For a lot of people, becoming an entrepreneur and building an online business is synonymous with risk.
It is an endeavour that many people avoid, mostly out of fear and self-doubt. But, it’s one that can bring joy and fulfilment like nothing else. And, it may not be as dangerous as you believe.
Did you know that nearly 80% of all small businesses actually survive their very first year?1 This can come as a surprise since most people believe that it is the first year that’s the most dangerous. After this though, success begins falling dramatically, with approximately half of those businesses closing their doors by the five-year mark.
The good news is that there are more than half-a-million small businesses opened each and every year, and this provides lots of learning material.
In this article, we’re looking at the 3 mistakes most commonly made by entrepreneurs and ways that you can avoid them.
The Wisest Thing for Entrepreneurs to Do is Learn from the Mistakes of Others
Learning from the entrepreneurs who came before you is so beneficial. It’s one of the best ways to build your small business successfully, without all the hardships typically associated with the process.
And, with the introduction of podcasts, social media, and entrepreneur-focused websites, learning from those who blazed the trail has never been easier.
3 Mistakes to Avoid that Could Cost Your Business
There are so many things to keep in mind when opening your online business, and so many decisions that could stunt your efforts to start one.
The most important step is to carefully and consciously weigh each choice that you make. Compare it with decisions made by other entrepreneurs and do some research to see how it worked out for them.
To get you started, here are 3 disastrous mistakes to avoid:
Mistake #1: Falling for Shiny Object Syndrome
It is so great to have goals for your online business. But running off and chasing one goal after another, without doing the research or completing the goal prior, can be devastating to a business. This is especially true in the early days.
Known as “Shiny Object Syndrome”, it’s described as a tendency to chase new targets and responsibilities while leaving the other ones neglected. Put simply, Shiny Object Syndrome preys on the high motivation and ambition of entrepreneurs, like you.
The trick to overcoming it is to set goals and see them through, no matter what you want to do.
Mistake #2: Doing Everything Yourself
In the first years of owning a small business, when your enthusiasm and energy are high, it’s fun and exciting to learn every aspect of running it.
However, in the longer-term doing everything yourself can become overwhelming, exhausting, and downright deflating. The emotional and physical toll of operating a business entirely alone begins to take hold and your productivity and potential for success suffer significantly.
Doing everything alone for your online business is not selflessness or dedication. It’s actually poor leadership, and it could cost you your business.
Instead of giving in to the belief that you are the only one who can do a task, learn to trust your employees. Show them that they are valued members of the team by allowing them to work with you.
Mistake #3: Failing to Create a Clear, Focused Marketing Strategy
There are so many different ways to promote your business in today’s digital environment.
From social media and email marketing to blogging, it’s easy to get sucked away in a sort of marketing “shiny object syndrome” of its own. This is why it’s so important to find a focused marketing approach that works and stick to it.
Failing to create a clear and focused marketing plan can have detrimental consequences.
You could very easily end up doing a lot of things poorly, rather than doing one or two things well, leading to overwhelm, promotional strategies that are completely uncoordinated, and poor results.
You could find yourself spending hours of effort on marketing material that’s unsuccessful, and it might be more difficult to find and track the strategies that do work.
Your small business marketing plan doesn’t have to be complicated, but it should help you target your audience more successfully.
Financial Freedom is Possible with Middle Aged Entrepreneur
At Middle Aged Entrepreneur, we know that you have the power to take control of your finances - no matter how old you are!
We believe in learning from the mistakes of the entrepreneurs, and know that success is possible for everyone. It may sound scary now, while you’re still stuck in that 9-5, but we can help you build an online business that lasts for years.
Learn more by contacting us today.
1. Frequently Asked Questions About Small Business. (2018, Feb). US SBA. https://www.sba.gov/sites/default/files/advocacy/Frequently-Asked-Questions-Small-Business-2018.pdf