1. Quitting your day job too soon
It's good to be ambitious but going all in on a new, unproven business might not be a very smart move for any entrepreneur; at least at the beginning. You are far better off sticking with your day job as long as you can, until cash from your new venture covers at least your living expenses.
2. Starting too big
It's always a big mistake to invest hundreds of thousands or millions of dollars to get a new business idea off the ground. In fact, you should do just the opposite. Start small. Small is manageable; small can change course quickly and easily; small can be measured and improved upon rapidly; small means you can learn from your mistakes without them costing you your business. So start small!
3. Thinking it's all about you
Thinking that your business is just about you is a huge mistake. Cold, hard fact is: it's not and will never be all about you. Al least, not if you want to be successful. From the first day to the last day you have to realize your business exists for one purpose, and one purpose only. And it's not to please you, it's to please the customers.
4. Not advertising
It's no secret that money is tight for new businesses; but if you're not advertising or marketing your services, you might as well close your doors now. You'll never grow if people don't know who you are. This doesn't mean you have to spend a bundle; but you do have to let prospective customers know you exist and for that you need to advertise your offerings.
5. Thinking you'll get rich quick
You think your new business is going to make you extremely wealthy, extremely quickly? Prepare for heartbreak. If you're in it only for money, you are in it for the wrong reasons. People who start businesses just to make money, probably go nowhere...fast! Fact is, people who are in business first and foremost to do a good job and please customers become the big success stories. Getting rich quick in business is like winning a lottery; you have a better chance of getting struck by lightning!
6. Not paying attention to the competition
Competition keeps you sharp. It lets you know the products, prices and service levels you need to beat in order to win. Never follow or copy your competitors. Always strive to be better than them to get an edge over them.
7. Trying to do everything yourself
For your business to really grow, eventually you will need to hire help. I don't know examples of any successful businesses that were built and run by one person. The big important factor to realize here is that the most successful business people are great delegators.
8. Not keeping track of the important things
To survive in business, you need to know how you stand at every moment, and I'm not just talking about financial statements; I'm talking about sales, how complaints are being handled, inventory levels, how your ads are working, all of that. The basic rule is: if something is important, measure it and watch it. If you do, it will improve; If you don't it will just go down.
9. Wasting time trying to be perfect
There is no such thing as a perfect business decision, or the perfect business deal. Before you build your business, you have to realize there will be mistakes. So learn quickly from each mistake and apply those lessons. You'll be a wiser person and keep moving forward.
10. Having a shoddy internet presence
In today's age, it's hard to believe that 40% of small businesses don't even have a website. Not having a web presence is like having your business in an unmarked building with no phone service or no power. Having a shoddy internet presence is just as bad; it's like having your business in a bad neighborhood. Nobody wants to go there. To succeed these days, your web strategy has to be near the top of your priority list. Bare minimums are a domain name that mirrors or complements your business name; email address using that domain name; and a website that showcases your products or services and gives your customers a means to contact you.
It's good to be ambitious but going all in on a new, unproven business might not be a very smart move for any entrepreneur; at least at the beginning. You are far better off sticking with your day job as long as you can, until cash from your new venture covers at least your living expenses.
2. Starting too big
It's always a big mistake to invest hundreds of thousands or millions of dollars to get a new business idea off the ground. In fact, you should do just the opposite. Start small. Small is manageable; small can change course quickly and easily; small can be measured and improved upon rapidly; small means you can learn from your mistakes without them costing you your business. So start small!
3. Thinking it's all about you
Thinking that your business is just about you is a huge mistake. Cold, hard fact is: it's not and will never be all about you. Al least, not if you want to be successful. From the first day to the last day you have to realize your business exists for one purpose, and one purpose only. And it's not to please you, it's to please the customers.
4. Not advertising
It's no secret that money is tight for new businesses; but if you're not advertising or marketing your services, you might as well close your doors now. You'll never grow if people don't know who you are. This doesn't mean you have to spend a bundle; but you do have to let prospective customers know you exist and for that you need to advertise your offerings.
5. Thinking you'll get rich quick
You think your new business is going to make you extremely wealthy, extremely quickly? Prepare for heartbreak. If you're in it only for money, you are in it for the wrong reasons. People who start businesses just to make money, probably go nowhere...fast! Fact is, people who are in business first and foremost to do a good job and please customers become the big success stories. Getting rich quick in business is like winning a lottery; you have a better chance of getting struck by lightning!
6. Not paying attention to the competition
Competition keeps you sharp. It lets you know the products, prices and service levels you need to beat in order to win. Never follow or copy your competitors. Always strive to be better than them to get an edge over them.
7. Trying to do everything yourself
For your business to really grow, eventually you will need to hire help. I don't know examples of any successful businesses that were built and run by one person. The big important factor to realize here is that the most successful business people are great delegators.
8. Not keeping track of the important things
To survive in business, you need to know how you stand at every moment, and I'm not just talking about financial statements; I'm talking about sales, how complaints are being handled, inventory levels, how your ads are working, all of that. The basic rule is: if something is important, measure it and watch it. If you do, it will improve; If you don't it will just go down.
9. Wasting time trying to be perfect
There is no such thing as a perfect business decision, or the perfect business deal. Before you build your business, you have to realize there will be mistakes. So learn quickly from each mistake and apply those lessons. You'll be a wiser person and keep moving forward.
10. Having a shoddy internet presence
In today's age, it's hard to believe that 40% of small businesses don't even have a website. Not having a web presence is like having your business in an unmarked building with no phone service or no power. Having a shoddy internet presence is just as bad; it's like having your business in a bad neighborhood. Nobody wants to go there. To succeed these days, your web strategy has to be near the top of your priority list. Bare minimums are a domain name that mirrors or complements your business name; email address using that domain name; and a website that showcases your products or services and gives your customers a means to contact you.
Samreen Soomro is an SEO expert and a Internet Marketing Strategist based in Karachi, Pakistan. She provides SEO Services
and Internet Marketing Consultancy for companies looking to maximize
their return on investment by increasing their website's reach and
visibility on the Internet. She can also manage all aspects of your PPC
campaigns.
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