The Most Common Mistakes Early-Stage Entrepreneurs Do
Are you thinking about starting an online business but afraid to make mistakes? The prospect of making mistakes can stop people from taking action. It’s normal to want to avoid making the wrong move. As a result, we often do little or nothing as we wait for perfect conditions. But if you’ve been waiting for ideal conditions, it’s time to give up waiting and start moving. If you want your business to succeed, it’s better to make mistakes now than when you are already in the thick of the action.
1- Not having a plan
Even though you don’t need to prepare a formal business plan, you need to know who your customers are, what you are offering and what kind of people are willing to pay for your products or services.
Once you know all the answers, you will then be able to create your roadmap. This roadmap will help you know where you are, where you want to go and how to get there.
2- Ignoring the money part
Business is not a hobby. By turning your passion into a business you will find more enjoyment and fulfilment in your work life that can lead to a happier life in general. However, let’s be honest – the main reason behind establishing a business is not only enjoying to work on your own terms, but also to earn money.
You must make a profit if you want to stay in business. You need to know where every single dollar is coming from and where every single dollar is going. And remember that every minute of your time has a monetary value.
3- Not knowing how to manage your time
Things will get overwhelming if you don’t have boundaries and time management skills.
There will be so many things you could do for your business but you need to learn how to prioritise. You are the owner of your business and you should know what will generate revenue in your business.
4- Giving away too much for free and getting nothing in return
Offering something for free can turn into conversion and long-term customer opportunities. However preparation and distribution of this freebie will take time, and you may end up wasting your time collecting fake email addresses in return. Focus your energy on something more beneficial for your business.
5- Avoiding rather than outsourcing
You may not have a budget to outsource at the beginning and therefore you may choose the easy way – ignoring the things that take the time or you don’t like spending time on.
In the beginning, you will have to do all the work by yourself but over time, you can outsource the things that you don’t enjoy doing. At the end of the day, the only reason you should outsource should be because you can make more money by outsourcing than by not outsourcing.
What else would you add to this list? Write in the comments below.