Part of starting a business involves making mistakes. Mistakes are inevitable — what is important is that you learn from your mistakes and the mistakes of others. There are a number of common mistakes that entrepreneurs make over and over again. In many cases, they are never able to identify the problems, let alone get past them. Are you making any of these mistakes?
Jumping into your business without taking the time to fully understand it. This mistake is incredibly common. The nature of entrepreneurship means that, in most cases, individuals are going into business for themselves without having a complete understanding of their business model, their competition, the market they are entering, etc. Then again, none of us will ever have all the answers — so the real mistake here is failing to prioritize the learning that needs to happen. You don’t have to know everything about your business before you start, but you do need to work as hard as you can to learn rapidly.
Failure to create value. When you sell your products and services, you have the opportunity to provide more than the sum of their raw materials. You have the ability to provide peace of mind, satisfaction, gratitude, a feeling of sophistication, and more. Most entrepreneurs fail to go the extra mile and never truly add value to the lives of their customers.
Failure to begin with the end in mind. I have talked about this in depth in past articles, but the biggest single mistake most business owners make is to get too sucked in to the daily operations of their company. As a result, they fail to make the strategic decisions necessary for long term success. You can avoid this mistake by beginning with the end in mind — know where you are going with your business and what you expect the business to provide.
Giving up after a setback. Setbacks are inevitable from time to time. What matters is how you respond to those setbacks. Many business owners become pessimistic and demoralized after experiencing some type of failure — and they rarely get back on their feet.
Running a business is hard enough when you are doing everything right. Do not make your job impossible by making these common but deadly errors!