5 Costly Mistakes I Made As New Entrepreneur
Making mistakes is a common part of the business. However, that doesn't mean you shouldn't take the time to avoid it if possible. Especially the mistakes that are easily avoidable and can destroy your success.
These are five costly mistakes I made as a new entrepreneur:
1. Letting Fear and Lack of Information Prevent Me from Taking Action
Fear is only natural for a new entrepreneur. In fact, it is likely something you won't ever be able to shake as a business will always be inconsistent. Waiting to take action until you believe you have all the information will keep you behind your competition. You can't possibly expect yourself to know all the answers or be perfect. But, the more you take action, the more you will learn and perfect your skills.
2. Over Planning or Suffering from Analysis Paralysis
Too much information or over-planning can also prevent you from seeing the results you need to be a successful entrepreneur. Again, you can't expect yourself to know everything. This means you will never have the perfect plan. Most plans are adjusted as things change. If you are constantly replanning your business ideas, you are only preventing yourself from taking action.
3. Have a Poor Understanding of My Target Audience
If you don't understand your target audience, you won't create value. Value is essential to building a successful business. It's simple, without some kind of value, you won't acquire revenue. Do not skip doing the research. Makes sure you research your audience and understand them. This includes asking for direct feedback any time you can.
4. A Lack of Focus, Business Goals, and Objectives
If you skip a business plan, you might skip your goal of being an entrepreneur. Business plans are designed to help you come up with a viable business. Each section of a business plan helps ensure you know what it takes to make your business profitable. I now use one that helps me run my practice with ADHD. I share it with my GYST Braincampers during our live workshop week.
5. Ignoring Finances and Proper Marketing
A big reason businesses fail is due to poor finances and cash flow. This can easily be solved through proper research and creating a realistic business plan. A business plan should be financial projections and the start-up costs or fees required to get it going. I use this in addition to calendar reminders, and automated deposits/payments to help me stay on track.
I also automate most of my marketing now to account for weeks when I lack the motivation or energy to promote my business. I share my calendar templates and create custom ones with my 1:1 clients.
Read part 4 of the guide here >>>