Connect with us

Business

10 Mistakes Entrepreneurs Make And How To Avoid Them

Published

on

I know the rollercoaster ride entrepreneurs face when first starting out, I know how tough it is to get started and how easily you can become dejected and lose focus.

Sadly, there is no foolproof guide to creating a successful business – it takes hard work, dedication and a serious commitment and belief in your business.

As the old saying goes though, you have to be in it to win it!

You will make mistakes throughout your business journey – it’s inevitable that somewhere along the way you’ll say ‘yes’ to something you should have said ‘no’ to, focus on an idea that doesn’t have legs or try to run before you can walk.

While you can never prepare for every eventuality, I wanted to share the top 10 mistakes startups make during the first 12 months and. more importantly, how you can avoid them!

1. Not actually talking to potential customers!

I can’t explain how many times I’ve spoken to entrepreneurs who swear they’ve talked to potential customers about their business, only to have it transpire that in actual fact they’ve merely spoken to a handful of people.

Why would you go through the effort, stress and workload of starting your own business if you don’t know that there are customers out there willing to pay for your product or service? It’s daft!

You need to know the structure of your business and be able to show this to investors and be confident that it encapsulates every vital piece of information they’ll be looking for.

Before you even think about speaking to investors or spending money on employees or assets, make sure you speak to people.

Go out into the city and stop people on the street to ask them about your business, hold focus groups, talk to people on social media, grasp every opportunity available so you can prove to yourself and future investors that the demand is out there.

2. Having little structure to your business

When you start a business you need to properly and thoroughly define the responsibilities of the directors, the kind of business which will be undertaken and the means by which your shareholders will exercise control over the board of directors to establish your company.

No one will pay any attention to you if you can only give them a wishy-washy idea with no substance behind it.

You need to know the structure of your business and be able to show this to investors and be confident that it encapsulates every vital piece of information they’ll be looking for, otherwise you’ll be seen as a risk and never get investment.

3. Hatching a business over a glass of wine and go 50:50 without thinking about the consequences

After a few glasses of alcohol you might think you and your pal have the best business idea ever and already be spending the millions, you’ll make in your head.

But in the cold light of day you need to ask yourself is it really a good business idea?

And, if it is, is the person you enjoy having a glass of wine with really the ideal business partner?

We all have friends we got on well with, but would never want to work alongside, so make sure you really think it through before setting up a business with someone. Especially if you’re going to go 50:50.

There’s always going to be a leader, there has to be, so really think through how your friendship dynamic will affect your business before signing anything.

4. Over-egging what the sales will be in year one

Creating a successful business takes time. Some entrepreneurs, like me, are optimistic, which is great when faced with difficult situations. But, in order to be a successful entrepreneur you need to be realistic.

There’s no point in over-estimating what your sales figures will be in the first year because you’re just setting yourself up to fail, and you’ll then have to explain to stakeholders and potential investors why you under-delivered. Set yourself goals and aim high, but keep it real.

There’s time yet to reach for the stars!

5. Thinking it’s easy to bring in investment

The harsh truth of being an entrepreneur is that you aren’t guaranteed to get investment. Not everyone who starts their own business will be able to successfully court an investor and as those who have done, it will know it’s no easy or quick, task.

It takes time to get investment – you need to think about what you want, what your business needs, how you will use the investment, how you will convince investors your business is the right one for them to spend time and money on, and you need to forecast what this money will mean for your business.

Yes, you might get lucky and have a chance of meeting with someone who decides to invest in your startup.

But realistically it’s a hard slog and you might need to speak to several people before you find the right one for your business.

6. Thinking that you can do it all yourself

Look at me – I’m a super entrepreneur! I started my business all on my own and am going to develop and scale it on my own, too. Wrong! You can’t do everything yourself.

If nothing else, no one person is incredibly skilled at every single aspect of a business. You might be great at marketing and speaking to potential investors and customers, but do you know enough about forecasts and banking, and the legal checklist you need to tick along your entrepreneurial journey? My bet is you don’t.

Set yourself goals and aim high, but keep it real. There’s time yet to reach for the stars!

That’s why you need to hire smart. Look for people who fill the gaps in your skillset and build a dedicated, hard-working team who have bought into your vision.

