage or strengthen your brand such as a professional website designer or a marketing and PR specialist.

No #5. Spending Frivolously

I’ve met many people who keep spending money on creating `stuff’ because they either have too much money for their own good or still have an income to draw on. Stop putting off launching.

You don’t need the fancy website, the awesome promo video, the snazzy business cards. You just need to have a product or service that functions enough to solve a problem. So create a budget for every project you start, and stick to it religiously.

No #6.  Avoiding the Competition

One of the biggest pet peeves Angel Investors have is hearing a pitch from an entrepreneur who says they have no competition. Trust me you want competition as that means there’s a market for your idea.

Unless you’re creating a new market with your product or service, you can pretty much guarantee someone’s doing what you’re planning to do in some shape or form.

Make sure you evaluate the competition you’ll encounter and do this for each of your business ideas and projects so you have a really good understanding of what you’re entering into.

No #7. Not Emulating the Best

I always seek to emulate the best. They set a high standard which can be a little daunting to attempt to reach. What you can do is identify and incorporate the best practices of your market segment.

You can guarantee these smart people will be competing with you, so learn from them before you try to beat them. There’s no need to reinvent the wheel, just do it better.

No #8. Thinking you’re Superhuman

As much as I like to have control over what I do, I’ve long since recognized that two heads are better than one. Richard Branson always attributes his success to surrounding himself with the best minds.

So start delegating as soon as possible and focus on the strategic side of the business, because that is

where your time will be more effective.  I’ve recently taken on not 1 but 3 fabulous interns, each with their own strengths. I can now focus on business development and the things I love most.

No #9. Being Inflexible

If anything, I like change too much. However most people, even dynamic entrepreneurs, don’t.

Remember that your vision should be rock solid, but your strategies need to be flexible and reflect the

changes in the market place and your customers and tactics can change weekly if not daily.

No #10. Ignoring the Facts

It’s great to follow your intuition but if you don’t ever weigh in with the facts and do some measuring you will have no idea whether you’re really on track.

Always test and collect facts before making decisions. Why else do you have Google Analytics set up, click through tracking tools and Facebook Insights?

What other things do you think we could avoid as entrepreneurs?

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Tags: Business Mistakes to avoid, Effective Results tracking, Emulating your competition, Solving a customer need, Spending tactics for your business