The difference is that when an entrepreneur makes a mistake, their business suffers.
The good news is, many of these mistakes can easily be avoided.
Let’s take a look at the five most common mistakes that stifle entrepreneurial success and how to avoid them.
Common Mistake #1: Operating Without a Business Plan
Planning and having a business plan are your primary roles as an entrepreneur.
In fact, business experts recommend you spend at least 25% of your time as a business owner planning.
To begin a business without a plan, and to continue without analyzing and changing your plan as you grow, is a sure way to struggle to succeed.
It’s like heading out for a drive and not knowing how to get where you’re going.
So, what’s the cure?
Start with a business plan that outlines your audience, competition, vision and mission, product or service and marketing strategy.
Once you have a plan, schedule time into each every week to plan your business.
Analyze what’s working, what’s not working, what isn’t and where you’re going to go from here.
Common Mistake #2: Managing Your Business Instead of Leading It
As a small business owner just getting started, it makes sense that you may be the one person who does everything.
As your business continues to grow, it is not going to make sense for you to do everything yourself.
You’re going to run out of hours or end up eliminating tasks that are necessary to grow your business.
You don’t spend all of your time invoicing and bookkeeping if your time could be better spent coaching clients and bring in profits.
Leading your business means knowing that it’s better to focus on your specialized skills and hire or outsource to others for their specialize skills.
Leading means building a team of people to help you grow your business rather than trying to do it al by yourself.
Common Mistake #3: Not Having a System
The most successful entrepreneurs have a system that keeps them productive.
It may be something as simple as using Outlook to prioritize your tasks and then not closing the door to your office until they all completed
It may be something more complicated. The point isn’t what system you use – that’s going to be personal to your – the point is to have a system that helps you stay organized and productive.
Common Mistake #4: Overextending Yourself
It’s so easy to have your fingers in too many cookie jars. When you start experiencing business success, yu want more – it’s only natural.
So you start other businesses, you launch new products or services and you partner with others. Unfortunately, all this activity pulls your focus in many directions.
The result is that you’re not able to devote a small part of your attention to each project rather than your full attention to a single project, and that affects your success.
Make sure that you can devote your full attention to the product and give it the focus it deserves.
Common Mistake #5: Trusting the Wrong People
Trusting the wrong people doesn’t mean you’re susceptible to scammers, it means that you’re putting your faith and commitment into people who are not going to help you grow your business. This includes partners, employees, contractors and even services.
Before you take any steps to forge a relationship with anyone, assess whether it’s going to help you grow your business, set goals for the relationship and establish measures to track and evaluate your success.
If you’re already made one of these mistakes, not to worry. They’re survivable and may even lead to bigger and better opportunities. Don’t be hard on yourself.
Mistakes mean you’re actually pushing yourself and striving to achieve your goals, and that in and of itself is a wonderful thing.