Avoid These 5 Textbook Business Mistakes
Starting a business is exciting and new, but it can also be intimidating. Luckily, there are several (million) people who have gone before you that have had great successes as well as remarkable failures that you can learn from. Check out these five textbook business mistakes that you should be avoiding.
Remember: you don’t have to do it all. We love your can-do attitude, but that doesn’t mean you have to do it alone. The first step in recognizing that you should not be doing this alone, is understanding how much you are really worth. Once you have that knowledge, you’ll know that your time is better spent on bettering your pitch rather than coding everything yourself.
Choose Advice Wisely
Your parents are awesome, but they aren’t always the business people with the best experience. Seek for the people with “the life you want” and figure out how they made it work during your current phase. At the same time, no one likes to admit they are wrong, let alone admit that they don’t know what to do next. Sometimes asking for advice will be how your business stays alive.
Not choosing a business partner can be a huge negative on the company, but choosing the wrong business partner can sometimes be even worse. Choosing a business partner is much like dating. And before you marry someone, you need to make sure that you two work well together.
Your “Official” Position
So many times entrepreneurs get a buzz off of finally being a business owner that they tend to forget that they need to starts as a salesman. Sell first and rely on that. Once you have people to sell for you, then you can take advantage of your CEO title. The attitude of “I can do whatever I want” is a big mistake. It is inevitable: you will fail. You may be an entrepreneur and say that you are no longer an employee, but you are. You are now an employee for yourself and I hope you have a good boss. It is exciting not having to report to anyone promptly at 9:00 a.m., but the beauty wears off when nothing is getting done. Create a schedule and stick to it. If necessary, create punishments for yourself if you don’t.
Things are always changing, but that doesn’t mean you can’t have a good plan in place. Companies are constantly facing the challenges of new regulations, increased competition, advanced technology, and company growth. It is how you deal with those events that will set you apart. So have a good strategist, learn to adapt, keep a good savings on hand, and always update your business plan.
What do you consider more “textbook” business mistakes?