These
traps/mistakes are common to many entrepreneurs:
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 need
for "cold calls!" (See below for how to create a results driven
marketing plan).
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 products or services for them now!
(See below for low cost techniques to gather facts about your customers
and the people you'd like to have for customers).
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. (See below for how to forecast your cash
needs and protect yourself from cash crisis situations).
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! (See below
for how to get your employees' full commitment to job performance).
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. (See below for effective
delegation techniques)
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
|
