Mistake # 1 – Asking the Wrong Question
You’re a budding entrepreneur and have an exciting idea to launch your own business and what is the first thing you run out and do? Ask everyone what they think of your idea. Often getting a variety of responses from “great idea” to “I don’t get it “or worse, thoughts on how to revamp your idea. That is your first mistake. Asking what they think of your idea. Who cares, it is your idea. Something you were passionate about. The right question is how much would you pay for this? Too many people have too many opinions and can often sway you off your path. Stay true to your original idea and shift the focus on how to make it more valuable. By asking how much would you pay for this or would you buy this, you will get solid information that will help you enhance, reduce or tweak your offering to get the outcome you want.
Mistake # 2 – Following the Wrong Sequence
Now you have a great idea and chances are you want to go right ahead to product launch and skip all the important steps in between. That is a huge mistake. Follow the successful footprints of those before you. Why reinvent the wheel. There is a sequence of events and a process to launching a business. Follow each step carefully. In my BLAST program we go over each part of the sequence to ensure you get it right. Don’t try to market to quick before you have a good understanding of your customer needs and how you will deliver. Don’t build out your team until you have your processes defined. When launching a solid business, it is critical to integrate all the systems within your business to deliver the brand promise at every touchpoint.
Mistake # 3 – Doing it all Alone
Doing it alone, the mighty entrepreneur! Big mistake. Often we think we are the only ones who can run our businesses right. We think we have all the ideas. The truth is, you don’t. A huge mistake new business owner’s make is not reaching out to subject matter experts to help them run their business. If you have a legal question, ask a lawyer. If you have an accounting question, ask an accountant. Even if you want to know the latest and greatest best practices in your space, ask somebody in it. The great businesses build their teams internally and externally and empower them to act on your behalf.
Mistake # 4 – Not starting with the End in Mind
Chances are, you woke up and had this great idea for a new product or service. Most likely tried to jump right in to bring it to market, but the reality is… that is the last step. The first step is beginning with the end in mind. What is the goal for this business? How long do you want to run it? Is this a long term idea or a short term? In my business, I knew that I wanted to build something that I could operate virtually and on my own time. This decision makes me look at how my business will run, how I will execute and the teams I need to put into place to manage the systems required for success. With a remote team, I need tools and methods to drive performance that perhaps a bricks and mortar business don’t necessarily need. So lesson here, start with the end in mind.
What are some of the mistakes you made in your business? Share with the group.