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The 12 Most Common Mistakes New Entrepreneurs Make & how to avoid them


Title:
The 12 Most Common Mistakes New Entrepreneurs Make & how to avoid them

Word Count:
1523

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

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spending all the time you need to succeed? And are you ready to take massive action?
Keywords:
entrepreneur, small business owner, start a business, business plan, marketing, networking, financing a business,
Article Body:
A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.

Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spending all the time you need to succeed? And are you ready to take massive action?

At first, you 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. You must, therefore, prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.

To avoid these disappointments, here are ëThe 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Themí:

Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like because you will be spending a lot of time on it.
Your assignment ñ Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.

Mistake # 2 – Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment ñ Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.

Mistake # 3 – Failure to gain a complete and total understanding of the business
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment ñ 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 describe the business in only one or two sentences
No doubt youíve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment ñ Have an efficient 15 to 60 second elevator pitch that introduces you, your businessí mission, focuses on the benefits you provide and makes you and your business memorable.

Mistake # 5 – Failure to conduct the primary research
There are many great ideas you can latch on to, but the key in business is to make sure the ideaóthe central theme or mission of your business ventureócan attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business.
Your assignment ñ Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.

Mistake # 6 – Failure to contact professionals who can help you get started
Numbers of new entrepreneurs ask 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; so in reality, these people are not in a position to offer sound advice.
Your assignment ñ Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses.

Mistake # 7 ñ Failure by underestimating financial requirements
Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money?
Your assignment ñ Invest the time to work on ALL aspects, especially the major ones, of your business before you start.

Mistake # 8 – Failure to make marketing a priority
Many new entrepreneurs start their business without determining their target, niche, and demography first and as a result, have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business.
Your assignment ñ Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.

Mistake # 9 ñ Failure by under-budgeting the marketing costs
Today the world is overcrowded with businesses and probably a number of those in your market perform essentially the same functions as you do. This means that you have to differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise, you will not attract any customers.
Your assignment ñ Make sure you have a strategy that puts the word out there. Provide adequate publicity, business cards and marketing materials that project a professional image. Donít try to save money on these; they are reflecting your business. A cheap business card or flyer will not make a professional impact.

Mistake # 10 – 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 mediocre results. Define your businessí mission as succinctly and narrowly as possible. 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 ìon the businessî instead of ìin the business. In other words, you will spend all your time operating each task on your own. You wonít have the time to sit back and decide on the best way to develop your own marketing plan, create new products, or improve your services.
Your assignment ñ Know your goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.

Mistake # 11 – Failure by over-marketing
Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you canít sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner.
Your assignment ñ Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your clientís profile you will then have a full understanding of how and where to find more of them.

Mistake # 12 – Failure to follow-up with clients
Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. 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 donít let them slip away.
Your assignment ñ Constantly and consistently communicate with your current clients.
Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you donít have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.

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, check out my book: “Start Your Dream Business Today! The Proven 11 Steps to Start and Grow Your Own Business”, a simple yet informative and easy to follow step-by-step guide to everything a new entrepreneur should know when starting a business.
Get it today by going to http://www.StartYourDreamBusinessToday.com. You wíll also get a lot of other ideas and resources to help YOU Start Your Dream Business and I will save you time and a lot of money, as I did for my clients.

© 2006 Biba F. PÈdron

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Did you know…


Did you know…

… that today is International Literacy Day? Literacy is incredibly vital in many ways. Make the most of this important day by either donating to the International Literacy Association, showing teachers your appreciation, or by helping someone with their reading. It’s important!

~~~

Today’s Inspirational Quote:

“Books are the quietest and most constant of friends; they are the most accessible and wisest of counselors, and the most patient of teachers.”

— Charles W. Eliot

Quotes of the Week


Iris Murdoch

“Between saying and doing, many a pair of shoes is worn out.”

via Today’s Quote https://ift.tt/2lJpoP3 September 02, 2019 at 10:34AM
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John Burroughs

“Leap, and the net will appear.”

via Today’s Quote https://ift.tt/2MT5Sfy September 03, 2019 at 10:37AM
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Aristotle

“The end of labor is to gain leisure.”

via Today’s Quote https://ift.tt/2zOq8X1 September 04, 2019 at 10:36AM
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Ellen Glasgow

“What happens is not as important as how you react to what happens.”

via Today’s Quote https://ift.tt/2MY2Iqz September 05, 2019 at 10:38AM
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Henry Miller

“The aim of life is to live, and to live means to be aware, joyously, drunkenly, serenely, divinely aware.”

via Today’s Quote https://ift.tt/2U5Mw7u September 06, 2019 at 10:39AM
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R. Buckminster Fuller

“I just invent, then wait until man comes around to needing what I’ve invented.”

via Today’s Quote https://ift.tt/2ZEQ5a4 September 07, 2019 at 10:42AM
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Arthur Schopenhauer

“I’ve never known any trouble than an hour’s reading didn’t assuage.”

via Today’s Quote https://ift.tt/2YXzmiu September 08, 2019 at 10:34AM
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Atal Innovation Mentor for Change – beginning of a new journey.


It was my first meeting few days back at the School allotted to me by. Mentor of Change: AIM Mentors of Change Official . AIM Selected Mentors (Official) of Niti Aayog. It was a wonderful experience meeting the trained teachers and Centre Incharge. I am overwhelmed that they shared the photos and a write up with me this morning,. “We Smt Kamalabai Educational Institution are glad that we were selected for the Government of India’s flagship program of Atal Tinkering Labs, established by the Atal Innovation Mission, NITI Aayog. The ATL lab of our school was inaugurated on 13 th July 2019 by Dr. Sujata Virdhe ISRO scientist. We had our team of ATL teachers trained by our vendor in the month of July. We were assigned our ‘Mentor of Change’ Mr. Dhananjay Parkhe on Jul 28, 2019. Our mentor visited our school on august 20 th 2019 to see the lab and interact with our teachers. Sir first met our principal Mrs. Lalitha Sekhar ma’am and our asst. secretary K.P.Anuradha
ma’am and discussed his experiences and also discussed the school’s vision and mission. Dhananjay sir shared his experiences and then spoke about how to capitalize our strengths and he also explained how each individual is blessed with many strengths and if we identify
them and work on it we can become successful and the same is true for our students also. He then spoke about as leaders how we can get things done by motivating, inspiring,
retooling, reskilling, etc. He spoke about many topics and one important thing he shared was how we could focus on knowledge, expertise, and skills of children to bring out
extraordinary performance as an outcome. Then he requested each teacher to introduce herself with her strength and skill. The session was very interesting and all the teachers gained a lot by interaction with the
mentor.”

Word of the day


Festoon
feh-sto͞on
Part of speech: verb
Origin: French, 17th century
1

To decorate, embellish, or ornament

2

To hang a decorative strip between two fixed points

Examples of Festoon in a sentence

“Before the surprise party, I had to festoon the entryway with streamers and decorations.”

“College students love to festoon their dorm rooms with all kinds of trinkets.”