When starting a business, it’s easy to get lost in the fairytale of it all. So you’ll start a business and you’ll make a ton of money and then you’ll go on to retire by 30 and live on a private island and sip on foreign named-cocktails. Uhm no. Being an entrepreneur is all about early mornings and late nights, broken dreams and crushed ambitions…. or at least that’s what most entrepreneurs agree on.
Here are 5 things entrepreneurs for generations have been doing wrong:
1) Funding.
So entrepreneurs need funding, yes what for? Many entrepreneurs cannot effectively breakdown what they need funding for. Entrepreneurs tend to think that funding is the alpha and omega of starting a business. Capital is important however, this should not be a determining factor. Many entrepreneurs sell their personal assets such as their vehicles for start up funding. Investors are prone to investing in business’ where the entrepreneur has shown leadership and invested their own money in the business too.
2) Workforce.
As much as you want to, you can’t do it all. You’ll need to hire employees to assist you with your company. Be sure to be completely open with your staff on where your business stands and what your employees can expect as payment. BEFORE employing staff be sure to have a six month runway set aside for salaries. Alternatively be open to share dividends within your business.
3) Marketing.
Wow guys welcome to the 21 st Century!!! Who would’ve thought that in today’s day and age, with access to information all around us entrepreneurs still choose not to pay optimal attention to their business’ Marketing. Bizlinkworld.com is a brilliant way to assist with this, Bizlink World gives you access to the market, this tool is free too.
4) Defined Goals.
Where is your business headed? Why do you wake up every morning? You need to have clear and defined goals. It is not enough to have goals, goals need to be directed and aligned to your business. Use the SMART tool as a guideline: goals need to be Specific Measurable, Attainable, Reachable, and Timeous.
5) Roll with it.
Now as an entrepreneur you’ll know that there’s no such thing as certainty. Deals fall through in an instant, the investor doesn’t pitch to your meeting, someone else has a similar idea. Whatever the external influence it is vital that you adapt to any situation. Your business needs to be adaptable too. Refine your ideas and concepts, create your company culture, get involved with the community, teach skills. There are many ways to state your presence within an industry. Keep reinventing yourself , stay relevant!
Entrepreneurs are risk takers, determined and resilient. Whatever the risks be sure to do enough research on your solution/product/service as well as your target market. It’s a tough industry but if Bill Gates or Steve Jobs are anything to go by, the pay off is pretty amazing.
Keep at it, it gets better.
Candice Coulsen 14/9/2017
