Many folks want to start their own business because it makes them HAPPY. Here are the top 7 mistakes you can avoid if you decide to start your own company.
1) Not charging enough money.
Don’t just blurt out a number. Do some quality research on appropriate compensation for salaries or fees within your field before making a request. You deserve appropriate compensation!
Entrepreneurs spend 80% of their time discussing ideas and only 20% executing them. They become all talk and no action. Calendar in Goal Setting and Follow Through
3) Inadequate Financial Planning
Track the money IN…Track the Money Out AND You should have a 1 year growth plan and a 3 year Growth plan in place at the same time so can see where how you will grow.
4) No Differentiation
You must have a unique selling benefit to your customer audience. What sets you apart from the competition and can you tell whoever is listening in less than 30 seconds.
5) Sales And Marketing-Agnostic
Believing that a great product will sell itself is a common myth that entreprenuers make. Without a proactive sales and marketing plan, a product will fail to reach its target audience and land its first clients.
6) Working all the time.
Many entrepreneurs suffer from the delusion that working 24/7 is imperative because they can and should. Take at least one day off a week and take 2 full weeks of vacation a year.
7) Giving up on learning.
Always stay curious. Keep learning about your field. Revisit the basics, and keep abreast of advancements in your field. Listen to podcasts, read books and keep up with world news. It keeps your mind nimble, and it makes you better able to adapt as changes come along in your industry.