So, you’ve taken the plunge and launched your own company. What drives you to take such action? Maybe you’re working on something novel that you believe has the potential to become the “next big thing” in the global market. Or perhaps you’ve decided to plunge into entrepreneurship because you’re sick and tired of being an employee. After all, you dislike your boss, your coworkers, and the company’s mission. Maybe you’ve been let go from your work, and the current job market has you convinced that the only option is to strike out on your own.
For better or worse, you’re now an independent contractor. Despite this, launching a company is the simple part. The U.S. Small Business Administration estimates that 627,200 new enterprises were started during that period, whereas 595,600 failed. Perhaps you find these numbers disheartening. The question is, what can you do to make sure your company is one of the winners?
Here are the five most typical blunders made by business owners, along with suggestions for avoiding them.
One Who Anticipates Instant Victory
It’s tempting to think that if we put in the effort, we should get the rewards monetarily and otherwise. Assuming a high turnout from a single announcement about a workshop. Also, spending all your money on starting the firm and then feeling entitled to customers. When you don’t see immediate results in your business, doubt creeps in and eats away at your self-confidence.
When asked what it takes to be a successful entrepreneur, Norm Brodsky, a seasoned business owner who has founded and sold multiple multi-million dollar enterprises, said, “The most important quality is resilience.” He talked about resilience to overcome setbacks, improve adverse circumstances, and learn from errors.
To prevent this pitfall, new business owners should adopt a holistic view of the actions required for growth, implement a well-researched plan, and set aside enough money to cover operating costs for at least 18 months.
2. Ignoring the Basics of Marketing and Sales
Is the word “sales” dirty talk in your vocabulary? Some business owners avoid engaging in sales and marketing because they associate negatively with the “snake oil peddlers” they’ve heard stories about. The last thing any entrepreneur wants is a reputation for being the kind of salesperson who uses deceptive tactics to make a buck.
Although this is a frequent misconception about sales, the truth is that no progress is made unless a transaction is completed. Having a positive outlook on sales and marketing is hence the first essential.
Other sales and marketing fundamentals, such as having a target market, knowing who your ideal client is, having a sales process, the 80/20 rule [that 20% of your marketing activities will generate 80% of revenue], the 7-touch or more process prospects go through before becoming a customer, the need to have a marketing plan, the necessity to invest at least 10% of revenue in continued marketing, may seem mundane. The reality is that They are used by successful companies but not by those who are unsuccessful.
Some highly successful businesspeople have even said that marketing is more important than the actual product or service being sold. Even if you disagree, the fact remains: to keep your business going, you need to try out various forms of advertising, see which ones work, keep doing those, and get rid of the rest.
You may avoid making this blunder by taking a Sales & Marketing 101 workshop, putting what you learn into practice throughout your firm, and constantly putting new ideas to the test. The tactics you’ll learn are only helpful if you try to implement them.
Having no idea or pride in your business’s mission
Due to the ease with which most enterprises can be entered, many people do so without considering their motivations. They may have the mom-and-pop corner store attitude (if mum-and-pop could prosper then, I can too) or be motivated by a desire for instant gratification, redundancy, or career change (from working professional to stay-at-home parent), among other reasons.
Some business owners, allured by the potential improvements to their quality of life, fail to examine whether or not their chosen enterprise is genuinely congruent with their passions and values. Even if you don’t say it, potential customers will sense you’re not genuinely invested in or enthusiastic about your work. To keep going through the ups and downs of business cycles in today’s highly complex and rapidly evolving environment, you must have a genuine enthusiasm for your products and services.
To avoid this blunder, consider your motivations for starting a firm. How do your morals inform your approach to global commerce? Recognize and accept the reasons behind your business’s inception. Share them with your clients if at all possible.
4 – Not Being Able to Control Your Thoughts and Feelings
Why aren’t more successful business owners if all it takes to manage a business is knowing what to do and executing it? When we fail in business, it’s typically because we haven’t figured out how to win on the inside.
The key to success is recognizing and overcoming self-defeating patterns of behavior and maintaining focus on your goals to the end. However, you need to take care of yourself by remembering why you started this business in the first place and the significant impact it has had on the globe.
Self-sabotage occurs, for instance, when someone refuses or cannot learn from their mistakes. It’s the propensity to keep engaging in harmful routines despite recurrent setbacks. For example, one business owner I worked with was on the verge of folding because, much like with his first venture, he neglected sales and marketing and watched revenue dry up until it was too late to save the company.
Having a skilled mentor or business coach who can help you discover your blind spots and establish an unstoppable attitude will help you avoid making this mistake. The adage “you can’t see what you can’t see” explains why even sporting greats like Lance Armstrong and Michael Jordan use coaches. You’re taking on the risky but potentially lucrative world of entrepreneurship and should have all the help you can get.
Separate Ways 5. Striking Out on My Own
Entrepreneurship is a difficult road to go. Salespeople, marketers, managers, and bookkeepers are all needed, and each position requires taking chances and devoting a lot of time and effort.
The proprietor of a small business sometimes has to switch between many different roles. You find that you have less and less time for your friends and family, and eventually, you wind up feeling very alone. Your life revolves around your company. You need to rest. And the constant hustling starts to wear you out.
Worse yet, many business owners refuse helpful assistance because they are confident no one else can improve their operations. After all, the whole reason they went into business for themselves was so that they could follow their own set of rules. Their pride has gotten in the way.
Outsourcing specific tasks, including accounting or website creation, can fix this blunder. Joining a mastermind group for entrepreneurs can help you break out of your shell by providing a forum for open discussion and constructive criticism. Inviting successful professionals or businesspeople to serve as your mentors is another option.
Duanna Pang-Dokland, CC, is a certified life and business coach and provided this article. To help business owners and sales professionals achieve long-term success, Duanna creates and implements programs that boost revenue and efficiency. A recent book, “101 Great Ways to Improve Your Life,” features her as a co-author. Please visit for further details.
Read also: https://booklysis.com/category/business/
