9 Mistakes New Entrepreneurs Make & How To Deal With Them

A number of new entrepreneurs who start their own business do not realize how much work and time will be involved to be successful. They fail to carry out any primary research and as a result become quickly overwhelmed.

Perhaps the first question a new entrepreneur should ask themselves then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset that is required?  Are you committed to spend all the time you need to succeed at this? And are you ready to take massive action? Do you know you will fail to succeed?

At first, a new entrepreneur will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist, even the janitor. You must therefore prepare yourself because there will be long days and nights when you are disappointed, depressed, angry, sad, or frustrated. You have to realize that success will not happen overnight or in weeks. And it may take a year or two before you achieve your expected results you have set for yourself!

To avoid these disappointments, here are 9 Common Mistakes New Entrepreneurs Make & How to Deal With Them:

Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable for your goals.

Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in the money they saw from leaders in the business. It is important to start something that you really like, because you will be spending many days and nights working it.

Your assignment – Spend all the time you need working on your business plan, which should include: your business strategy, research on your target market (demographics), your marketing plan, your financial projections and sales.

 

Mistake # 2 – Failure to determine whether the business actually gives value

The most sustainable businesses are those that withstand the test of time and provide value by solving problems people have.

Your assignment – Make sure your products or services provide value and benefit to your clients. Be ready to solve any problems that your clients may have.

 

Mistake # 3 – Failure to gain a complete and total understanding of the products and business model

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Every business has presentations; whether online or live. What presentations exist in your business? Do you have weekly webinars?? Maybe local success trainings, Regional events?? These are where you will learn the ins and outs of your business and products.

Many business leaders would say that success largely depends on attention to detail and your desire to learn.

Your assignment – Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.

 

Mistake # 4 – Failure to conduct the primary research

There are many great ideas you can jump on to, but the key in business is to make sure the mission of your business can attract customers and generate sales and profits.  A great idea in and of itself is not enough to start a business, you need to be solving a prospects problems.

Your assignment – Take the time to gain experience, study the business, and understand what makes the business work (how to serve the customers and generate profits).

 

Mistake # 5 – Failure to contact professionals who can help you get started

Many new entrepreneurs run to their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business or have a negative outlook on what you are doing; so in reality, these people are not in a position to offer and helpful advice.

Your assignment – Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack for your business.

 

Mistake # 6 – Failure by underestimating financial requirements

Do you know how much you need to start your business? Did you calculate your start-up cost, do you know the number of clients you need for your first goal? Do you know how long it will take before you get your first level or before you will run out of money?

Your assignment – Invest the time to work on ALL aspects of your business, especially the major ones, before you start.

 

Mistake # 7 – Failure to make marketing a priority

So many new entrepreneurs start their business without determining their target, niche first and as a result have failed to attract anyone outside their friends and family. Marketing should be your top priority starting out. What is going to make YOU Inc. successful? Devise a marketing plan will help you determine how to promote your products or services and create a system that will generate more prospects.

Your assignment – Dedicate a good portion of your time and energy to working on YOU Inc. and implementing your marketing plan; it is essential for your success.

 

Mistake # 8 – Failure to focus on the business

Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in failed results. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working on the business instead of in the business. In other words, you will spend all your time operating each task on your own. You won’t have the time to sit back, and decide on the best way to develop your own marketing plan, create YOU Inc., or improve your network.

Your assignment – Know you goals. Put them in writing.  Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.

 

Mistake # 9 – Failure to follow-up with clients

Many new entrepreneurs are often so desperate to constantly find new clients that they forget the customers they already have and in fact end up losing business as a result. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and don’t let them slip away.

Your assignment – Constantly and consistently communicate with your current clients.

Start a newsletter, offer special sales, create new products to upsell, and join affiliate programs if you don’t have your own products. People who have already bought from you will appreciate it when you recommend other products.

 

If you have a business idea, but are unsure how to get started, or already own a business, but have not yet achieved the results or success you were hoping for, let me help you. Click below to work with Zach!

PS Want to learn more about being a successful entrepreneur and ready to break FREE? Click Work With Zach and I will personally respond and talk with you!

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