There is no one “right” way to start your business. However, there are several things that can lead to a bad ending, or the fall of your entire idea/business in general. You don’t want that now do you?
They say that learning from your mistakes is a good thing. However, while we somewhat agree, we think it’s also a good idea to avoid them [especially the really big ones] as much as you possibly can. If not making these mistakes saves you time, money and a lot of frustration then that’s a good thing!
If you’ve never checked out Entrepreneur.com it’s a great place that highlights people who have successfully followed through with their business ideas and gives tips as well. It’s a great resource for those interested in making their small business grow.
We think you’ll find this article especially helpful!
5 Rookie Mistakes Every Entrepreneur Should Avoid, But Most Make
Posted by Kaitlyn Trabucco, Entrepreneur.com
1. Know when to stop bootstrapping. In the beginning it’s fun and exciting to do everything yourself but there will come a point when cutting corners and sleeping under your desk (yes, I did sleep under my desk at times) is counterproductive. Decide which tasks you’re going to outsource, find reliable people for the handoff and get a little sleep.
At first, we tried cutting corners with our programming and got a subpar product. When we eventually invested in a more quality service, we saw huge returns. Consider hiring a graphic designer, a bookkeeper or an office manager. Think hard about where your time is best spent.
2. Don’t go it alone. Grab a co-founder, a like-minded friend or find a group of fellow entrepreneurs that meet regularly. It is almost impossible to maintain clear focus and an intelligible vision after too many late nights at the office. You’ll need someone to bounce ideas around with, someone to give you a different perspective and someone who will give support when you feel like you’ve hit the end of the road.
There have been countless times when my co-founder has stepped in when my brain is fried, and vice-versa. You’ll need to identify the people who will support you early on if you want to succeed.
3. Don't let expectations snow you under. Let people know what you need from them and what they can expect from you. Your spouse, your family, your mentor -- everyone expects something from you. Make sure you’re managing those expectations. I once told my Mom, “I’ll be at the family reunion in June, but I might not leave my office until then.” It was April. Make sure to manage expectations concerning your availability.
Related: Learn to Survive Setbacks
This is particularly important for women in leadership. There are strong opinions out there about how women should conduct themselves at work and in their personal lives. Make sure you’re crafting your own narrative and have it on repeat — expectations are set and then met. Be clear about who you are, what you’re standing for and why you’re standing for it (and if you’re going to make that family reunion).
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If you’re an entrepreneur looking for consulting, marketing or advertising help for your growing small business, we are here to help! Even if you should have some questions or need some advice on which way to go next, feel free to reach out. We’ve been in your shoes and want to help!