“In this Post, you will learn the 10 most common mistakes that Founder makes during starting a Business and the Actions to take – to becomes Successful” – Peter/CXO Wiz4.biz
Successful Entrepreneurs don’t always know all the right moves when they get started with a new startup. In fact, often knowing what to “avoid” can be just as, if not more important than knowing what to do. Here’s how Entrepreneurs – who became successful startup Founders – do it.
A. 10 Mistakes Entrepreneurs shud “avoid” at all cost
from Forbes MegaZine 2/20 enhanced by Peter/CXO Wiz4.biz
Topics: Avoid Burnout, Don’t be Negative, Bad Emotions, Don’t loose Control, Blame Game, Fear-not, Don’t be a Perfectionist, Avoid Distractions, Don’t fly Solo & Avoid Indecision by getting al the info needed..
1) Avoid Burnout
You can’t keep going if you Burnout. In business the winners are typically those who outlast the competition and keep going when others quit. Burnout can be expensive. It can hit you harder and longer than you anticipate. It’s easy to talk about bouncing back and being positive. In reality, it isn’t always that easy. No matter how strong or optimistic you normally are. It’s far easier in reality to avoid burnout in the first place. Successful Entrepreneurs achieve this by avoiding over-working and over-booking themselves. If you over-book yourself every day and every week, then you will always feel you aren’t getting enough done, are never hitting your goals, and always behind + overworked.
2) Don’t be Negative
If you are going to be a strongly positive, you have to block out the negativity. You can’t afford it in your life, in your work, in your mind. It will de-rail your best work. This starts with keeping certain types of negativity out of your life all together. That may be some forms of Media (ie, the negativity of News), hiring & firing when needed + choosing your co-Founders & Investors carefully. Strive to eliminate negative words in your own vocabulary. Have an Accountability Partner to keep you on track. It can be a coach, spouse, co-founder, or even one of your kids. Make it really costly – if they catch you slipping.
3) Don’t let others Influence your Emotions
This is critical as a Startup Entrepreneur. Your emotions can wreck you. You’ve got to stay objective and passionately strong. If you’re going anywhere as a Startup Founder, you are going to have to put yourself in positions where you’ll hear “No’s” and tough feedback all the time. Investors will tell you “no” many times before you get those big checks. You’ll get some customers who are never happy, no matter how good you are to them. Find better customers. There are going to be days, weeks, months that fail to live up to your hopes & goals. You just can’t let it get you down or let your emotions rule you. Change your perspective on these things. Commit to following thru & achieving.
4) Don’t let others Control your Time & Agenda
Everyone has their own agenda. Almost no one will value your time as much as you should. Whether they mean to or not, They’ll take advantage of your time. Use your time to accomplish “your” Goals. It’s great to help others. The time for that is after you’ve done your most important tasks for the day. Don’t check your Email constantly. Screen your calls. Only go to meetings where you get or give value. You’ll get more done and have more extra time.
5) Avoid Blaming Others
Accept responsibility, for everything you or your Team does. Including the mistakes, including the failures, including what you didn’t see coming.
6) Don’t allow Fear to Rule
Fear is a natural instinct. There are real Risks out there: get your product out there on time, finding new customers, paying off that big loan, etc. A successful Entrepreneur is the one that recognizes it, and acts anyway. Find ways to reduce or eliminate Risk as you go. Then there is little to fear.
7) Avoid Perfectionism
It’s natural to want to be perfect. Even when one thing is perfect, it is often at the sacrifice of other things. Focus on getting it as good as it can be with reasonable effort. “Close enough is Good enough”. Perfect is not worth the effort and usually not needed. Recognize what you can improve – as you go, vs what will cost you too much. Even Google’s co-founders launched before they thought their own product was perfect. They just kept improving on it.
8) Avoid Distractions
Time is your most precious asset. Allow distractions and you’ll be suffering all day. If you aren’t focused, take a break instead of trying to fool yourself that you are being busy. Avoid letting Social Media, Email distract you. Find your sweet spot for productivity and lock yourself in, until you’ve got the important stuff done.
9) Don’t Fly Solo
You cannot truly be a master of everything. It doesn’t matter how smart or talented you are. If you are going to launch & grow the most successful business possible, you’ll need great talent in many areas – where you’re not an expert. It takes someone who know their limitations, to recognize this, and delegate. Trying to do it all alone will be seen as a weakness.
10) Avoid Indecision
The number one trait successful entrepreneurs share is probably good Decision Making. Without being able to make good decisions quickly, you’ll never keep on the right path. Collect sufficient data to make a knowledgeable decision.
B. What to do to become a Successful Entrepreneur !!!
from Success Harbor.com 2/20 enhanced by Peter/CXO Wiz4.biz
Topics: Define Goals, Have a Plan, Get all the Knowledge you can, $$$ Matters so go for Cast Flow, Plan for the Future & Marketing, Beat your Competition, Get Help when you need it & Man your Defenses to avoid attack.
1) Define Goals & create a Plan to achieve
Successful Leaders have a Vision of what they want in the future, then develop a strategy to achieve. Be a good Role Model, because your Team will tend to follow the type of work habits, philosophy, & direction their leader practices.
2) Successful Founders know their Business.
They know what every employee does and understand all the day-to-day operations. A successful company needs management that can look for ways to make processes more efficient. Successful Founders look for improvements and them. They are clear about consequences – when employees deviate from policies & procedures. If a business owner is not strong, s/he will lose control of the company.
3) $$$ Matters.
Successful Founders avoid business failure by protecting the company’s financial assets. Founders must be aware of their investments and strive to optimize their profits.
4) Plan for the Future.
Successful Founders don’t have a crystal ball, but they can make educated predictions & plans for action. Anticipate problems and plan for the unexpected.
5) Plan your Marketing.
Once you’ve built a great product or service, get to know how to market yourself & your product. A Startup should invest in a strong marketing budget to ensure your Target Market is aware of your product or service.
6) Be Competitive.
A Startup must adopt the strategy that its success is contingent on winning battles. You have to fight to the top if you want to succeed. If you don’t, your competition will beat you to the prize.
7) Get Help when needed
If you’re not an expert in sales, marketing accounting, tax law, finance, or management, it’s wise to get help. You don’t want to make crucial mistakes in these areas.
Man your Defenses. Have a Receptionist and/or Virtual Assistant to help handle your Email, Callers, Visitors, etc. Don’t let yourself get into potential negativity until you’ve accomplished all of your most important tasks for the day. It’s not just outward forces to be on guard for either. If you are heading for to the top, you have to keep yourself in check too.
Conclusion: By following the above advice, any Startup can learn how to avoid business failure. Most advisors don’t believe Founders will succeed, if they don’t understand these key concepts and apply them in their business practices. Founders can learn from those who have gone before them and make wise decisions.
Comments: do you know any other things to avoid and ways to become successful?
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