Starting a business is exciting, and it’s something that more and more people are doing every year. Even with the uncertainly of 2020, new businesses are starting, and entrepreneurs are looking for ways to successfully monetize their ideas. But, it’s also scary. The statistics tell us that over 50% of start-ups fail within the first five years, and many within the first year. The good news is, all that failure means there are plenty of opportunities to learn from other people’s mistakes so that you don’t do anything that could slow down, or even end your business.
Here’s a look at 8 entrepreneurial mistakes to avoid.
Expecting Fast Results for Little Effort
So many entrepreneurs make the unfortunate mistake of thinking that it’s easy. They see people start businesses and hit the big time straight away. They watch people making a fortune from relatively little online, and they want the same. Let’s face it, there’s always appeal in a get rich quick scheme. But, failing to appreciate the effort behind the scenes, or just how rare these easy wins are, can be a mistake. Most successful businesses are successful because their owners and teams put a lot of time, effort and passion in. If you expect fast results and aren’t willing to put the effort in, you are unlikely to succeed, and if it takes you a while to realize this, you are holding your business back.
Not Thinking of Business as a Long-Term Endeavor
Many businesses make the mistake of thinking of short-term solutions to their problems, or tactics that will give them quick wins, instead of considering their long-term future. This often means that they run into the same problems time and time again, and waste time dealing with them. Whenever you make a decision, think about how it could affect your future, not just right now.
Overestimating the Power of Social Media
Social media is a powerful tool, there’s no denying that. But, putting too much time and effort into social media is a mistake if it means neglecting content, SEO, email marketing, product development and other areas of your growth plan. Social media is great, and you should undoubtedly utilize it, but it’s not everything.
A Lack of Market Research
So many businesses couldn’t tell you who their target audience is. Many aren’t even sure if there is a market for their products or services. They love their business and feel passionate about it, so they assume other people will too.
Conducting thorough market research and getting to know your target market means that you know where to promote your products, you know where to find your customers, you understand what they need from you, and how you can fix their problems. This gives you a wonderful head start.
Putting Things Off
We’re all guilty of putting off projects that we don’t enjoy or aren’t comfortable with. But, while we’re putting them off, our anxiety is growing, they aren’t getting the attention that they need, and we might not be able to focus on other tasks. When it comes to undesirable jobs, the eat the frog method can speed things up.
Trying to Do it All Alone
So many entrepreneurs burn out because they try to do it all. If you can’t afford staff, consider outsourcing, using freelancers, and automating tasks where you can to reduce your workload.
Not Investing in Your Business
You’ve probably heard the phrase “you need to spend money to make money” and it’s certainly true for entrepreneurs. If you want your business to grow quickly, be prepared to invest your money in it, as well as your time.
Thinking You Know It All
When you stop learning, you hold your business back. Even if you did somehow know it all today, by tomorrow there’d be new methods and practices, new products and tools, and new ways of thinking. Continued learning is one of the best ways to push your business forward.
The best entrepreneurs are the ones that are open to new ideas, continued learning and self-improvement, and able to ask for help. Learn from your own mistakes, but also those of other people, and your business will grow.
