“A person who has never made a mistake has never tried anything new.” -Albert Einstein
The only way to succeed in anything is to have great faith and persistence. Entrepreneurs need to be optimistic, especially when starting a new and innovative business, but those with more experience know that you can’t count on optimism and passion. Mistakes have to be made and to teach us, but there are some common barriers and barriers that you can jump past and avoid extra headaches. Focus on these suggestions for a moment, as they will definitely help you.
Not Saying “No”
This can be difficult, especially when you are a young and “hungry” entrepreneur, wanting to be on the go and attract potential clients at any cost. But taking multiple commitments can get you in trouble. Taking on more obligations than you can handle can slow your progress and take your focus off the things that really matter. Learn to say no when necessary, it is an interpersonal skill that needs to be practiced. Turning down unnecessary coffee, events, free services, lunches, or projects you don’t like can be critical to keeping your business moving forward.
Vince Lombardi, a famous soccer player, once said that perfection cannot be achieved, but if we pursue perfection then we will get perfection. If you feel stressed because you haven’t reached your goal, the advice is to stop it. In business, you often have to sacrifice certain things, take a step back, analyze costs versus benefits, and prioritize. If you focus on elements that are good, but not essential to begin with, you will waste a lot of time. Concentrate on the core of the business.
Treat Every Advice As 100% Reliable
Having a good and experienced mentor or consultant is important to you and your business, especially if you are a single person young entrepreneurs. However, when launching a startup, there aren’t many people you can turn to for advice. In the beginning, investors are there to bring money and advice, but they are not 100% reliable and can get you in trouble. Always look at it critically, do your own research, regardless of what others may tell you, and see if it’s worth it or not. After all, this is your business and you are your own best advisor.
Not Listening to the Customer
Good feedback is priceless. After all, the success of your product or service depends on whether more people will buy/use it. Define a target group of people you think will be interested, and after a few months of work and some initial success – talk to your customers. Continue to communicate with them constantly to find out why they bought your product. They are the best critic an entrepreneur can have, and an invaluable source of information regarding their future needs and ideas for product or service improvement.
Not Ensuring Your Debt Collection
It will take several years before your business becomes fully liquid. There will be periods when you will owe money and when money will be owed to you. Constant fluctuations in funds are the fuel of your business, so you must be sure that all debts will be paid off on time. In the case of debt recovery problem, when you are unable to charge for your product or service, a possible solution is to enlist the help of people who specialize in debt recovery. They’ll know the unique circumstances in your area of business and the best specific collection strategy that works for you.
Too Much Planning
Planning every detail in business, as in life, is not necessarily a good thing. You certainly need to have a vision, a goal, but when it comes to the trip itself – that’s where it all happens, and detours from the original plan happen quite often. Pay more attention to the moment, and don’t spend your time constantly planning everything. Good execution is more important than processing, planning and designing business strategy. You have to make mistakes to learn what success is and enjoy it the right way.