Are You Sabotaging Your Success?
Here are the Top 10 Mistakes Entrepreneurs Make to Sabotage Their Efforts
 No
matter how grand your plans are, be sure to give yourself some slack:
all entrepreneurs make a lot of mistakes along the way to building
their businesses.
So, when you mess up, don't despair. You're in good company.
The following is a guide to help you avoid the pitfalls that other small business owners have fallen into.
#1: Changing Numbers Around to Add Credibility
Many new business owners have done this one and it
tops the list: "tweaking" the books to validate our business's
objectives and to keep soothsaying friends and relatives from shooting
us down.
We've all heard this: "How do you know this business is going to work?" or "How do you know your efforts are going to pay off?" or "Have you made any money yet?" Don't
give yourself or anyone else false impressions. Don't fudge the
numbers—especially with what it costs you to run your business. It's
not only cheating, but gives you a false sense of security, and you
won't ever really know where to actually "trim" expenses.
#2: Thinking That Your Business is so Innovative That You're Going to Conquer the Market
Many entrepreneurs think they have the most
innovative idea in the world and hype it up so badly, they don't
realize their competition is out there already.
Do your
homework before you start bragging that you've got the best business
idea on the planet. No one likes "pie in the sky," grandiose
predictions about your business conquering its market. Be aware of
those who have had the same idea and find out how their businesses are
succeeding (or failing). Those other businesses have probably been
around a while and have their marketing and following down to a science.
#3: Thinking That Your Business is a Necessity to the Public at Large
Hopefully, you have done your homework before launching a small business in your area or over the Internet.
"Gadgets" are all over the Internet. So are business services. Many,
many people will pass on what you consider to be a must-have
product.
Get used to the idea that your business is not unique or necessary right from the start. Zero
in on how to make your business better than other, similar businesses
and promote the differences. That's fine. But don't say, "You can't
live without my product or services."
#4: Thinking You Don't Need Any Help
If your small business is going to be
successful, you can't be a "know-it-all" and think that only you can do
things right. You need to seek out advice from others and be open to
having other people on board to put the workings of your business in
proper perspective.
#5: Not Judging Timelines Accurately
 You don't really
know if your business's tasks are going according to schedule until
you've had some hands-on experience with completing those tasks
yourself.
You cannot think, "Oh, that's a no-brainer. It should only take a few days for __________ to get done."
Learn to estimate the time needed to accomplish tasks so that you can
not only estimate the real cost, but also give a good estimate of
delivery of the product or service to your clients/customers.
#6: Not Having Solid Management at the Helm
Don't kid yourself: you need a solid business plan up front... not down the line.
You
need this plan so that you're not sabotaging your small business ideas
by thinking, "Once I make sales, then I'll do this," or "I can always
get a small business loan if I need one if costs go over."
You need to be sure from the outset that you've planned well in the
beginning. That means having a good business plan before you launch
your business.
#7: Long-Term Goals are Met by Achieving Short-Term Goals
Some new small business owners think that "baby
steps" are safe and if their short-term goals are met, the long-term
goals will naturally fall into place.
That's backwards thinking.
You
should have long-term goals set for 3-5 years and set short-term goals
(or milestones) in the long-term direction. If you don't, you'll just
keep meeting short-term goals that aren't really contributing to your
overall projections and goals over the long haul.
#8: Overestimating Your Objective and Ability to Slam-Dunk the Competition
This is an issue you really need to take a long look at and decipher what sets you apart from current and future competitors.
Giving
out a free candy bar with every order won't cut it. Your
professionalism will stand out most of all, whether you're selling a
service or a product. This means you need to keep your credibility and
sense of fairness high at all times, especially during hard economic
times when people aren't really sure who to give their money to.
#9: Assuming Your Customers Will See Your Business the Way You Do
Let's face it: small business owners see their
"baby" in an extremely positive light. Customers may not see your
business the same way.
It's hard to get others to see the
beauty of your business. If you come on too strong, you'll turn them
off. People can sense a "salesperson" a mile away.
Make sure you give accurate facts, honor your promises, and don't oversell.
#10: The Fallacy That if You Can Build a Business, You Can Run It
This just isn't true.
Some
people are fantastic at building startup businesses but if you asked
them to "take over and run it," they'd be all thumbs.
You
have to realize that a business is made up of several components:
financial, consultant (for ideas), management, marketing, and PR, among
others.
If you want a top-notch small business, you need to
realize your own limitations and be open to the help of others who have
expertise in areas that you may not be that great at dealing with.
Important Points to Remember to Avoid Sabotaging Your Small Business
- Develop and write down goals, strategies, and measures for success.
- Give credit to people who are smarter than you, or who just know things you don't.
- Be fair in sharing the equity in the business.
- Hire the people you need—not just the people you like.
- Learn to give responsibility to others at the right time.
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