You’ll see much more success this way than trying to be a super entrepreneur all on your own – and it’s less lonely too.

7. Getting fooled by consultants who charge a small fortune for useless stuff

A lot of first-time entrepreneurs are approached by consultants across various fields who offer their services in return for a fee and an often hefty one at that.

While it might seem like a great idea when they’re giving you their marketing spiel, make sure you take some time out before agreeing to anything.

It’s easy to get caught up in the moment and say yes to things you don’t need for far too much money, but don’t let yourself fall into the trap and take some quiet time on your own to review things before you decide anything.

8. Neglecting networking

You’ll never get anywhere if you don’t get yourself out there and meet people. I can’t stress enough the importance of building a relevant network. Whatever you do and wherever you go you should always be speaking to people, whether it’s online or offline – you never know who you could meet by making the first move and saying hi!

9. Spending time with a laptop rather than human beings

If you’re searching online to see if your business is viable then you’ll likely always be able to find some piece of research which says it is.

But no investor is ever going to give you money based on some research project done in the west end of nowhere back in 1999.

As I said earlier – get out there and speak to people! Have a human conversation and ask people what they think about your business.

Find out if there’s a market for your product or service and ask questions to determine what shape this product or service should take. You’ll get far more value out of a day spent speaking to people than you would a day stuck behind a computer.

10. Overthinking your business plan

Yes, your business plan is important and it is vital that you get it right. But don’t overthink it or you’ll just complicate things.

Your business plan isn’t something you write when first starting out that then remains static, you’ll have to revisit it time and time again and make some changes depending on the focus of your business.

Your market isn’t stagnant; so your business shouldn’t be either. You have to move with the times and be flexible to change, so there’s no point in spending weeks stressing over making your business plan perfect, just make sure it reflects the key points of your business as it is now and is easy to understand.

No one is perfect and no one is able to simply wake up one day with a successful business – you have to ride out the highs and lows along the way.

But, if you can avoid these 10 mistakes, or remedy them and make sure you don’t repeat them it will go a long way to helping your business!

Emma is a blogger and entrepreneur, she likes writing about growth and business tips.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

4 Things That Are Slowing Down Everyday Business Processes

Published

on

A modern business needs a lot of things to be successful. 

High-quality products that capture the attention of your target market are an excellent first start. However, you also need robust marketing strategies, a strong team of dedicated workers, and a plan for continued growth and evolution. 

A good company is like a well-oiled machine. One cog turning out of time could bring your entire enterprise grinding to a halt. That’s why it’s so important to be aware of the things that are slowing down your crucial processes and preventing your company from reaching its true potential. 

Today, we’re going to be looking at some of the things that could be hampering your everyday business processes, so that you can make a valuable change. 

#1 Multitasking

How many people in your business are wearing multiple hats? 

The chances are that if you’re a small and growing company, you have endless executives and employees rushing from one task to another. You may even be asking your team members to take part in activities that aren’t closely connected to their job roles. 

While it’s fine for everyone in your organization to pitch in a little extra at times, it’s important to make sure that this doesn’t give way to constant multitasking. 

Research proves that multitasking kills productivity and reduces the quality of the work produced. That’s because when you’re multitasking, you’re continually forcing your brain to switch from one thing to another, so you can’t truly focus on anything. 

If multitasking is a common problem in your organization, then it might be time to reassess your workflow and see where you can create more focused teams. Try to give the right task to the right people to prevent inefficiencies. 

Maybe allowing your senior leaders to delegate more of their work will make them more successful. Perhaps taking extra jobs away from lower employees and keeping everyone focused on their areas of expertise will help. 

The last thing you want for your business is that your employees don’t have time to do the job they were hired for.

If you have to switch employees between different tasks frequently and it’s slowing down work progress, maybe it’s time to add a new employee to your team. Alternatively, look if some processes can be outsourced to a company or a freelancer.

#2 Inefficient Meetings

Increasingly, companies are beginning to feel as though most meetings are nothing more than a waste of time. For years, we relied on face-to-face interactions in boardrooms to make sure that everyone in our team remained on the same page. 

However, by now, we have learned that this kind of disruptive activity is no longer necessary. 

Although the occasional meeting can be useful to connect your employees and bring people together in a more intimate environment, most of the time, you can switch a meeting out for broadcast on a collaboration app. 

