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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.
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