Business owners are pioneers that take massive risks to achieve success and are largely connected to the overall success of the economy. I salute all of you who strive to pave your own way and take advantage of the freedom to create wealth. Business ownership is a difficult gig so here are a few entrepreneurial pitfalls to avoid that can make things easier.
1. Stick to your guns. You are starting a business with your creativity, skills, money, and time. As you grow you will have countless people telling you how to run your business, what to avoid, and what you should do. Being confident in yourself and sticking to your guns is very important because you must believe in yourself before anyone else will. You want to remain open for advice but take it with a grain of salt and always remember it’s your business not theirs.
2. Know your product and your customer. As the Entrepreneur it’s your job to know everything you can about your product and how your product will impact your customer. Sometimes a good idea will sit on the shelve with little success because the leadership didn’t take enough time to learn about the product in relationship to the customer. You must know where the demand for your product will be strongest and how to get customers to interact with your business.
3. Aim high. Set your goals out of reach so that as you move forward you don’t miss your potential. You must take the large goals and then break them down into smaller more digestible pieces. I always like to set several SMART goals which means each smaller goal is specific, measurable, achievable, relevant, and timely. This kind of breakdown of goals will keep your business moving forward everyday and on track.
4. Build a team and give them control. Entrepreneurs are unfortunately regular perpetrators of micromanagement and are labeled as control freaks. We tend to do everything ourselves and never have time to finish. This is a major issue if you want to reach your full potential. Try spending significant time building a team with different strengths that you can count on. Use your team and delegate tasks to them with full confidence in their abilities. This will add value to your business and create a culture of collaboration and trust within your ranks.
5. Work hard, play hard. Don’t forget to celebrate. Whenever you hit a goal, whether it be a large or small goal try to celebrate in that victory. This will keep morale up and get you through the rough times.
It’s a difficult task to run a business much more difficult to build one from nothing. Entrepreneurs are the pioneers of the modern age. The risks are high and the rewards are sparse but yet we love it. Let’s continue to take our risks and be the next generation of business innovators. Study these tips and avoid entrepreneurial pitfalls. Good luck from Setster.