You could even consider allowing your employees to dial into a video meeting so that they don’t have to leave their office. 

Pulling your team members out of their workflow so that they can take part in meetings when you could have shared the same information in an email is a dangerous waste of time. 

The next time you’re planning a meeting, ask yourself whether it’s necessary to bring people together in a conventional sense. If it is, ensure that you’re only inviting the most relevant people to the room.

Once they leave the meeting room, everyone should know exactly why their input was required and what are the next steps they need to take

#3 Lack of Insights

Let’s face it – data makes the world go around. We’re living in an era where information is everywhere, and it’s crucial to making our companies more effective. 

The good news is that the majority of today’s companies have systems in place that allow them to capture intelligence information from everything from their sales calls to their marketing campaigns. 

The bad news is that most organizations simply don’t know how to use their insights to improve their business operations. If you’re not taking advantage of the benefits of real-time and historical data analysis yet, it could be the perfect time to get started. 

Sit down with the other leaders in your team and figure out some goals that you want to accomplish. From there, you can determine what kind of information you need to reach your goals. 

For instance, if you want to make your marketing campaigns more successful, it makes sense to look at the marketing initiatives that have worked for you in the past. 

You might also want to tap into information about your target audiences and their pain points too. This data could help you identify areas that you can improve to offer your customers an excellent experience at every touchpoint with your business.

#4 Preventable IT Issues

Finally, another thing that we’ve come to recognize in the digital era is that IT can either be your friend or your enemy. In many cases, the right technology in your company’s landscape can accelerate growth and generate new opportunities. 

Knowing how to make the most of the assets at your disposal can significantly improve daily business operations. Implementing some new solutions can help you get there, too.

AI and machine learning are no longer terms out of science fiction novels. People have taught robots to interact with each other and with other people, and solve problems in the process. 

For a great example of how this achievement can speed up daily business operations, just look at chatbots. Chatbots can drastically reduce the time it takes to answer repeat customer questions and queries. Your employees could spend this time on more important tasks and projects. 

Also, chatbots can work around the clock. There’s no denying that having a 24/7 customer service is a great asset to your business. However, due to the high costs of maintaining a contact center, in most cases, it’s not a viable solution.

In such scenarios, chatbots can step in, respond to simple queries, and redirect more complicated issues to a human. 

Chatbots enable you to reduce time, money, and human labour, which you can then reallocate into growing your business.

If you have enough people on your team, offering live chat is another way to bypass long workflow procedures and ticketing systems that might be annoying to your customers. An agent can handle more than one chat at a time and still give the customer a personalized approach. 

The list of benefits of a live chat for a business is long. It boosts customer convenience, satisfaction, and loyalty, helps your business respond to their pain points faster and opens another channel for upselling.

However, there’s also a chance that poorly-managed technology could slow your business down and stop your team from completing their goals. Remote working trends or bring your own device trend (BYOD) are especially sensitive to these issues.  

While it’s always possible that IT issues might happen in your workforce, you can put strategies in place to protect yourself from any major downtime or disruptions. 

For instance, teaching your team members how to manage work equipment on their own, and providing them with the knowledge to troubleshoot any issues they face means that you can keep your organization running smoothly. 

At the same time, this frees up time for your IT employees, who can focus on finding ways for you to use technology to accelerate your business growth, rather than just responding to the same old preventable problems. 

Time to Speed up Your Business Growth

A company is a dynamic and ever-changing thing. Unfortunately, it’s also very fragile. When something as small as a single process doesn’t work properly for your company, you begin to see negative repercussions everywhere. 

The good news is that taking the time to examine your business workflow and figure out areas where systems can be improved can make your venture more efficient and successful. 

From working on preventable IT issues to reducing the number of meaningless meetings your team members are exposed to, there are plenty of ways that you can make your company into the well-oiled machine that it needs to be. 

Continue Reading

Business

Create Better Business Environment And Experience For Employees With AI And A Mentor

Published

on

There is no controversy in the fact that AI or Artificial Intelligence creates a better user experience in all aspects. Whether it is in the medical field or real estate business, automobile manufacturing, or any other, the use and dominance of AI in all sectors are hard to ignore.

