The Pitfalls of Being a New Business Owner
Starting a new business is both exciting and challenging. You’re eager to start your journey but your worried to the mistakes that cause 1 in 5 businesses fail in the first year. The good thing is, you’re not alone in those feelings. While there is no fool proof plan in starting a business, there are certainly things that you can avoid, increasing the likelihood of your success. Here is a list of the most common mistakes that entrepreneurs make.
5 most common mistakes business owners make.
Disorganization
“Failing to plan is planning to fail.” Have you ever heard that quote? Well, it remains true. Being unorganized with your business probably means that you’re not being efficient, and it possibly means that you’re skipping steps in your operational process. Both issues will end up costing you money. Before you start your business, make sure that you are well organized and that your business plan is solid.
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Perfectionism
The greatest roadblock to productivity is perfectionism. Accept that you are your toughest critique and those who will end up seeing your work or products won’t see the same small errors that you will. Go ahead and put it out there. Receive whatever feedback that you get and regroup. Don’t wait to try to make things perfect because you will end up going in circles. I am not telling you to rush and be careless. I am telling you to go ahead and complete the task.
Staying Low Key with Your Business
Why are you embarrassed about launching your business? Is it because you don’t think people will take you seriously? Is it because you don’t take yourself seriously? Either way, you need not worry about what others think, and whatever negative thoughts you have about yourself, you can always change your mindset. Tell yourself that you’re capable, competent, and valuable to others. If you struggle with that, just fake it until you make it. Go ahead and spread the word. Start with your inner circle and your outer network. Text everyone in your phone that you have a new business, and you would appreciate if they knew anyone who needed your product or service, let you know.
Trying to be a one man show.
Let me start by saying that I am all for staying lean and keeping coats low, but the fact is, you might not be able to do EVERYTHING that needs to be done for your business. My suggestion is to focus on what you do well, and delegate the things that you are not so good at. This allows you to free up more time for to tend with your customers or other areas of your business that need your personal attention. When you have the right team in place, you’ll see that everything will run more smoothly, and your stress will be reduced.
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Don’t sell yourself, or your service/products short.
Your services or products are what makes you the money so it’s important that you do not underprice them. Have confidence in your products/services and sell them according to the market and your worth. During your business planning stage, be sure to see what others are charging in the market and what set you apart.
At the end of the day, do what makes you happy. Try your best not to stress by living with a grateful heart. Entrepreneurship isn’t easy but you got this!
