Entrepreneur Mistakes
Four mistakes entrepreneurs make
in any economy…
I found myself pondering over a question a customer recently asked “What have you learned as a business owner?” I wondered where I would be now if I was just starting out and making the same mistakes vs. eight years ago in a more forgiving market. In today’s economy we have little room for waste and a big need for innovation. I thought I’d identify some mistakes that many entrepreneurs make in any economic climate.
1. Stay focused and trust your instincts – as a small business owner many opportunities come your way that seem lucrative and exciting. Be cautious– they can derail your focus, take up a lot of time and often go no-where. The advantage of being small is it’s easier to steer your business in a different direction, that’s also your disadvantage. Do your homework and be sure new ideas fit your overall business goals.
2. Know your customer and always be prepared – It amazes me how unprepared people are when they are selling. Before meeting with a potential customer research everything you can about the company and person you are meeting. Take the time to Google your clients; review their website and their competition. Credibility such as testimonials, statistics, marketing collaterals, and work samples go along way when the conversation points in that direction. Personally, I want customers to see my company as a partner, as part of their team; we often supply industry-specific knowledge that is thoughtfully prepared. Keep in mind you are influencing change.
3. You are always responsible for your actions and how you handle situations. That’s your power and that’s your brand! “Your reputation is what you perceive it to be, your character is what your reputation is” Coach John Wooden. Even the best plans don’t flow as you may have hoped; I always tell my son’s the one thing you can control is how you resolve or handle a situation. If you do this without anger and judgment you can resolve an issue much quicker and be open to your contribution in the problem and therefore feel better about the end result.
4. A willingness to collaborate equals innovation. Be open up to new ideas and think outside the box. We found we do our best work when we are truly transparent both inside our company and with our business partners. During a recent product release we asked everyone in our company to participate in the product development and launch of our new portal product. Each person brought a unique perspective whether it was usability, marketing, or product capabilities. Our overall result was a better product, less time to the market and a feeling of comradely across the company. It really comes down to good business planning!
Wendy Brabon
CEO
Brabon Justice International