These traps/mistakes are common to many entrepreneurs and small business owners:
1. Getting Wedded To an Idea And Sticking With It Too Long.
Don’t marry a single idea. Remember, ideas are the currency of entrepreneurs.
Play with many ideas and see which ones bring money and success.
2. No Marketing Plan.
A marketing plan creates the kind of attention you need to get in front of the right
types of people, companies, etc. It is what attracts people to you! There may be as
many as 25 ways to market your business at no or low cost. A good marketing plan
implemented effectively, efficiently, elegantly and consistently, will eliminate
the stress of so called “flying by the seat of your pants”.
3. Not Knowing Your Customers.
Changes in your customers’ preferences and your competitors’ products and services can
leave you in the dust unless you get to know your customers well, what they want now and will likely want in the future, what their buying patterns are, and how you can be a
resource for them even if you don’t have the right services for them now!
4. Ignoring Your Cash Position.
The world (aka customers) doesn’t respond to even superior products in the timeframe
that you think they should. You’ll need plenty of cash to sustain yourself in the meantime.
5. Ignoring Employees.
Motivating, coaching and managing your staff is probably one of your toughest challenges as an entrepreneur/business owner today! Without your patience, persistence and “people skills,” your problems can multiply quickly. Morale, productivity AND PROFITS can easily be destroyed!
6. Confusing Likelihood With Reality.
The successful entrepreneur lives in a world of likelihood but spends money in the world of reality.
7. No Sales Plan.
Without a sales plan, there’s no serious way to gage the financial growth and progress of
your business. You need a realistic map for where the sales will come from, how they’ll
come and from whom.
8. Being a Lone Ranger.
You might be the key to everything BUT you cannot DO everything and grow at the same time. Even modest success can overwhelm you unless you hire the right staff and delegate responsibility.
9. No Mastermind.
Get an advisory board or a mentor! Sounds crazy for a small operation? It’s not! The board can be family members that you trust, or friends. Ask them to be your board of directors and review your business plans and results with them. Having someone to bounce ideas off and get an objective opinion is critical.
10. Giving Up.
Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you’re failing, fail. And fail fast. And learn. And try again, with this new wisdom.
Do NOT give up. Yet, do not suffer, either.
If any of the above situations are stopping you from achieving your success, give me call or email me and I’ll be happy to give you a 30 minute consultation for free.