As an entrepreneur, I know we all make mistakes. It’s inevitable, BUT there are a few mistakes that can be avoided and being aware of these mistakes will only improve your success rate.
Spending money before you make it: Cash is key in the early stages of a business. Money owed to you only forecasts future cash flows. While you may have a booming business with many customers, you cannot pay your bills without cash.
Not having a clear focus: Write a business plan early on, even if it is only for your benefit. Set both short- and long-term goals for the business, so you can check your progress along the way. Without a clear vision of where your company is heading, your great idea can get muddled along the way.
Having too much overhead: Many startups fail due to overspending on overhead. The best entrepreneurs know how to use their cash for business-building processes, such as product research and development. Think carefully before spending and remain focused on the bottom line.
Being product-driven, not customer-driven: In the world of capitalism, the customer is king. Even if your product is faster, better, or stronger than the competition’s, if it isn’t what your customers want, then they won’t buy it. It’s that simple. And to know what your customers want, you have to ask them! Understanding your customer’s wants and needs should be your number one priority.
You also have to accept the fact that no everyone will be interested in your product or services. People are going to say no, and this is something you can’t control. The best thing to do is learn how to continue conversation when someone says no. Come up with responses that could potentially intrigue them and keep their attention. Either way, sometimes people just aren’t ready to commit to something so rather than dwelling on what you did wrong, focus on the next person who is interested in hearing what you have to say.
Stay focused and always keep your business’ best interest at heart when making decisions. Mistakes happen, the important thing is if you can learn from them.