The road to entrepreneurship doesn’t be so rocky if you understand fully the concepts and mindsets. Knowing some common mistakes will help you avoid those pitfalls. Take time to understand it.
1. Entrepreneurs must know everything from head to tail of your business. At the start, you will be involved in all the daily operations work. But do not forget to grow your business rather than just work on it. Work on the business, not just in the business.
2. If you still hold your current job, do pay attention to “how to run a business” in your company and try to apply it into your business. Be jacks of all trade and learn the basic from it. It will benefit your business as you already got some knowledge of doing a business.
3. It’s the people who make a business successful, not the product, not the service and not the new invention. Focus on building a great company as much as you do for a great product.
4. Thinking big is essential to grow your business. It is not just generating wages for yourself, but to aim to build a profitable business.
5. Don’t try to compete for prices with your competitors. Instead focus on quality services and after-sales services to your customers. Then they will return to use your products/services.
6. By trying to do your work alone, you may not have time to grow and expand your business. Try to leverage some works to others and pay them well. There are many part-time students with their skills and expertise to exploit from. They are willing to work for some pocket money.
7. Business success involves three main areas: sales and marketing, finance and administration, and operations. You have to keep all three working and growing, not just the area you’re good at.
8. Knowing your numbers is vital. You can’t manage what you don’t measure. Measure everything from day one, from how many new prospects you have to how many sales you make.
9. The key to success is to do the work once and establish a long-term, income-generating relationship. Learn to structure your clients, your business and your income that way, and you’ll build a great business.
Above are some pitfalls that every entrepreneurs must avoid in order to have a smooth sailing of business endeavors.
2 comments:
Interesting article. I'm planning on running my own business soon, so this will be great advice. I know it'll be tough, but I'm ready for the challenge. I also plan on buying a business instead of starting one from scratch. Unfortunately, I haven't been able to find any that catch my eye and worthy of my investment. Do you have any suggestions?
@Anita -- Have you checked out your local Chamber of Commerce? They might be able to help you.
I also suggest checking out BizTrader.com. It's an online global marketplace where you can buy, sell, and invest in small business. There's a wide selection, making it a great place to find a small business on the Internet. Check it out and good luck!
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