7 Costly Mistakes Entrepreneurs Make Every Day – News Couple

7 Costly Mistakes Entrepreneurs Make Every Day

Opinions expressed by Entrepreneur The shareholders themselves.

You are reading Entrepreneur United States, an international franchise of Entrepreneur Media.

Entrepreneurship is a call that not everyone has to answer. For those who do, there are many rewards and many achievements to be made. However, with every chance of success, there are risks of failure and collapse, and there are easily avoidable mistakes that can have a huge impact on their business.

Many serious mistakes go unnoticed, leaving business owners unaware that the choices they make have negative consequences for their organization. Fortunately, once the problems are identified, there are easy solutions to get back to growing a thriving business. Here are some common errors and solutions.

1. Does not block time

We wear many hats, which can lead to many small tasks and errands that take up most of the day. Without time splitting, these simple tasks become choppy, piling up, become disorganized, and ultimately very little gets done. Think of all the drafted emails that were never sent because you answered a text. Think of all the unanswered texts because your partner needed help with something. Think of all the promises that are broken because your customer is asking why the email wasn’t sent. The vicious time vortex continues and gets longer.

Time setting is the answer. This technology allows entrepreneurs to enjoy the balance and necessities in their lives while helping to ensure that the majority of the day is devoted to their work.

Time setting gives you a 30,000 feet view of your time space In fact Going. To set the time correctly, create a spreadsheet for your day divided into 15-minute time slots, and spend 30 minutes in the morning planning your day. Then spend the rest on implementation – color coordination between different types of tasks like work, relationships, basics, personality, etc.

2. Too many phone calls

Yes, that 1 hour phone call can be a 5 minute email. Yes, those three team members on your Zoom call who are sitting there and not saying a word might be better off spending their time elsewhere. And yes, the whole event was a massive misuse of time and energy.

The old saying goes, “People need to like you, know you, and trust you before they want to do business with you.” The sole purpose of a call or Zoom is to check these boxes as quickly as possible with new clients. If customers are dissatisfied or team members are not working, this may warrant a call to readjust expectations or solve the problem. Otherwise, everything else can be answered by email or organized by a CRM. These systems are essential to teams.

Related: 11 Mental Traits of Successful Entrepreneurs

3. No personal assistant

Many new entrepreneurs believe that they can handle everything on their own. Most of them also think they have an incredibly tight budget that doesn’t allow for extra help. This leads them to be disorganized and ineffective.

By hiring a personal assistant, entrepreneurs learn to truly value their time. Even if you think you can’t afford an assistant, Hire one anyway. You will make more money in the long run if you invest in the right help. Personal assistants can help hold you accountable and give you a soundboard for your ideas.

Many great ideas remain in the entrepreneur’s head, but the assistant allows you to express your ideas to someone you trust and get a reaction. You can even treat a personal assistant as a business partner (without distributing property rights) and collect feedback and suggestions to improve your company.

4. Not doing enough awareness

While everyone wants to become a millionaire, few have made a plan to do so, and fewer ask for it. Many entrepreneurs avoid the outreach phase of sales and business development. While they must constantly seek help by sending direct messages to clients, investors, talent, service providers, and others who can provide assistance. In other words, ABDM (always DM’ing).

Direct messages are much faster and easier than calls and are easily accessible in the digital economy we have today. Make sure to follow your DMs and try to use voice memos to send your thoughts instead of formal written messages to make your DMs personal and original.

Related Topics: Do Introverts or Extroverts Make Better Entrepreneurs?

5. Forget about having a bigger than life personal brand

Entrepreneurs are so focused on creating value for others, they completely forget about their personal brand. By investing heavily in PR, TV, online publications and magazines, you will get massive growth in social media. And with great features and following, you will establish authority and credibility, which is very important for sales, new partnerships and growing your business.

If Kylie Jenner’s Instagram account was suddenly reset to 1,000 followers, she would never get 275 million back, and her sales would drop. The majority of the population (or gigs we call it) will move on to something else. As well as the media.

These “vanity metrics” are much more important than people previously thought. And when Warner Music bought Daquan, an Instagram meme page, for $85 million, it became clear that those pages were valuable digital assets.

6. Forgetting that holding cash will spoil you

Some entrepreneurs believe that money in the bank is a sign of success. However, the opposite is true. With inflation soaring to more than 4 percent this year plus government bailouts, money in the bank actually means you’re in big trouble.

The cost of goods and living goes up, and your team constantly wants higher wages to match those rising rates. You need to invest your company profits in stocks and real estate and use a small amount to invest in cryptocurrency and small businesses. You need to hedge and try to double your declining dollars.

7. Forget about digital transformation or extinction

The pandemic has pushed us forward a decade into the digital age. The ways in which companies operate and do business are changing rapidly. Many employees in the same business have not met each other, and many customers have not met service providers, but this does not prevent people from working or buying.

This allows you to experience unlimited creative power to build digital opportunities and businesses. Kids will one day laugh at the idea of ​​going to work in an office, and SaaS products will quickly replace jobs that previously required complete management to handle. The scalability of these types of services is unbelievable.

If you don’t keep up with the times and format your work for the digital age, you’ll quickly find yourself cringing.

Related: 101 Time Management Tips to Increase Productivity Every Day

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button