Entrepreneurship can be a very rewarding journey and there’s no absolute blueprint for hitting success. There are however some shortcuts that can make the journey seem longer and more daunting than rewarding. Her are 8 pathways to avoid on your entrepreneurial journey.
1. Improper Bookkeeping
It goes without saying that this is a very common and crippling aspect of small businesses struggling to grow. Without good bookkeeping you will almost always be spending more than you think and will be frustrated trying to figure out “Where did that money go?” If you’re not good at it then get someone to do it for you.
2. Lack of Belief in the Business
When you start a business you better be solving a problem for somebody or improving lives. With that being said you should definitely be using the product or service that you’re providing. And if using your service or product is not your go to notion then you need to go back to the drawing board to make it that. You need to believe that your business is worth whatever time, effort or money it takes to use it.
3. Wrong Business Intentions
This ties into the last point that your business should be solving a problem. The bottom line of each business is geared towards being profitable but if you are too money-hungry your business can suffer. Focus on meeting the needs of clients and customers. This will add value to your establishment.
Sometimes some small-businesses owners do not have a plan laid out for the growth of their businesses. A plan helps you anticipate all turns that your business may take and the pathways to navigate towards growth. Growth is not always an automatic thing even when your business is doing well. Growth must be carefully and intentionally executed. You must have vision.
5. Skipping Steps
Never skip the steps of building your business. Never be too arrogant to take advice. You will find yourself looking back thinking, “Man I should’ve done this months ago”. And it’s gonna cost you that big client or that big sale or that massive publicity. Get a mentor and spend the necessary time building your business step by step.
6. Not able to Separate themselves from the Business
Some small business owners become their business and not in a good way. There must be some level of separation. Pay yourself a salary and view the business as an outsider at times. Allow the business to run without your direct input. Growth is a carefully curated concoction that you must continually monitor. Do not get lost being the business and be burnt out. It would only affect your business in a negative way in the long run.
7. Garlic Operations
I use the term Garlic Operations because some business owners try to do everything and head every project and activity. This is a sure and easy recipe for getting burnt out. Just like garlic you can have different people responsible for flavoring different pots, so to speak. Delegation is very important when running a business. While some business owners are worried about whether employees will do a good job, trust and training, can help quell these concerns. Otherwise you will curtail your business’ growth.
8. No Support System
Support is always needed when running a business. Entrepreneurship will take you on a roller coaster ride of emotions. This is why a good team or family support is so important. Even good friends that can take your mind off of things a bit and enjoy life. This can get you reenergized to get back on your grind.
This road will definitely be tough but don’t get exhausted. Keep pushing through and don’t be afraid to ask for help.