| |
| |
|
|
|
10 Ways Entrepreneurs Shoot Themselves In The Foot
Entrepreneurs and their businesses have a tendency to ambush themselves when they aren't looking. This affects how much revenue they can generate, how fast their business rises, and even if they survive after the first few years. If you feel there is a possibility you are getting in your way to success, review these elements to see if any of these items might apply. 1. Imagine investing time and money into a product or services, only to find that it isn't selling. Or at least it doesn't have the results that you expected. Now, I'm talking realistic here, and not some grandiose vision. It's hard to give up something when you have invested your resources into something, more importantly, you have spout off to the world (okay, friends and family) that you were doing it. Gluing yourself to an idea, product, or service that isn't making any money or enough money to support the business isn't smart. Ego and pride don't make money. Getting hitched to any one idea, or even two, that isn't profitable isn't smart. Every product climbs and falls -- even McDonalds drops a product when it doesn't test strong. Ideas are the currency of entrepreneurs, make money with them or let them go. 2. Be proud of being an entrepreneur. DFor some reason, the title entrepreneur seems to have caught a disease, but that shouldn't be the case. Be proud of being an entrepreneur. when someone asks you, don't mumble, and don't call it by another name, as if being an entrepreneur was somehow unprofessional. The same applies to the title of independent professional -- which is another name for entrepreneur. Stand tall and proud. When I ask people at networking events if they're an entrepreneur, they often respond with strange body language. Some shift their stance uncomfortably, sometimes their hand goes over their mouth and they let out a barely audible, "yes," and sometimes they even correct me, using some other title. 3. No bologna (or b.s.). Entrepreneurs can be naturally excited and optimistic about what they are doing. Don't let the excitement sound like hype. Because of this people don't trust you. Don't just tell the pros, add the cons. Let people know, who is the best person for this service - not everyone, or what circumstances are best for the product. People aren't stupid but if they have to figure the cons of the product or service, you will most likely lose the sale. 4. Being in denial of your cash position. Not balancing the checkbook, not knowing what your accounts receivables, payables, or what the break even cost is for a product or service, isn't smart business. If you don't know what it is, get a book on the topic or talk to an accountant. Denial creates fear, and fear creates denial. It's a vicious circle that creates stress and ulcers. Short term projects turn around short term dollars. Long term projects never turn around short term dollars. Be realistic with all your resources. 5. Accepting weak any bodies. Whether its weak staff, weak clients, weak strategic alliances, or anyone else in your support realm. If you are attracting weak people, you are giving weak signals. Change your signals and you will change what you attract. To attract strong people, you need strong signals. 6. Confusing possibility with reality. One of the main characteristics of an entrepreneur, and this could be one of the reasons people may not like using the name, is their gift to see everything in possibilities, yet spend money in the world of reality. Money is always reality. 7. Selling or trying too hard to explain what you sell. If you find yourself pushing what you're product or service does, it is time to change your "success formula." Common causes are: (1) You are trying to sell to someone who isn't your target, or (2) If you have the right target and you don't know what you are selling. You can only handle this in two ways, know what the customers are buying, or know the benefits of what you are selling. Benefits in the terms customers need to hear and understand, not what you choose to say. 8. Lack of any or adequate support structures. If it takes a village to raise a child, what do you think it takes to raise a business. Surely, not a lone ranger. Work with others to help handle your many business and personal needs. Entrepreneurs need support, even if it's only a feeling. Arrange to have a support structure for every part of your business. Keep in mind tip number five above for this as well. 9. Over or under delegating. It is so hard for entrepreneurs to begin to delegate. Yet once they do they seem to swing the pendulum completely to the opposite side and over delegate. Over delegating is "dumping" on people. Even paid people, don't like being dumped on. Feeling in control is a need of most people, entrepreneurs aren't any different. They look at it as a money or trust issue, when in actuality it's usually a control issue. Delegate appropriately and with people that think you can trust. Let the trust build over time. 10. Stop giving up so easily. Successful entrepreneurs don't see failure. They see learning lessons. They pick themselves up, dust themselves off, change and adjust, and keep moving. Being an entrepreneur, during the early years of a business -- that is under five years for most professionals, takes more work than being an employee. Even if you are a graduate with an MBA in business. Don't include your learning curve time in with the rest of your time. Everyone has a learning curve of some kind. Catherine Franz, a Professional Marketing & Writing Coach, specializes in product development, Internet writing and marketing, nonfiction, training. Newsletters and articles available at: http://www.abundancecenter.com blog: http://abundance.blogs.com
MORE RESOURCES: Buy Website Internet Traffic. Website online advertising. Buy full page popunder advertising and increase website traffic to your sites. Bad Credit Loans - Loans for people with bad credit. Access online government grants and financial credit services instantly online. Digital Streaming Radio On Your Mobile Phone - La Vella Mobile Radio. La Vella Mobile Radio Gives You Access To Over One Hundred Of The Hottest Streaming Radio Stations From Around The World And Brings Them To The Palm Of Your Hand, Right On Your Mobile Phone. Get Streaming Radio On Your Cell Phone! Audio And Video Streaming For Multimedia Purposes. This Is A Complete Step By Step Guide To The Beginners Who Want To Install And Setup Audio And Video Streaming For Multimedia Purposes On The Internet.
