Sunday, September 22nd, 2013

7 Deadly Mistakes Entrepreneurs Make – (Part 1)

By Veronica Drake on Feb 11 2013 • Filed under Business

7 Deadly Mistakes Entrepreneurs Make and How YOU Can Avoid Them (Photo: Bruce Brouwer)Making mistakes is part of the process of building a business; quickly recovering from them is what's most important. It's all part of the adventure of entrepreneurship, which will require all of your stamina, drive and determination. 

Let me help you identify the top 7 mistakes that could cost you everything! 
 
1. Not having a plan
 
Life in general requires some sort of plan and when it comes to being in business for yourself you MUST have a road map. I am not necessarily talking about a traditional business plan but rather an easy to follow simply outlined plan to operate from. A business plan includes various items to help you get where you want to be and measure your success on that path.Planning is also important for another reason; it builds habits and habits create actions and actions get things done! 
 
Critical pieces to include in your planning:
 
Mission Statement
Description of your business and its purpose
Short term-long term goals
Marketing plan
 
2. Lack of systems
 
A system is a procedure, or process of action designed to achieve a specific result. Creating effective business systems is the only way to attain results that are consistent, measurable, and ultimately benefit customers.
 
Systems are the backbone of your business. A lot of business owners think they can jot down sticky notes and hang them in order and that’s a system; you need to work them. When your business is systemized you will find it much easier to enjoy what you do and have more free time to live your life. 
 
Some areas where systems are vital:
 
Marketing
Defining your niche
Product/service development
Lead generation
Pricing
 
3. No support system
 
Being an entrepreneur is a feeling like no other. You are in charge and creativity rules! The word that comes to most people’s mind when they hear the word entrepreneur is FREEDOM. However, often times it’s a lonely role and entrepreneurs can feel trapped and confused. A lot of new business owners start out saying they can’t afford to hire people to support them and the truth is you cannot NOT afford to have people support you.
 
I know at first it can be financially difficult and you just can’t seem to justify hiring someone when you can barley pay yourself, but the reality is if you spend time doing the things that do not generate income you are LOSING money. Hiring an assistant to do the stuff you aren’t good at or don’t like to do will ultimately pay off big time. 
 
Tip: Make a list of all the things that you don’t like to do and another list of all the things you aren’t good at. 
 
4. Not knowing exactly who they serve
 
Imagine yourself having this amazing service/product and it is going to change the lives of everyone who uses it. One problem, you are talking to people who DO NOT need what you offer. That is exactly what happens when you do not have a clearly defined niche. It’s like going into a convention for hair stylists and you start trying to sell medical equipment. Doesn’t make any sense, does it? This is EXACTLY what happens when you aren’t sure exactly who you are sharing your brand with. 
 
Once you know exactly who you are “talking” to you will know exactly what to say, because you will have researched and become familiar with your niche and their needs, wants and desires. 
 
REMEMBER – People buy results and YOU are the RESULTS to the problem they are experiencing. But, before you can solve their problem you have to know who they are! 
 
Areas to explore surrounding your desired niche:
 
What are their struggles
What are their fears
What motivates them
What results are they looking for
What is it costing them (emotionally) to stay stuck
 
(Editor's Note: Come back next week for Part 2, where two more mistakes will be revealed and explored. Part 3 will follow with the grande finale: mistake #7. And that one is huge! HUGE!)
 

Veronica Drake is an International Women’s Business Coach, also known as the Simplicity Coach. She specializes in working with spiritually inspired women entrepreneurs who desire to simplify and improve the quality of their businesses while being uniquely themselves. Veronica's website is: www.veronicadrake.co (if typing this into the URL, remember there's no "m" after ".co")


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