3 Common Regrets Of Successful Entrepreneurs
Guest Post by Melissa Rudy
Steve Jobs was fired from his own company. When speaking about success in business, this fact is often thrown around. What this example fails to explain, however, is how Jobs rose to success, and the drawbacks that came with it. Even after achieving their goals, many entrepreneurs look back on their early careers and recognize mistakes that could have been easily avoided. Read on for three common regrets that most entrepreneurs share.
1. Selling to family and friends
While selling your latest product to your mother may seem like a good idea, this is one aspect of early entrepreneurship that many business owners come to regret. Many business owners claim that neighbors, friends, and relatives were responsible for some of their first sales. While this may have achieved an instant boost in revenue, it also provided a false sense of productivity and security. Friends and family often buy into new entrepreneurial ideas — whether it’s a new high-end restaurant or the latest electronic gadget — simply to support a person they love or respect. With these sales comes a lack of critical analysis that is vital for new businesses.
2. Having a “superman/superwoman mentality”
:Let’s face it: regardless of how mighty we may feel, we all have our own version of kryptonite. According to some of the most successful entrepreneurs, one thing they later learned to regret was not letting go of some of their power early on in their business. With the stress and hard work of starting a new endeavor, teamwork and delegation of power are vital skills that entrepreneurs must embrace. By inviting the insights and skills of other individuals, you’ll build on your own strengths and lay a more resilient foundation for your business.
3. Jumping into a market without visualizing the customer
When entrepreneurs invest in a new business or build a new product, they often assume that their customer base is out there somewhere. They often believe that the success of similar products or the originality of their product will lead to sales — but this is not the case. Young businesses often overlook key marketing strategies that will later help them develop a stronger, more enduring customer base. Through simple market research and gaining a better understanding of your customer, your business will be able to develop timely, engaging marketing and advertising tools.
Melissa Rudy is a freelance writer with Words by Melissa in Cincinnati, Ohio. Melissa and her team specialize in web copy, blog articles, case studies, press releases, and other freelance writing.
(Initially published on The Leanometry Blog)