Entrepreneurs are bound to make mistakes at one point or another. It’s part of their growth. What’s important is to learn from them and make sure they don’t happen again. Mistakes can hurt any business. That’s why it’s important to be prepared and plan ahead. Some mistakes aren’t predictable and there’s no way to see them happening. Others are easy to spot before they even happen. So how can you avoid them? How can you put measures in place to prevent them from happening? We’ve done some research on the most common mistakes that every entrepreneur makes and have put in place solutions that can help you overcome them. You can thank us later 😉
Mistake #1: No Business Plan
Having an idea for a potential business is great. But you can’t start a business with just an idea. You need to have a solid business plan. The mistake that entrepreneurs often make is that they go into the business too fast with just an idea. They have no solid plan and therefore when they hit an obstacle, they’re taken off guard and it can significantly hurt their business.
Solution: Be prepared. Have a plan. If you have an idea for a business, before starting it, take the time to create your business plan. Write down how you will turn that idea into profit. Think about any potential obstacles you might face and have a clear plan of how you will overcome them. Have a solid marketing strategy in place and an idea of how you will target your audience. Take the time to create your business plan. Those few days it will take to create your plan can ultimately help you prepare for any situation you’re bound to encounter as an entrepreneur.
Mistake #2: Unclear Vision / Goal
Most entrepreneurs who start their business have a clear vision of their business. Their goal is clear and they work hard to achieve it. However, when the goal is unclear and entrepreneurs are unsure of the vision of their business, that’s when things can take a wrong turn. When an entrepreneur doesn’t have a clear idea of what their ultimate goal is, then they don’t even know what direction their business is heading towards. The decisions they made and the actions they take can ultimately be harmful to their business.
Solution: Take the time to set your goal. Have a clear vision of where you want your business to go and what you’re hoping to accomplish it. When you have an idea and your goal is clear and consistent, every decision you make will be working towards that goal. You’ll make better decisions and put in place actions and procedures that will contribute towards the achievement of your goal.
Mistake #3: Not Admitting When Wrong
Let’s face it. You can’t be always right. There are moments when you’re wrong. And it’s normal. But lying to yourself and not admitting when you’ve made a mistake can hurt your business more then you think. When you can’t admit you’re wrong, you can’t see how it affects your business. You’re blind to the bad decisions you’re making. This can not only hurt your business but in the long run, it can also contribute towards its failure.
Solution: Put your pride aside. Forget about being wrong. Think of it as a learning experience. The most successful entrepreneurs are those who aren’t afraid to admit when they’re wrong. People often feel that admitting you’re wrong is admitting defeat. You need to get that out of your head. It’s actually the opposite. It means that you’re smart enough to know when something isn’t right. Therefore, you can focus on fixing it and moving on. Admitting your wrong is admitting that something you thought was right for your business is actually not. It’s understanding that maybe your business has changed. What was once right is now wrong. You can fix it and move on to finding something that is right.
Mistake #4: Thinking You Can Do It Alone
There’s nothing wrong with wanting to do everything yourself. In fact, it’s great that you have the motivation and passion to want to do everything yourself. However, it’s important to be realistic. There are certain tasks that you just simply can’t do because it’s not your area of expertise. Therefore, being stubborn and refusing to ask for help in areas that aren’t your specialty can bring on mistakes that can hurt your business.
Solution: Ask for help! Be smart enough to admit to yourself what you can and can’t do. And ask for help in areas you do actually need help with. Don’t be stubborn to turn down help. You have a full network of people around you who want to help and see you succeed. So don’t refuse a helping hand. By asking for help, you’re actually investing in the success of your business.
Mistake #5: Ignoring Expert Advice
Off course you want to believe that in most cases you know what’s best for your business. And while that might be true in most situations, sometimes it’s not. So if someone who happens to be an expert in their field is giving you business advice about certain aspects, it’s probably not the smartest idea to ignore it. Ignoring advice from experts who actually KNOW what they’re talking about is pretty much a recipe for disaster.
- Inspiring & Empowering The Next Generation of Female Leaders
- The Difference When Women Evaluate Your Pitch
- What Changes When You Become a Female Boss
- City MOGULS: Supporting Canadian Entrepreneurs
- Vogues Editor-In-Chief Teaches You How To Be a Boss
Solution: Listen! Guess what? That expert who is actually taking time out of their day to give you business advice might actually know a thing or two. So don’t ignore it. Take the time to really listen to their advice. Put it in context with your business. Really consider it and think about how it can help your business. They might actually be right.