4 Common Mistakes New Entrepreneurs Make 285

4 Common Mistakes New Entrepreneurs Make

Being an aspiring entrepreneur is the beginning of an exciting journey with many difficulties. You’ll face challenges, insecurity, no support, confusion, hopelessness, failure, and maybe even identity crisis. You’ll be stressed and broke for some time. If you manage to go through that period and become a newbie entrepreneur, there’s a lifestyle of financial freedom and meaningful work ahead of you.

However, there are plenty of mistakes any entrepreneur can make even after that initial stage. Let’s say you’ve failed a few times but are not making money online. You’re taking risks, building products, validating new ideas, landing clients, making customers happy, and managing your money. That’s enough to be able to call yourself an entrepreneur. No need to ever get to the part where you make $100,000 a month and deal with investors.

But even as a small business owner, you’ll face plenty of hardships along the way. Here are a few common mistakes you might want to avoid:

1. Paying too much attention to the competition.

The competition matters and there’s a lot you can learn from others making money in the same field. But spending too much time looking into their businesses means having less energy and focus for yours. Don’t make that mistake.

2. Not delegating.

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As a self-made entrepreneur, you’re used to doing everything yourself. It might have been working out so far, but with that approach, you won’t be able to grow. Your personal development and business will suffer as a result.

It’s time to delegate, which is actually a pretty smart thing to do and the benefits are many. One quality of leaders is letting the experts do their jobs. Delegation also frees up your time and you can do things you enjoy. Or invest time in finding new clients, entering new markets, networking or working on new business ideas.

Even if you aren’t big enough to have a whole aspect of the actual work to delegate, a virtual assistant will do. Find one, train him and then let him manage your email, make appointments and calls, do research, organize your days, etc.

Later on, you can hire a freelance writer, web designer, social media manager, marketer, and more. The first hire is usually the hardest but it is a step you should take now.

3. Chasing popular niches.

The riches are in the niches. But with so many other entrepreneurs and Internet marketers, all popular markets are saturated. Exploring the big businesses that have been dominating a certain niche which you’re interested in might be tempting. You think you can do it too with enough hard work and a good strategy. But it’s simply not worth it.

It will take much less time to tap into niches with low competition.

Yes, finding them is a challenge and that’s where the work is done. But once found and after you create a bit of solid content, you can be the one dominating and making profits. Then, once you have a system that works, you can be doing that for tens of other markets. Each will be a separate income stream and that will make you more financially stable.

4. Noncompliance with quality standards.

Now that’s a legal mistake that can have serious consequences. While it’s not the most enjoyable aspect of building and running a business, going through all the requirements concerning customers, stakeholders, products, and more, is a must. Each and every organization or individual that’s a business entity is required to do that in advance and be prepared.

One of the most popular sets of international standards and most widely used management tools is ISO 9000.

To ease the process of going through all the necessary information, there are ready-made forms and checklists that are ISO 9001:2015 compliant, such as 9001Simplified.

These are just 4 of the common mistakes new entrepreneurs make but are a good start to re-consider your methods and change direction if necessary.

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Becoming Your Own Boss: Tips on Getting a Business Off The Ground 19

How Writing a Blog Can Help You Live the Life You Dream About

Becoming your own boss is a complicated process, and not everyone does it the same way.

I got lucky. I was still working when I got my business off the ground, so I had a source of income while I was working the kinks out of my business. I did most of my work for the new business when I got home or on the weekends. I asked for a change in job responsibilities at the office so that I didn’t have as much on my plate.

This all gave me a chance to start earning money without going into debt. When it was feasible, I stopped working my regular job and transitioned into working for myself full time. It took about a year and a half.

Establish clear boundaries.

 

Sometimes people don’t take you seriously when you tell them that you work for yourself. They think you are always available to chat or have lunch.

I had a number of friends that would call me at all hours, assuming I was available because they wanted to talk. Granted, it was nice to have that freedom at first. But, I soon realized that if I was going to be successful, I couldn’t let those kinds of distractions interrupt my workday.

Save before you start working for yourself full time.

I was in pretty good shape when I made the transition, but looking back, a few more months with a paycheck would have been wonderful.

When you start your own business, money can be very tight. You never know what you are going to make month to month.

I had one customer that initially made up most of my revenue. That customer only paid on a quarterly basis, which meant that times were tough in between payments.

I had to spend money to build the business, which meant there wasn’t a lot left over. If I didn’t get a payment right on time, it was very difficult to deal with.

There were times when I had to ask for a loan from family members simply to pay my bills.

Reach out and build a support network.

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It can be really difficult to adjust at first. You have great days and you have terrible days. You meet goals some months, while other months you are left wondering where you went wrong.

If you make a mistake, you alone are responsible for it and your business and reputation can suffer. It is easy to feel depressed at times. You may even start to feel like you can’t handle running a business and that you made a big mistake when you left your office job.

Remember that you are not alone. All entrepreneurs have these moments, which is why it is so important to connect with others in the field.

Take time for yourself.

I had a honeymoon period of about half a year. It was really exciting to see the business get bigger. Each milestone that I met was a reason to celebrate.

However, heading into the second year, it was more difficult. I was tired. Things weren’t as exciting because they weren’t new anymore. And then, year three came along. I was done with working such long hours.

I was done with having no time off. Burnout is certainly an issue in this business, so you have to figure out how to balance your personal and your professional needs.

It took me a long time to get where I am today. I had to do a lot of research. I had to educate myself on business. I had to find an SEO expert. I had to figure out who my main competitors were and keep an eye on them. I also had to stay current with what was happening in the field so that I didn’t fall behind.

No matter how hard I worked, it seemed like I could never get caught up. Running a business is a big responsibility.

If you are interested in starting your own business, you want to set yourself up for success. Try to cut back on your living expenses. Make sure you have substantial savings. Set up an area in your home where you can work, free from distractions.

If you are married, get your spouse on board. He or she can help pay bills while you are getting your business off the ground.

Your business is only as good as you are.

Make sure you have a support system of other business professionals. These people can help you acknowledge your weaknesses, encourage you to keep moving forward and advise you on common mistakes.

You can try and go it alone, but it will be very difficult for you. As with anything else in life, your support network has a lot to do with your success. You are probably strongly invested in your business; after all, it is something that you created. Make sure you have people that you trust to help you along the way.

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Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.