Being a successful entrepreneur is a dream that many people have. However, without the right knowledge it will remain a dream, or a horrible failure. Thankfully, you can educate yourself, and learn from common mistakes entrepreneurs make, then simply avoid them.
1. Avoiding Planning and Organizing in Advance
There is no getting around it, you need to have a business plan, and a marketing plan at the very least. You do not have to write a book, but you should write a one-, or a two-page plan to help you get started. Without a plan, you are simply wishing and dreaming, instead of making things happen.
2. Reinventing the Wheel Instead of Improving It
Many entrepreneurs refuse to learn from the people who went before them. Even if you have created an entirely new product or service, one that no one has ever heard of before, the process is simple. Select your audience, and solve the problems that they might have. Then let them know the exact solution, and why you are the best one to help them implement it. This is the same for any business you start. Your focus should always be the answer to the question, “what is in it for them”?
3. Not Finding the Right Market, before Creating Your Product
Speaking of the market, it is imperative that you find a market, before you create the products or services. If you have not done your research already, it will be a lot little harder to market to the right people, in order to get the word out about what you are offering. Know where your market is, then give them what they want, to solve a problem that they have.
4. Underestimating How Much Marketing You Will Need to Do
There is no business that you can simply “build it and they will come”, that ideal, in general, does not exist. Remember that whatever you create, you will need to market it, and promote it. In fact, creating the product and service is just part of the process. Marketing is the ultimate solution to finding clients, who want what you have. It is not something you can skip over. It does not matter if you think selling is icky, you better change your mind, because you must “always be marketing”.
5. Failing to Delegate and Outsource as Needed
The fact is, you cannot do everything yourself. You are going to need help. You can find contractors to help. Plus, for a lot of things you can set up automation. Automation in the form of email marketing, lead capture pages, video advertisements, but they too take some work to set up. However, once you have the process in motion, you will not have to do as much work, and you can focus your efforts elsewhere.
6. Pricing Your Products Incorrectly
It takes some research, and a bit of testing, to price products and services appropriately. You need to understand your audience, know what they need, and how much discretionary income they have, and if your product or service can fit into their budget. If your product or service is something they have to buy anyway, you might want to price it more competitively. You have to decide if you will use value based pricing, or whether you want to compete on price point alone. (Hint: know the value of your offering).
7. Striving for Perfection before Launch
Some business owners seem to never get one the launch pad. They work on everything forever, and never quite get off the ground. They spend countless hours perfecting, tweaking, and changing their mind about their audience, their offerings, and countless other details. Do not fall into that trap. Instead, do the research, choose your audience, solve their problems, then test and launch. Tweak to perfection as you go.
Think about it, so many have gone before you, there is no reason to make the same mistakes everyone else made. Learn from other’s mistakes, and you will be so much further ahead. Take ACTION!