Every year thousands of entrepreneurs begin their startup, and each year, thousands fail even before the second year at outstanding rates. So how can you set yourself and your business up for success and miss the avoidable pitfalls? Instead of gambling with your future by trial and error, give your venture a chance to succeed by modeling other entrepreneurs so your business will not be another statistic.
This is a contributed post. Please refer to my disclosure for more information.
Do not be anti-social
Every entrepreneur needs a strong team of professionals to succeed. Therefore, you need to network; not doing so will make you a stranger in your industry, leading to your business’s downfall. Knowing a few big guys in the industry and a great external network will get you through the door and help you gain significant publicity. As a budding entrepreneur, spread your wings beyond the limitations of local advertising. Do not leave any stone unturned in your online marketing efforts; incorporate various social network channels such as Facebook, Twitter, and Instagram, to build a robust online presence that benefits your brand. You can also go the old school route using fliers and leaflets, and you can click here if you want a roadmap.
Don’t try to be perfect
Most budding entrepreneurs get entangled in the web of making everything perfect before the launch of their product or service. Perfectionism, if not done moderately, can be a pitfall. It can also stifle creativity when you get too busy perfecting every aspect to spend huge startup capital and valuable time. It’ll take months or years to recover all the time and resources once the business is up and running.
It would help if you focused on what is essential to launching your business. With fast-changing trends in the industry, you will not be able to keep up with the ideals of perfectionism if you want your business to stay afloat for a long time. Also, perfectionism keeps you from evolving and having a competitive advantage. As an entrepreneur, always leave room for improvement and adaptability; this will ensure your services or products thrive. Entrepreneurs who are addicted to being perfect have trouble delegating responsibilities to others, limiting their growth potential.
Although entrepreneurship means working in your hours, it is not a breeze. So think again if you are lazy. Entrepreneurs are the hardest working on the planet, always the first to arrive and last to leave. If this isn’t you, you may need to rethink your decision to be an entrepreneur. In business, procrastination can lead to missed opportunities. If you delay your customer, they will buy from your competitor, and they are likely not to do business with you again. Procrastination will not only prevent you from achieving your goals, but it will also damage your reputation. Bad news spreads fast, and you won’t get very far in your industry with a damaged reputation.
Entrepreneurship is a bumpy road, but the good news is many successful entrepreneurs have made it, and there is a blueprint to success only if you are willing to learn.