The Top 6 Mistakes New Entrepreneurs Make « painfreebusinessplans.com

The Top 6 Mistakes New Entrepreneurs Make

Posted on October 12, 2009 by admin

People start a business for many reasons. They may want freedom from a job or want to be their own boss. They may want a more flexible work schedule or a broader earning potential. They may simply wanting to bring an idea or creation to reality. Whatever your reasons just be certain that it is something you want to do and something you can do.

If you’re making any of the following 7 mistakes then reassess what you’re doing and perhaps re-think your plans until you’re clear about the right direction for you.

Mistake #1: You’re Motivated by Money Not Passion

Humanitarian and abolitionist, Harriet Tubman, once said: “Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”

It is not enough to want to earn more money or have better material possessions. You must possess a deep desire for what you do. If your business isn’t in alignment with your goals, values and passion, then reconsider your options.

Mistake #2: You Don’t Have a Clear Vision

In business, it is critical to pay attention to what opportunities come your way. If the seminars, speaking engagements and networking opportunities that come your way are not in alignment with your vision, they will take you off course, and your vision will become blurred. Weigh up each opportunity against your vision before saying “yes”. If it is not going to help support your goals then say “no”.

Mistake #3: You Aren’t Ready To Start A Business

The number one top mistake a new business owner makes is starting a business before they are ready.
Starting a business requires good health, being financially stable and knowing your skills, strengths, goals, weaknesses, values, needs and wants.

Being ready also means that you are committed to spend a year or two immersed in the business as well as working on the business. If you aren’t sure if you are ready, hire a business coach with business start-up experience. Their knowledge and support at this time is extremely beneficial.

Mistake #4: You Aren’t Focused

How many projects have you got going on at any one time? Having too many projects one at once, particularly if you do not have a way of managing each of them properly, means that you’re likely to become overwhelmed. Prioritising and managing your time properly will keep you centred and focussed and ensure you’re not spreading yourself too thin.

Starting a new business has a lot of moving parts and there are many opportunities to make mistakes. As a business coach for twelve years, I have witnessed and documented over a hundred different mistakes.. With the right guidance and being armed with quality information, you can avoid making most.

Mistake #5: You Haven’t Done Your Research

Research can be boring and time-consuming but it can be the difference between success and failure. Research helps you determine if there is a need for your product or service and what the overhead costs associated with launching your business will be. You need to know the tools and services you will need to get things off the ground. You will also need to know the challenges faced by other businesses offering similar services.

Mistake #6: You Don’t Have A Business Plan

Business planning isn’t as fun and exciting as just doing things. However, if you don’t have a plan, how do you know if you are doing the right things in the right order to get to the desired result? You don’t. As the quote goes: “If you fail to plan, you plan to fail.” Writing a 2-5 page Mini Business Plan will in the very least ensure your business moves in a forward direction.