7 Mistakes That Entrepreneurs Make

Small business has always been my life, and I always wanted to have my own. I knew there must be a way build a business that would allow me to combine my passion for sports, physical fitness and for helping people with my understanding of how business works.

Now I’m helping my clients make their entrepreneurial dreams come true – and avoid those mistakes that I made, too.

Thinking that a good idea is all you need It’s true that one good idea may be enough to make you a millionaire. What is means that one book, one product, or one invention to make you successful. But it definitely doesn’t mean that you won’t have to do any work.

Promoting and selling a brilliant products that flies off the shelves is easier that promoting a and selling a good product, but there some steps that are essential anyway – or you have no business.

Shiny object syndrome Some people do the opposite of focusing on one idea – they buy every program, membership, and turn-key business in sight that promises an overnight success. They give up the moment there’s work to do, or they find an obstacle they not sure what to do about.

A coach can help get a clear picture of the business, create a business - marketing plan (and stick to it), and avoid wasting time and money on half cooked ideas, or ideas that may work for other people but may not be for you.

Following your passion Someone said that “Follow your passion” is the worst business advice you can get.

You may disagree with that, but it makes a point. There are may examples of people who started a business, following their hearts, in a niche where simply there’s no money and no profit. The idea might work for a charity organisation, with grants, sponsors and fundraising but it’s not a feasible business.

Making business decisions based on emotions cause more problems, and that’s, unfortunately, a common scenario when you build a business following your passion.

Wrong reasons for starting a business What works perfectly well for one person may not work for another, but a business built on a whim or for some other funny reason has a very little chance to survive.

Choosing a niche only because it seems lucrative even tough you have no qualifications, skills nor experience may backfire, too. Building a successful business is hard enough, trying to do without knowing much about the industry, products, or target market is a recipe for a disaster.

Doing your research might stop you from choosing a wrong business.

Ignoring the “boring” parts of the business Business plans, bookkeeping, cashflow, insurance, tax, plus all that legal stuff like licences and permits - some aspects of business can be a bit tedious, but we can’t just forget them and hope that they’ll disappear.

Avoiding that bureaucratic bother is typical for some “spiritual” business owners, or entrepreneurs who believe that having a passion for something is a guarantee for an overnight success. They sometimes seem to neglect the financial part of business altogether.

Making a mistake of neglecting it can put you in hot water.

Creating a product that you like, not what your clients need To succeed in business, you need to listen to your target market and respond to its needs. Creating a product that you love and you’re proud of will help you promote it with genuine conviction, and your customers will pick it up.

But if they don’t need the product it won’t help.

Not looking after yourself Many entrepreneurs run on adrenaline and determination.

It may be fine for a while but eventually it’s going to take it’s toll. My clients often work full time, build their business, and have family commitments. Some even do some study at the same time.

Exercise, good nutrition, getting enough sleep and some breaks is crucial for your wellbeing, especially if you’re working long hours.

Do you think you’re making some of these mistakes? Contact me and I’ll be happy to help you on your path to successful entrepreneurship.