4 Business Mistakes Must Be Avoided by Entrepreneurs
Being an entrepreneur may very well be one of the most difficult jobs on the planet. When I started my first business, I made a lot of mistakes (everyone does). While mistakes are unavoidable, you can use the lessons learned by others to prevent them from taking you down. Now with over a decade in business, I see entrepreneurs making the same rookie mistakes over and over again, and I recognize them because I made them too. Here are the top rookie business mistakes that entrepreneurs make and how to avoid them.
1. Letting Your Ego Control You.
Ego is the thing that most commonly draws entrepreneurs away from good advice. Of course, you have to have some kind of self-confidence to become an entrepreneur. At the same time, you also need to learn to know when to let your ego fall to the wayside and be vulnerable.
Without vulnerability, an entrepreneur cannot examine, and reverse, his or her weaknesses. The ability to show vulnerability can also help develop stronger connections with consumers and industry leaders alike.
2. Chasing the competition.
If you’re an entrepreneur, you should not spend time worrying about what your competition is doing? Not only are you wasting your time but taking time away from strengthening your own brand.
Getting involved in the latest tech startup or investing in a booming trend can only lead to trouble. Entrepreneurs often ignore advice to focus their efforts on building their own product and strengthen their own business practices.
The fact of the matter is, by focusing on your main product and main goal, you are not missing out on anything. You are taking the time to perfect what you started with and build upon it.
3. Picking the Wrong Mentor.
Ignoring the advice to choose a mentor can be a big mistake. You need someone to look up to and learn from. While you may have a mentor in mind, is he or she the right one for your needs? A mentor with common core values, industry understanding and common goals is ideal. A mentor with similar business ethics is also valuable to you.
A mentor can help you strengthen your business strategies and your abilities as an entrepreneur by uncovering your weaknesses. So, help him (or her) to help you.
4. Not Building a Social Media Presence.
Some entrepreneurs prefer to live a private life and stay out of the social media limelight. About 41.5 percent of brands said on a survey that social media had not impacted their brand.
What they fail to realize, however, is that a social media presence is a must. The reason is that most of society accesses brand information from social media. If you don’t have time to manage your own social media profiles, hire someone to maintain them for you.
Give these contractors individual guidelines and connect them with a reputation management professional to help maintain and/or build your company a necessary positive online image.