The 6 Mistakes New Entrepreneurs Make that Could DESTROY their Business
Starting a new business is kind of like a relationship; You get the butterflies when you first come up with the idea to launch your new business and sometimes you get so excited you find yourself jumping out of bed in the morning. Late nights turn into early mornings and just like a relationship, you want to spend as much time with it as possible. After weeks of blood, sweat, and tears, you are officially smitten. Unfortunately, the honey moon phase will always end.
In the early phases of business, there are some extremely common mistakes that can be detrimental to not only your business but for your sanity and well being as well. For the well being of your business (and your self) we recommend NOT doing the following most common mistakes among new entrepreneurs.
1.) Thinking Only in the Short Term: Gary Vaynerchuck said “Most people OVER estimate what they can do in 1 year, but UNDER estimate what they can do in 10 years.” Business (just like a relationship) is about LONGEVITY. It’s important to think long term, and always keep the future of your business in perspective.
2.) Being Unrealistic: While the stars in your eyes are very admirable, they may cloud your judgement if you are being unrealistic about your expectations. Setting goals is an extremely helpful and effective tactic, however being unrealistic can lead to disappointment and therefore result in burnout down the road.
3.) Focusing too much on Social Media: Although social media is an extremely useful tool for businesses, bloggers, and influencers alike sometimes it can become a bit of a rat race with trying to reach certain milestones on social media. Having 10K is a great achievement, but unless you are directly profiting from this it can be a time drain on the more important parts of your business.
4.) Asking for Help: There are a ton of entrepreneur communities available for support! If you have a question, I guarantee someone in one of those groups has been through something similar before and will be able to offer some insight. More over, it’s important to ask for help with certain aspects that maybe you need assistance with. For example if you just can’t get the hang of building out your website- hire someone with experience to do this part for you! If you don’t have much experience with growing an audience on social media or building an email list- invest in an e-course. They are an excellent source of information. I’ve attended countless educational webinars and courses, there is always more to learn- just do your research on the course or instructor (unfortunately, there are scammers out there.)
5.) Not being Confident Enough: In a new business it can be common to feel overwhelmed and a bit unstable, after all you’re just learning as you go. It’s important to be confident in your skills and your business! If you aren’t confident in your business, how could any one else be? This goes hand and hand with being assertive. Owning a business means learning how to talk business. At some point you’ll need to negotiate whether it be with investors, b2b partners, or clients. Know your worth and be assertive when it comes to these negotiations, one of the worst things you could do is sell yourself too short.
6.) Letting your Emotions get Involved: A business can feel like your baby Barbara Corcoran from Shark Tank once said. It can be an emotional thing to experience your first big dilemma, negative review, or even a dry spell. It’s important to remember EVERY business has it’s ups and downs but you WILL push through. Letting your emotions get involved in your business can be very disruptive to the company as well as to your own emotional and mental health. There will always be haters, there will always be people that are unsatisfied- and that’s okay. The best thing you can do is genuinely take any feedback you receive and determine if it’s valid. If it is real feedback as to how you can better yourself, your business, your products, your blog etc. then take it with a grain of assault and consider adjusting this within your practices. However, sometimes you will receive negativity from individuals who are just trying to tear your down, in this case don’t pay these people any mind and just be confident in yourself!
Owning something that you have worked so hard to build is an extremely rewarding experience. As long as you do right by yourself and your business you are bound to succeed! Staying away from these 6 most common mistakes is a great place to start!
If you’re in the early planning stages of your business, you can checkout our free Business Planner workbook.