How Successful Entrepreneurs Avoid Common Business Pitfalls
At the beginning of an entrepreneurial journey, it is common to re-adjust strategies to attract better customer and make better profits. Successful entrepreneurs of today have gone through this phase at one point or the other in their journey.
However, the journey doesn’t come without its pitfalls and mistakes. This is because entrepreneurship has its upsides and downsides. Navigating through it well breeds a successful entrepreneur.
Below is a list of how successful entrepreneurs have been able to avoid these common business pitfalls.
- Separating personal bias from marketing
More often than not, entrepreneurs share a personal connection with their businesses. While this is not such a terrible idea, it becomes a problem when marketing gets hinged on the entrepreneur’s own opinion.
Successful entrepreneurs understand this and let go of their personal bias when marketing products. Product marketing shouldn’t be centred around what the entrepreneur thinks to matter the most.
On the contrary, it should prioritize customers wants and as a result, will be able to solve customers problems.
While successful entrepreneurs believe so much in their products, they understand that doing the work of convincing customers based on their terms is the only way to get things done.
- Delegating
One great way to let go of things beyond your control as an entrepreneur is by delegating. However, some entrepreneurs are so engrossed in running a one-person business they hardly delegate. This has thwarted so many businesses.
Successful entrepreneurs take delegation seriously and know how to maximize the 24-hours they get in a day. Letting other people share in the responsibility comes with numerous advantages, achieving more in less time is top on the list.
Furthermore, delegating promotes healthier mental health and allows operations to run smoothly. This is one sure way to avoid common business pitfalls.
However, delegation does not mean completely outsourcing every single task, including those you should handle yourself.
- Not getting distracted by the competition.
One significant trait of successful entrepreneurs is their ability to remain focused on important things rather than worry about what competitors are up to out there.
A common pitfall some entrepreneurs make is fixing their attention on competitors’ strategies and lose sight of their market. Learning not to lose sight of the position they occupy in the market is a common trait of successful entrepreneurs.
Now, this isn’t to say entrepreneurs should ignore their competitors. However, it is crucial to let go of things beyond our control to focus on what truly matters.
- Not getting caught up in the idea.
Usually, coming up with an idea is the first stage of the entrepreneurial journey. However, that is not all there is to it. Money doesn’t come with mere ideas; it comes with the execution of such plans.
Successful entrepreneurs understand the importance of idea implementation and do all it takes to make it possible. They carry out appropriate market testing of such idea to evaluate its value in the market.
Also, they don’t get all caught up in the idea and lose sight of other promising opportunities that can be explored.
- Carrying out necessary research
When it comes to entrepreneurship, a common pitfall is a lack of or inadequate research. One primary reason an entrepreneur gets all caught up in their ideas is failing to carry out the necessary research.
For successful entrepreneurs, they avoid this pitfall by doing proper market research and testing first before venturing into a business idea. In cases where funds are available, the services of a market research company can be hired to carry out the job.
Market research should be carried out first before carrying out market testing. There are more chances of failure when research is not properly carried out first. Before market testing, there should be a close connection between your customers’ expectations and the problems you would like to address as an entrepreneur.
- Carefully hiring employees
Successful entrepreneurs understand the vital role employees play in the success of the business. With this knowledge, they do not go on hiring employees without putting proper measures into place.
Hiring employees at the wrong time can lead to an increase in expenses, reason you shouldn’t delve into it too early.
The first step is to justify the need for employees in the first place, does your workload require the services of an extra hand? If the answer is yes, then you can go ahead.
Rather than hiring full-time employees, some successful entrepreneurs hire the services of temporary or freelance employees to handle specific projects. This saves cost and gets the job done at the same time.
- Making customers a priority
Taking customer for granted is the fastest way to send your business down the drain. Everyone wants to be treated with respect and care, and the customers are not left out.
One mistake common with some entrepreneurs is treating customers like kings and queens at the beginning of the business relationship but treating them like ordinary people after a while. This is one of the most significant pitfalls in entrepreneurship.
Successful entrepreneurs have mastered the art of improving customer service at every stage of the ‘business-client’ relationship. They do not take customers for granted, regardless of how long the connection has been.
Furthermore, successful entrepreneurs sustain their enterprise by going the extra mile to offer customers maximum satisfaction. They understand there is no business without customers.
Those mentioned above are some of the most common business pitfalls where entrepreneurship is concerned. Successful entrepreneurs based on experience have been able to overcome these pitfalls and as a result, setting the pace for new entrepreneurs to follow.
Putting in extra effort to avoid these pitfalls will ensure a successful and long-lasting business for you as an entrepreneur.
Emmanuel
Nice piece
June 26, 2020