We all make mistakes. The secret to success may very well lie in making mistakes, as opposed to never making any. What? Yes, you learn from your mistakes and you learn how to recover from failures – that is what gives you the ultimate advantage. You have gained more experience and knowledge. Another way of walking your path is learning from mistakes others made. Listed below are five of the most common mistakes entrepreneurs make to show you what they are and to prevent you from making the same mistakes.
Common Entrepreneurial Sins #1: Early days Advertising
Advertising costs are expensive. A huge mistake is to rely on advertising to get clients when you start your business. In the early days of your business, it is safer to focus on building relationships and word of mouth advertising. Get as many testimonials as possible and post that on your website. Use social media networks to your advantage and create an audience of potential and existing customers.
Common Entrepreneurial Sins #2: Goals and Deadlines
Flying blind, without setting specific goals and deadlines will be slow suicide. Set measurable goals and frequently take stock of your progress to see whether you are still going in the right direction. Measurable goals allow you to stop and make adjustments before the paw-paw hits the fan. Setting goals and deadlines keep you and your team accountable – accountability is crucial for success.
Common Entrepreneurial Sins #3: Spending on Company Dime
Spending company funds for meals and other treats must be avoided at all cost, especially at the beginning. Set up a strict budget for your business and keep your hand out of the cookie jar, till or money box. Little bits add up and before you know it, you and your employees will have devoured all your profit.
Common Entrepreneurial Sins #4: Hiring employees
Hiring too fast is a mistake. You have to earn enough to pay somebody. If you need different skills in your business, freelancers may be the answer. Hire them per project until you can really afford full-time staff.
Common Entrepreneurial Sins #5: Take time for Yourself
Burnout is a reality. One of the most common mistakes entrepreneurs make is not taking time for themselves. In order for you to keep a strenuous pace and stay ahead of the competition, you need to stay focused. If you are tired and fatigued, no new ideas will come, you will end up making avoidable mistakes and your business will suffer. Take quality time off now and then in order to regroup and stay in touch with yourself and your business.