While for any type of business focusing on the customer experience aspect plays a crucial role, so does the employee benefits and experience.

Both are the backbone of a business playing a significant role in its success. If you neglect any of these aspects, it will inevitably affect the bottom line of your business directly and severely.

Now you may tend to think what really does AI have to do in employee experience. Well, Artificial intelligence or AI has become an essential thing in almost every aspect of modern lives, and it has become so in the most unnoticeable way. 

You will see extensive use of AI in:

  • Home appliances
  • Mobile phones
  • Modern cars and 
  • TVs and a lot of other products.

People of today have really become accustomed to this technology in a comparatively short period of time. The inclusion of AI in different things that you use today has made your life easier, and it guides you through your individual journeys.

Most of the people interact with it every day, and several businesses today use AI for several other reasons, including:

  • Streamlining their work processes
  • Helping the customers to self-serve
  • Reducing the costs and much more.

According to a recent study conducted by Forrester Consulting, it is found that nearly 58% of customer engagement decision-makers of the world have made customer experience or CX the top priority for any organization. 

This they have done by implementing a more holistic AI strategy. This strategy has helped the businesses to renovate the customer journey and enjoy significant benefits as a result. According to the same report by Forrester Consulting, more than 63% of the businesses that use AI technology for CX have witnessed a significant increase in their Net Promoter Score or NPS. This is all due to their enhanced and AI-based customer engagement strategies.

Change in the workforce

Just like CX, AI an also help you to transform the employee experience. The modern workforce has changed significantly from that of the past years. Moreover, there is a change in the workplace as well, where now remote offices, work from home, and even roaming are the norm. Add to that the ways of working have also changed dramatically.

Therefore, with such changes, all employees, including those who are not born as a digital native, have definite expectations as to how technology will work for them. 

They are now also more focused on well-designed, affordable, and easy to use apps with a hope that it will make their tasks much easier. This will, in turn, enable them to be more productive.

However, even though there is a large number of consumer applications out there, several companies fail to deliver a more user-friendly business system. Well, AI is here to help them out. This will help them in different aspects, such as:

  • Keeping their employees happy who in turn will bring in more satisfied customers
  • Reimagining and reinventing the workplace of the future and
  • Removing the pain points of the employees. 

It will now help them to create a modern and more streamlined experience for their employees across all departments and for all roles throughout the organization. This will ensure that the employees put in their best efforts, always and every time. This will result in higher production, more employee satisfaction, and business profit on the whole.

The principle is much similar to the one that you employ in your business marketing strategy to integrate Instagram and other social channels to deliver your users what they exactly want and get more automatic IG likes and organic traffic to your site.

Engage a coach or a mentor

In addition to AI technology playing its role, you may also engage a coach or a mentor to help you to boost the morale of your employees. However, whether you will need a mentor, coach, or advisor will depend on your specific needs. Yes, there is a difference between an advisor, a mentor, and a business coach, with each having a different value to add. 

  • business coach is the one who suggests business strategies and monitors the performance, just like a basketball or any other coach do, standing on the sideline. They also keep an eye on what your competitors may be doing or thinking of and suggest counter strategies and techniques. The business coach will not work in your business but will meet you as well as your employees on a regular basis. They are there to change, improve, and correct different aspects of your business. They are more focused on the end goal and suggest accurate and productive strategies accordingly.
  • A mentor, on the other hand, plays more of a parental role. They have a wealth of experience in real-life situations and know a lot about business and the ways to grow a business. They have done all these personally. They know that running a business is a long-term and continual effort and will, therefore, be more interested in your personal development. Ideally, the role of the mentor is to transfer skills, sharing of knowledge, and contacts part from their experience. They can be contacted regularly or irregular, and the discussions may be in-depth or in pointers, long or concise.
  • An adviser is actually a technical specialist, more like a sharp-shooter. With their in-depth knowledge of a particular subject, they will provide the most accurate and practical solutions. They can give such suggestions on any pressing issue. Their relationship with you is more casual as compared to a business coach or a mentor. It is like, you ask questions and they answer. They listen to a bit and talk a lot to solve a problem quickly.

Therefore, consider the circumstances and hire the best person and use the best technology to have a happy and satisfied set of employees to ensure business success.

Continue Reading

Popular