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.
