Having worked with myriad entrepreneurs over the years, some mistakes they make come up over and over again. With that in mind, we thought we should show you these common mistakes, and why they are not the best route to take. Here are the top five mistakes entrepreneurs make.
*Business is hard, and even the most experienced entrepreneurs make these common mistakes!
Entrepreneur Mistake #1: sticking with one idea.
The old saying, “stick with what works” can mean stagnation instead of growth. Your best idea got you there, but you need to keep exploring new ideas. The best sports team doesn’t stay the best by not practicing, does it? No. Growth and innovation depends on keeping your mind and eyes open.
Entrepreneur Mistake #2: forgetting what is most important — customers.
Your product got you to your place in the market, it won’t keep you there. If it isn’t what your customers want, or if they are mistreated, they will go elsewhere. Your focus should be on your customers not on your products. If they aren’t your focus, they will be the reason why you go out of business. Along the same lines make sure you are developing your customer base. You can’t just rely on a few customers.
Entrepreneur Mistake #3: not following and/or updating your business plan.
Your business plan is your map to success. If you don’t pay attention to the map you’ll get lost. If you don’t keep your goals in front of you, you’ll lose your focus or vision. You took time to write it, so follow it. You can’t update without keeping track of your market. Doing that takes research, and not overestimating the amount of customers or materials. Ask hard questions and be honest in the answers.
Entrepreneur Mistake #4: overspending.
Having a lot of overhead in the wrong places in your business can sink you. Spending wisely in areas like product research and development, customer building and activities that make you money is smart. As a new business think more than twice about what you spend.
Entrepreneur Mistake #5: no experience at all.
How can you know what wise spending really is? Learning as you go is inevitable, but your best bet is to find a more experienced mentor or business coach and listen to their advice.
Pay attention to these common mistakes and don’t make them if you want to be a success!
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