The Top 10 Mistakes New Business Owners Make
Let’s face it owning a business can be tough! Especially if you’re new to the game or if you never learned what I’m about to share with you. The faster you learn, accept, and internalize the information and lessons you’re about to learn the faster you’ll achieve the results you desire inside Network Marketing or any business you choose to build. So let’s get to it! Learn, then avoid this list of the top 10 mistakes new business owners make now!
Thinking Too Big Or Too Small
Rarely will you hear me or anyone else say you’re thinking too big – however, when starting a new business you need to position yourself for what you can handle, especially if you lack experience, support, or systems. On the other side of the coin you don’t want to think small either. Thinking small will lead to you to miss out on opportunities. You want to have a keen sense for what and how much you can handle with a focus on positioning yourself for growth. This will help you focus and help you maintain the proper direction will establishing your expectations.
Loosing drive in business can either be from lack of a long term focus or from overwork. If you’re new to business you need to build up your stamina don’t put yourself in a position where you have to take on to much by yourself. Seek the help of others; seek ways to outsource what you can’t handle, and look to 3rd party professional services to lighten your load.
Never forget your business IS you. When starting a business you’ll end up working long hours, and when you’re not working more often than not you’ll think about your business. So if you don’t incorporate your personality into not only your business but your style of business you’ll set yourself up to burn out, loose interest, or simply not have the success you’re looking for.
Not Tracking Advertising
You will need to market your business, even if it’s word of mouth – do you know if you’re spending your time and money wisely? If you don’t have a means for tracking your expenses, progress, and results you wasting time and resources. Without tracking you position yourself to invest too much into one area, one client, and one business partner which slows your ability to grow and your progress. Tracking is a critical area that you can only under-estimate – getting this one area under control could be what’s missing in your business.
Ignoring Gut Feelings
I’ve seen this one happen again and again. More often than not new business owner’s don’t have a proper respect for intuition. Intuition is a major factor and force in business. While it’s important to be open to advice from others – at the end of the day it’s your business. The sooner you learn to go with your gut and become the decision maker and CEO of your business the sooner you’ll begin attracting the results you now seek. Be open to advice – while at the same time making firm decisions.
The sooner you get involved in your community and establish professional networks the better. Movers and shakers are involved because they have passion, an interest, they produce results because of their visibility. Networking is one of the most powerful factors in business and can be your most powerful asset when establishing any business.
Management skills do not come naturally; they don’t show up simply because you’ve started a business. As a business owner it’s important to understand that relationships are everything. You may or may not have to manage people, yet you will need to manage expectations, time, events, expenses, your personal life, and more. It’s important to understand that you don’t manage people, you lead people – you can only manage things. Learn to prioritize your tasks and your time.
Relying On Agreements
Unfortunately not every agreement is honored – chances are you’ll have to learn that it’s not a deal until the money is in the bank. This doesn’t mean to be skeptical of people, it means to be prudent and focused. Don’t rely on any one deal, one person, or one customer – always be working your plan. Believe and work abundantly and you’ll reap abundant rewards. Make your agreements powerfully and realize not everyone has your integrity or character and not everyone will create what you’re working to create.
Staying in the game until you achieve the results you desire is a skill. Persistence is part of your character – you can’t learn character, it can only be developed. Many little shifts have to occur in your thinking, attitude, and habits to achieve the success you desire and you’ll have to be persistent and diligent while you develop in to the person you need to become to succeed. The fastest way to develop the habit of persistence is to implement the 8 elements of persistence in your business.
Neglecting The Internet
The Internet is the business vehicle of the present and future. However, the internet can be confusing – there is a wealth of information, strategies, and techniques that you can get lost in. Keep it simple, pick 1 strategy, implement, and master that 1 strategy over time. If you don’t learn to market online, you’ll only wish you had, and if you do you’ll be glad you did.
The Conclusion – The Top 10 Mistakes New Business Owners Make
Regardless of the type of business you’re starting, whether it’s a MLM or Network Marketing business, a Direct Sales opportunity, or you’re pursuing your own idea. This list of the 10 mistakes new business owners make applies to any business and for many of us – these lessons were learned the hard way. So, take this information to heart, and really apply what you’ve learned in this post – as it can set you up for immediate and long term success.