These traps/mistakes are common to many
entrepreneurs:
1. Getting Wedded To an
Idea And Sticking With It Too Long.
Don't marry a single idea. Remember, ideas are the currency of entrepreneurs.
Play with many ideas and see which ones bring money and success.
2. No Marketing Plan.
A marketing plan creates the kind of attention you need to get in front
of the right types of people, companies, etc. It is what attracts people
to you! There may be as many as 25 ways to market your business at no or
low cost. A good marketing plan implemented effectively, efficiently, elegantly
and consistently, will eliminate the need for "cold calls!" (See below for
how to create a results driven marketing plan).
3. Not Knowing Your
Customers.
Changes in your customers' preferences and your competitors' products
and services can leave you in the dust unless you get to know your customers
well, what they want now and will likely want in the future, what their buying
patterns are, and how you can be a resource for them even if you don't have
the right products or services for them now! (See below for low cost techniques
to gather facts about your customers and the people you'd like to have for
customers).
4. Ignoring Your Cash
Position.
The world (aka customers) doesn't respond to even superior products in
the timeframe that you think they should. You'll need plenty of cash to sustain
yourself in the meantime. (See below for how to forecast your cash needs
and protect yourself from cash crisis situations).
5. Ignoring Employees.
Motivating, coaching and managing your staff is probably one of your
toughest challenges as an entrepreneur/business owner today! Without your
patience, persistence and "people skills," your problems can multiply quickly.
Morale, productivity AND PROFITS can easily be destroyed! (See below for
how to get your employees' full commitment to job performance).
6. Confusing Likelihood
With Reality.
The successful entrepreneur lives in a world of likelihood but spends
money in the world of reality.
7. No Sales Plan.
Without a sales plan, there's no serious way to gage the financial growth
and progress of your business. You need a realistic map for where the sales
will come from, how they'll come and from whom.
8. Being a Lone Ranger.
You might be the key to everything BUT you cannot DO everything and grow
at the same time. Even modest success can overwhelm you unless you hire the
right staff and delegate responsibility. (See below for effective delegation
techniques)
9. No Mastermind.
Get an advisory board or a mentor! Sounds crazy for a small operation?
It's not! The board can be family members that you trust, or friends. Ask
them to be your board of directors and review your business plans and results
with them. Having someone to bounce ideas off and get an objective opinion
is critical.
10. Giving Up.
Some of the most successful entrepreneurs failed several times before
doing extremely well. So, if you're failing, fail. And fail fast. And learn.
And try again, with this new wisdom. Do NOT give up. Yet, do not suff
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