Do you know what the biggest mistakes are for startup entrepreneurs?
It’s like your mom used to always say, “If I knew then what I know now”.
Well, I’m going to share with you now, what I wish I knew then.
We don’t have enough money
Money is king. You’ve got to have money in order to make money.
Thinking success will come quickly
No, it does not. You might have some quick wins, but long term success and sustainability time, energy, and effort.
Not carefully budgeting
I know, you’ve heard me talk about budgets before. But I promise you, once you learn how to budget, you’ll love it because you know what to expect.
Not focusing on the quality of your product or service
This is imperative. Are you thinking about how you take care of your client from the time they come in your ‘door’ to the time they leave? Really consider your client fulfillment process.
Understanding the importance of sales and marketing
These two always get lumped together, but in reality, they are so different. Sales are what is making you money. Marketing is what is getting you exposure. Understanding the difference between the two is key to the success of your business.
Not adapting quickly enough
The reality is, markets change all the time. Are you staying ahead of the curve? You need to be looking at what is new and innovative inside of your business. You don’t want to find yourself stagnant, because then you will find yourself obsolete.
Not understanding the competitive landscape
Do you know what your competitors are up to? Find out what is working, what is not working, and what might work for you. Remember to emulate not imitate.
Ignoring legal and contract matters
So many people want to get into business without a contract. How are you supposed to hold someone accountable? Conversations disappear and it can be hard to remember all the details. Get it in writing.
Hiring the wrong employees
Sometimes I have just needed to fill a spot. If you don’t take the time to do your due diligence, it won’t yield you the best results. Find the right people and put them in the right roles.
Mispricing your product or service
Trust me, we’ve all done it. Keep it simple and keep it streamlined. Consider how you will manage this and stay on top of it, especially as your product suite expands.
These are the MOST common challenges when starting a new business. Take a look at this list and take inventory of where you might be off.
Remember, no one is perfect. So if you’re a recovering perfectionist like me, remember to give yourself some grace. Every startup entrepreneur makes mistakes.
Your partner in prosperity,
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