Being an entrepreneur sounds aaaawwwesoooome, right?!?! Especially after watching the Steve Jobs Documentary on Netflix or after having a rough day at the ‘ol 9 to 5 j-o-b. Though we all might wish that we could infuse our DNA with the same brilliance and creativity genes of the likes of Steve Jobs, if you wanna be a successful entrepreneur, you might want to know what potential bumps are in the road to avoid.
While there’s nothing wrong with trial and error, the goal would be to minimize the number of trial and error iterations when running a business based on how much money and time you have to invest. For pete’s sake, most entrepreneurs around here want to make money and not burn it without showing measurable signs of growth.
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Here at Xtendly, we’ve watched small business owners with outstanding website business ideas realize their goals. We’ve also seen startup entrepreneurs incorporate online marketing plans and grow their numbers at outstanding rates. However, there are also some out there that experience downward sales slumps or are just getting crushed by their competition. And it makes us wonder, how can we model the success stories and avoid the pitfalls? What traits and business practices do successful entrepreneurs have? What skills are needed?
After having lived through the roller coaster for twenty years, I can tell you that with absolute certainty that there are patterns or principles to achieve success. One of those patterns, especially in today’s world of startups lies on a solid online marketing plan. BUT, along the way, it’s got to be managed, executed and fine-tuned.
On top of having the right plan, it’s also gonna take a special kind of person and team to make success happen!
To avoid failure, here are 8 mistakes entrepreneurs must avoid to be successful:
How many people do you know that had their big eureka moment for website business ideas but never got to successfully launch it? The most common pitfall of budding entrepreneurs is perfectionism. Though this trait can be categorized as a positive one, for businesses it’s often an ingredient to failure. A lot of business ideas never see the light of the day because their founders are too busy perfecting every aspect that they end up spending huge startup capital and valuable time. And, if they ever got to launch the business, it’ll take months or years to recover.
The solution to this is to focus startup resources on what is essential to launching your business. Employ the Pareto principle in your online marketing plan to keep it running. With fast changing trends in the market, perfectionism can only keep businesses afloat for a short time. Entrepreneurs should always leave room for improvement. This is how today’s businesses and products thrive. Take Windows OS for example, if not for the suggestions and bug reports from consumers, then Microsoft will just stick to same OS year after year, until another company develops a cooler interface. However Microsoft spends a great deal of its resources in constantly improving their products.
2. The Anti-Social
Forget about being a hermit and confining your business within the limitations of local advertising. Anti-social is synonymous to poor networking, and in today’s fast pace trends, it can lead to the downfall of your business. Joining charities, shaking hands with the big guys, and employing a huge chunk of your resources to big advertisement packages is no longer a necessary to gain major publicity. Often, successful website business ideas are paired with diverse online marketing plans that incorporate various social network channels. Building solid presence in Facebook, Twitter, Instagram and other social networks can boost business exposure not just locally but in global terms.
3. Stubbornness to Learn and Adapt
This trait points to two things; refusal to learn from new technology and techniques, and refusal to learn from mistakes. Both are just the same to an egoistic old prune that still arrogantly wants to be the big guy (or gal), but doesn’t want to adapt to the changes. Still want your team to go for door to door sales? Think again and compare how much revenue online sales can drive.
If you are running your business but can’t seem to have enough drive to get yourself out of the bed every morning, then think again if you should go on. Sorry to break it to you but in centuries of business history, no startup has ever thrived in laziness. Those who claim to get rich quick and passive incomes have always had to start somewhere with some significant level of work as well. So if you find yourself doing things that are less connected to your business, it might be time to reevaluate your productivity and progress. Sure, it’s tempting to go shopping on Amazon or searching for a new song on Google Play, but if it’s not bringing you any revenue at all, then you might be headed for a fall.
5. Greed for Money
Money is indeed the main cause of greed, and also the most common cause of short-lived businesses. Big names in the business world will always advises to not chase the money. There are millions of website business ideas born each day in hope to earn seven plus figure incomes. Entrepreneurs who only think of profit from day one (and not what their customers want), often end up losing their capital and worse, closing their business. As Tony Hsieh, the co-founder of online shoes and clothing shop Zappos, have said, “Chase the vision, not the money, the money will end up following you.”
6. Inability to Accept Feedback or Failure
This might be the worst of them all. Arrogant entrepreneurs sometimes ooze with so much confidence that when a customer gives a suggestion or negative feedback, they forget to respond professionally, compromise and take it as a learning opportunity. Most businesses fail because of the inability to accept negative comments and improve from that point. Remember, there is always competition out there, if a customer finds that you’re unable to provide what they need, someone else is most likely able to do it.
Some business owners are afraid to delegate tasks, pass down skills and knowledge to his employees because of distrust and paranoia. Often, this drains energy that should be directed to things that need better attention. Competition will never disappear, and just like you, some people also want to move up in the ladder. But while they’re under your business, let them do what they are good at. The point here, employ good people, learn to trust and take care of them and they will trust you back.
8. Multitasking Hoarders
Business startup owners are often guilty of this. Sure, a jack-of-all-trades sounds like a good skill, but as the CEO of your own startup, it’s better to delegate tasks. That way you can divert your energy and skills to the leading indicators of your business that really matter and drive the needle.
Now, I’m sure none of you have any of these issues, right? Regardless, reflection is something that takes putting time aside and opening up. Do this and you’ll be on the track to success!