The 5 Biggest Mistakes New Entrepreneurs Make
I wish someone would have sat me down and had a quick conversation with me about what to expect in my entrepreneurial journey. Running a business is by far the most challenging yet rewarding experience that I’ve ever encountered.
Starting a business takes a great deal of skill, sacrifice, and commitment. It doesn’t matter the field you are in, or what type of business you own, you must understand some of the biggest mistakes that entrepreneurs make in today’s market.
Below I've highlighted some of the biggest mistakes that entrepreneurs make throughout their journey. All of which I've made as well.
Most of our mistakes often come as a result of us being a first generational entrepreneurs. There was usually little to no guidance when it came to running and operating a business.
These are by far the biggest mistakes that any business owner can make. Avoid these mistakes at all costs and by doing so you’ll set yourself up for a great deal of success.
Mistake #1 Expecting Success Immediately
We often enter into business with a very confident and high hope that we will see a great deal of success almost instantly. If you are expecting success right away from your business then you are walking in setting yourself up for disappointment.
Building a solid and profitable business takes time. This also depends on the type of business that you are attempting to grow. Some businesses have a longer return on investment.
In entrepreneurship, you’ll need to be realistic about your expectations and try to be patient with yourself. So many entrepreneurs fail so early on because small business owners are opening their doors with the expectation of creating an immediate profit.
Don’t make this mistake. Give yourself room to learn and grow your business. You will learn so much from yourself when you are intentionally tracking your progress and mistakes
Mistake #2 Trying to do Everything yourself
Delegation is the key! Every good entrepreneur understands the power of delegation and leverage. Doing everything yourself in your business can be very stressful.
Entrepreneurs make this mistake and oftentimes experience burnout and frustration in their businesses. This usually leads to less productivity and growth in business.
When you are delegating tasks I highly recommend you track all tasks that don’t require a great deal of experience and expertise. These are usually the tasks you delegate out first. For example: Answering your emails, Scheduling appointments, etc
The tasks you are unable to perform, you can outsource. This means someone outside of yourself does these tasks. This allows you to lighten your load and focuses on growing your company’s revenue.
Start small with a few tasks at a time.
Mistake #3 Ignoring your Passion and Just Starting any business for the money
If you are not passionate about what type of business you are operating, maintaining your business success may be a bit challenging. Every business that I have ever operated I’ve had a great deal of passion for what I was doing.
Often it did not seem like work and I loved it soo much. Honestly, when you are passionate about what you do showing up and working in your business would be something you naturally want to do.
When I first started my business one of the first mistakes I encountered was not responding to my passion. I was doing what produced income instead of what made me happy.
When I walked in my passion and purpose that is when I was able to produce multiple-multi six-figure organizations. After making my first milli I realized that to grow a successful profitable business you must first identify your passion. This is the reason I’ve created my FREE Passion
Finder. This is a guided tool I used to discover my skills and passions that drove me to make millions in my business.
One unique about me is that passion truly drives my successes. It’s not the money that drives me, I chase the impact that it makes on others through my product or services.
It is important to not make this mistake because although you may be profiting from whatever career you have chosen, growing that business may be challenging because it is not something that you are passionate about. You could also experience frustration and lack of business growth because of this. Anything you’re passionate about is proven to grow much faster and more effortlessly
Mistake #4 Not being adaptable
Being adaptable means you are aware of what’s working and what’s not. In this stage, it is important to test and re-test again. Many entrepreneurs often miss this step.
This is an ever-changing market and it’s important to learn to become adaptable. This means not putting too much expectation on one particular product or service. In other words, do not place all of your eggs in one basket. It is highly recommended each entrepreneur try various products and solutions. This means if you notice your clients are not purchasing one item, try packaging it differently and track your clients buying behaviors.
Write down what’s working in your business and implement it. Also, write down what’s not working as well so you become of what to eliminate or replace in your business as well.
Mistake #5 Ignoring Social Media
Of course, you do have an entrepreneur who believes they’re able to build a successful business without being present on the internet.
Well, the truth is this. Can you run a business without social media? Yes, you can but more than likely it will grow fairly slower than it would with the internet.
Whether you are a relationship specialist or a business coach, you will need the internet.
Here is Why? Your customers are on the internet, and any business that would like to be successful needs to be where their clients are. This allows you to intentionally show up and build a growing relationship with their clients.
Using Social Media allows you to capture more of your targeted audience. The internet makes communication and working online much easier and low barrier to entry when starting your business.
When you are starting a business it’s important to at least be present on social media. This ensures you can capture more clients who are interested in what you do.
Please do not make this mistake. Failing to use social media could limit your limit as well as your business revenue in your business. If you notice you are not getting enough sales and exposure more than likely it’s because of your online presence.