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. Spending On Non-Critical Expenses.
Most entrepreneurs want to quickly impress their friends and family with
all of the trappings of success - a first class facility, carpeting on the
floor, a secretary, a huge copier, etc., etc. Splurging preciously needed
cash on items not critical to the success of the business has been, for
many, the very cause of it's demise. If your client doesn't routinely come
to your facility then work out of your home and meet him/her at their office
or in a restaurant, go to the local drugstore to make copies, etc. but save
your cash for the things that you really need.
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!
4. Ignoring Your Cash Position.
The world (a.k.a. customers) doesn't respond to even superior products
in the time frame 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 and Marketing Plans.
Without a sales plan, there's no serious way to gage the financial
growth and progress of your business. You need a realistic plan for where
the sales will come from, what you will be doing to get them, and from whom.
A marketing plan creates the kind of attention you need to get in front of
the right 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 reduce the need for "cold calls!"
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, but
preferably will be someone that will give you their honest advice even if it
may hurt your feelings. 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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