|
|
|
|
RELATED ARTICLES
What Makes a Person an Entrepreneur? Entrepreneurship is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion. The entrepreneur is often quite different in mindset from a manager, who is generally charged with using existing resources to make an existing business run well. How Entrepreneurs Make Money Selling Global Brands On and Off-line Did you know that thousands of companies from all over the world are looking for enthusiastic individuals to represent their products overseas? That person can be you. From Chinese toys to Brazilian bikinis people are making money reselling all kinds of products for a profit. Entrepreneurial Hate, its out there Today, I got an email from a lady who hates all business people and entrepreneurs, because they are Greedy, Arrogant and a Host of other atrocities. She was replying to an article I wrote about entrepreneurs and how they bring to the civilization; everything you see, everywhere you go and without us, you would have nothing. Are You an Entrepreneur That is Starved for Time? Being an entrepreneur and running a successful home-based business is stressful at times, and can be hectic. Success within a home-based business though, absolutely demands time management skills, or the chores that need to get done will be left undone, and procrastination, as well as a serious "personal time deficiency" will occur. Before Getting A Franchise Buying into a franchise is a great way to be part of a recognized brand with the benefit of lower advertising outlay. With many franchises to choose, here are some tips before you get involved with franchise:Get The Support of Your Family:The success of your franchise is also the acceptance of your immediate family in supporting your effort. Can You Make Money Without Money? When I ask why you don't start your own business, I always hear, "I don't have money to start a business."This is a common excuse people give for not starting their own business. Financial Strategies for Transitioning from Salaried to Solo 7 Financial Strategies for Transitioning from Salaried to SoloA 40's something woman was talking to me the other day about her growing sense of frustration with "working for someone else" and her longing to "do my own thing, drive my own wagon". But, she said with consternation, "I have family counting on me and a standard of living I don't want to sacrifice. Playing Hookey Can Help! A Surprising Secret To Small Business Success! Would you like to increase your chances of business success by 350%? The good news is that you can! Before you start working harder or learning the latest business theories so you can work smarter, try something different. You can increase your chances of success by as much as 350% by being more innovative and uncovering dramatically different ways to look at your business and develop your product or service. Entrepreneurship: What does it REALLY mean? Introduction:In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around the world are starting to realize that in order to sustain progress and improve a country's economy, the people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. Envisioneering It never ceases to amaze me. Almost everyone peers into the future through a rear-view mirror. How To Start a New Business While it is tempting to just leap into a new business because of it's exciting possibilities, a few key planning points will vastly increase your chances of success. These steps aren't difficult, but they're easy to skip. Lessons Learned from Successful Entrepreneurs Entrepreneurs are a special breed of high achievers. They create things, get things started: businesses, clubs, churches, associations, even nations. A Startup Never Closes When it comes to a startup, the luxuries shared with established companies are few and far between. Chief among them is the luxury to close at the end of the day. Isnt it Time You Started to Fly? I am going to begin this article by sharing a shocking fact.. Ancient Warrior Secrets For The Modern Entrepreneur The words you see onscreen trigger subconscious responses. Dark images penetrate your mind. An Entrepreneurs Biggest Cost When launching a new product or company, an entrepreneur must consider their biggest cost - the opportunity cost. Opportunity cost is an economic term that is defined as the cost of passing up the next best alternative when making a decision. How to Become a Successful Entrepreneur on the Web Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work. Business Startup Checklist Use this comprehensive checklist to plan each step of your new business and transform your dream of entrepreneurship into reality. These steps may not necessarily be completed in the order listed, however, you can use them as a guideline for completing all of the necessary business startup tasks. Empathy - Not Business Plans - Key to Your Home Based Business Success - Do You Have Empathy? EMPATHY is a Natural Talent, you were born with it and you will never loose it. It can be a blessing or a curse in a home based business. Entrepreneurial Excerpt from a Speech to Small Business Having built a business from a bucket of water and sponge, which started over 25 years ago in a National Franchise chain in 23 states, I feel comfortable discussing entrepreneurship.While building my company in the beginning we learned the value of grass roots marketing, being involved in the community and giving a little back as we grow.
|
