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You’ve got the idea. You are ready to start your business and you’ve picked your target audience to start with. But, beware…there are 5 mistakes that every entrepreneur makes…but you don’t have to.
- Analyzing the idea to death. There is a time to analyze, but analyzation without action equals nothing. Yes analyze the problem, but put some action behind it. If you want to be a writer, write. If you want to be a web designer, design a web page. You never know when you need to show a sample of your work, and it will keep you current and in practice. If you analyze and think yourself and research yourself in a corner and don’t produce anything then you never really get off the ground.
- Working on too many ideas at once. If you have an entrepreneur’s mind and spirit, you more than likely have a lot of excellent ideas. The bad thing is, if you don’t focus you never really make a breakthrough. If you don’t hit the nail every time on the head it will never get driven in and hold things together. Visualize the things you want to achieve and work towards them with an unwavering focus and determination.
- Biting off more than you can chew. You want your business to grow, but you don’t want it to grow so fast you can’t keep up and end up missing deadlines and creating angry customers. Know your limits and yourself well enough to say yes when you can and no when you can’t. Also know that you can’t do it all, ask for help when you need it. Maybe you can take that huge project if you get enough people to help you, but if you don’t you certainly do not want to deliver a shoddy or uncompleted project. Bad news travels faster and lasts longer than good, and you want to be remembered as a good business not a bad one.
- Keeping bad employees around. When you find a good person to work for you, it’s like having money in the bank. Good people will help you grow your business and spark new ideas. Pay people what they are worth and treat them like you would like to be treated. The new business model shows that people work best when they have clear objectives and are able to work freely within those guidelines, don’t micromanage. A bad employee is like a bad apple, it can spoil the bunch. You want to be able to trust your employees and delegate, not spend time reworking the job they should be doing. So if you find a bad apple throw it away before it infects everyone and everything.
- Forgetting to advertise. You need to market yourself and be seen, put yourself out there. People can’t hire you if they don’t see you and know what you can do. Social networking is more than just talking to your friends, it’s a way for you to be seen, a way for your product to get out there. If you are a writer, make a Facebook page that has your writing on it. If you’re a web designer, make a webpage that you can direct people to. You need to network and make a presence for yourself so you can direct more people to you. These days it’s not enough to be good at what you do, you have to be known for doing it.