4 Common Mistakes New Entrepreneurs Make

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.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

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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8 Tips for Women to Help Grow Their Career

8 Tips for Women to Help Grow Their Career

Why are there so few female CEOs? It’s a commonly discussed topic in the Australian business landscape, and often highlighted as an issue in society.

This has been made evident in the inaugural Robert Half CEO Tracker, commissioned by specialised recruiter Robert Half to identify common traits amongst the leaders of the ASX 200-listed companies. The research found the top position in the workplace is still male-dominated, as the majority of ASX 200 CEOs are men (94%). Only 12 ASX 200 CEOs are women.

It’s an unfortunate fact of the current C-suite employment market, with women underrepresented in top positions – a fact that applies to not only ASX 200-listed companies.

Despite this, it’s well known that diversified boardrooms with women represented across leadership positions bring enormous value to organisations and the wider business community. This is not just because of their wealth of experience and knowledge. But also because of their diverse perspective applied to business strategy that’s required for any organisation to succeed.

Whilst looking at the low percentage of female CEOs, within our Executive Search branch, we’re seeing a strong push for diversity from companies looking to hire at the C-suite level. Organisations are actively specifying diversity in their recruitment agendas, and not only just based on gender, but on an all-inclusive approach.

While there still is a long way to go for women to be represented equally at the boardroom table, it’s encouraging to acknowledge just how far Australian women have come and actively promote steps they can take to further their careers in the business world. More can always be done to empower women within the workplace. And understanding the common professional characteristics of top Australian CEOs is a great place to start their C-suite journey.

For women looking to hone their personal attributes, CEOs need to be clear communicators who are capable of both giving direction and accepting expert opinion. And as with all leadership positions, exceptional people skills are essential. By being assertive, forward-thinking and willing to take risks, ambitious women in the workplace can ascend the corporate ladder to the top job just as fast as their male counterparts.

How Women Can Grow Their Career

energy focus and productivity tips for anyone working from home all day

1. Know what you really want.

Think about what you want to achieve in your career – and why. Ask yourself some important questions:

  • As a senior executive would you be willing to work long hours and take up extra responsibilities?
  • Do you like to solve complex problems?
  • Are you comfortable as a leader?
  • And, crucially, how do your family feel about you pursuing a career as a business leader?

2. Develop a career plan.

Determine what you want to achieve, and work out a detailed career plan. This will be a blueprint that maps out your journey to the top of your organisation, allowing you to focus on your ultimate career goals.

3. Work continuously on your leadership skills.

Developing leadership skills is an ongoing process and an essential element for women pursuing a management position. By developing your technical, managerial and social skills, you are more likely to climb the corporate ladder – and be better prepared for the challenges you face along the way.

4. Communicate (more) directly.

Well-developed communication skills are essential for all managers. Yet men and women often have different communication styles.

Women usually take on a more modest tone, and often tend to communicate in an assuming way (“wouldn’t it be better”, “could we perhaps”, etc.). However, for a male audience – who usually communicate in a more direct way – this style of communication can suggest you lack confidence or are unsure about the matter at hand.

5. Take risks.

Women are usually less inclined to take risks than men. Yet this is part of being a leader. If you can prove you are willing to take calculated, carefully considered risks, you’re more likely to assume a managerial position.

6. Offer to take on certain tasks, even those nobody else wants.

A willingness to take on additional projects or raise your hand for tasks that others are sidestepping, can showcase your skills beyond your normal job duties. This is a great way to demonstrate you’re a team player, who is willing to go the extra mile for the company.

7. Do not be afraid to stand out.

All great leaders stand out from the crowd. As a manager, it’s likely you will have to make tough, and at times, unpopular decisions, so be prepared to set yourself apart from others in good times – and in bad.

8. Build your network.

People like to work with people they know. So do not underestimate the possibilities offered by traditional and online networking. Building your network can be important to getting ahead.

About The Author

Robert Half Executive Search specialises in the search for and placement of executive leadership talent across a broad spectrum of function areas and industry sectors.

By being assertive, forward-thinking and willing to take risks, ambitious women in the workplace can ascend the corporate ladder to the top job just as fast as their male counterparts. Here are 8 tips to help women grow their career