5 Mistakes Entrepreneurs Make
Lacking a clear vision
A successful entrepreneur understands what they want their business to be, in the future, and what they want it to do for them, before they start. This enables them to create a plan with absolute clarity to help them reach their goals. Setting goals is part of having a clear vision. Too many would-be entrepreneurs start a business with an idea of being their own boss and making it rich without really thinking about what they want and why. Don't get caught up in mystique. Dig in to the nitty gritty.
Choosing the wrong market
Too often, people jump into a new business without really researching whether it's a good idea. Before you start any business, do some research. Find out if people really want, can afford, and are motivated to buy what you offer. Find out how many of those people there are, who your competition is, and if there is any untapped potential in that space. If any of these answers are no, move on.
Not understanding your ideal customer
A successful enterprise understands just who their ideal customer is, and why. My ideal client is not “anyone who owns a business”. In analyzing our current client list, there are a few clients that stood out to us as our ideal customers, because they exhibited certain traits in common. Think about the people you like to do business with and are most profitable to you. Write these characteristics down and go find more clients like them. One useful tool for this is the McKay 66, created bestselling author Harvey McKay.
Lack of strategy
Make a plan! Start with the 10,000 foot view of what you want to accomplish, write it down, and work on each successive step all the way down to ground level. Think through every product or service you plan to offer, how it benefits your customers, what the market is for it, how to create and implement it, how to market it, and whether you can actually turn a profit on it. Thinking through every aspect of your business beforehand will no doubt save you a lot of time and trouble in the long run as you don't start things that simply will not work.
Not understanding digital media
Today, if you are in business, even if it is strictly brick and mortar, you have a presence on the internet, whether you put it there or not. As a business owner you need to be able to monitor and control the information on the web about your business, not only through maintaining a website, but also your listings in internet directories, social media, and more. Be aware of your online presence and cultivate it. Your business will thank you.
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