7 Common Mistakes New Entrepreneurs Make
There are many common mistakes that entrepreneurs make at the start of their efforts that can slow down or completely halt their growth. Below we have listed our top 7 most common mistakes so that we can help you avoid them!
Lack of Network
Your friends and family are a great support but it’s always a good idea to stretch your networking beyond your nearest and dearest. This may sound like a really obvious point but it is one that trips many new entrepreneurs up. Social media can be your best friend, there are so many people to get in touch with, get feedback from and convert to customers. Reach out with an email and get in touch. It may be scary at first but, if you don’t ask you don’t get!
Not Spending Enough Money
As a new entrepreneur, money is likely to be one of your biggest concerns. There are two very common mindsets that tend to be found among new entrepreneurs: either the old phrase ‘You have to spend money in order to earn money’ or ‘I’ll spend the bare minimum until I have some decent cash flow’. Both of these attitudes can be equally harmful, if taken to the extreme. It is best to spend your cash wisely, as your mother would say, but don’t be afraid to invest in good people and quality products as this will bode well for you in the long term.
Not Setting Attainable Goals
New entrepreneurs can be so caught up by their big idea that they often become swept along by it all, working without a solid plan. But it is so important for you to be realistic. Set yourself realistic and attainable goals so that you can continue to progress instead of getting bogged down that you aren’t earning millions already. Set a reasonable goal and then determine the steps that you need to take in order to reach it.
Thinking You Are Independent
Since we were babies, we have had this real urge to do things by ourselves, independent of others as we are determined that if we asked for help it would simply slow us down. However, this could not be further from the truth. In the beginning, it is common to assume that nobody can do the job as well as you can. However, assuming you are the only person who has the passion to see your business succeed is, unfortunately, the kind of attitude that can impede your success. Having a knowledgeable mentor can keep you on track with the right kind of support and objective perspective on your business and market.
It may be hard to believe, but yes, there are still many small businesses that are just starting up and have no online presence whatsoever. Without a digital presence, it is going to be very difficult for anyone to find you and make contact. Most people want to visit the website to browse before they buy. Without a website, potential customers will simply move on to the competition. Make sure you set up a coherent and easy to navigate website as this will have people flocking to you in no time. Keep it regularly updated and ensure that your contact details are easily accessible in case potential customers wish to give you a ring.
Putting All Your Eggs in One Basket
This is a common mistake among new entrepreneurs. They often put all of their eggs in one basket making it difficult for their business to grow and succeed. It is helpful to consider your marketing strategy like an investment portfolio. You should have a healthy mic of bonds, stocks and other investments so that you can see a steady increase in profitability. That means branching out and networking, trying new marketing tactics and stepping outside of your comfort zone. It may be difficult at first but culling those that are no longer as effective for your brand is extremely important.
Not Knowing your Audience
Your customer should be the centre of all of your marketing efforts. That means you should be placing yourself in their shoes, thinking how they think and using the channels that they prefer or work best for them. This can be difficult at first but if you spend the time researching who your audience is and where they spend their time, then you will be far better equipped to serve them. If you don’t feel like you have the time to carry out this research, you could pay a market research firm to do the work, instead of doing it yourself through surveys, data and analytics.
We hope you have found this article interesting and informative. If you have any comments, please feel free to leave them below.