Mistakes Entrepreneurs Must Avoid To Find Success

Lately, I’ve been spending a ton of time studying success. I’ve always wondered why some succeed when others fail. As I’ve dug deeper into my research, I’ve noticed patterns on both sides.

Of course, success has many definitions, but while I was studying, I was looking at business success. It’s easy to have it all and lose everything. It’s also easy to use your environment as an excuse for lack of progress. 

Regardless of the external factors, avoiding the following habits will put you several steps closer to reaching your potential. Use the new year as your starting point to avoid these mistakes as you scale your business to new heights.

Lack Of Hard Work 

working hardA lot of people get a small semblance of success and think they can coast. When you start to succeed, you need to seize it and reinvest. When The Newsletter Pro began to grow, I had backup employees in as many departments as possible to ensure we had enough people to handle the inevitable. That way, if someone went on vacation, quit, or called in sick, I wasn’t the person who needed to step into that role for the day, week, or month. There would be a qualified team member who could step up as needed.

Lack Of Education

It always amazes me when I meet a business owner who doesn’t read or study business in any capacity. I’m always in a mastermind group, reading books, or buying courses on business. As they say, knowledge is power, and educating yourself is key to being a successful and powerful entrepreneur. The more knowledge you have, the better you are at navigating the ever-changing business landscape.

Too Many Projects 

projectsAround the holiday season, entrepreneurs take on too much work, and in turn, all of the projects suffer. As a business owner, you have enough on your plate, so adding more only causes you to push projects off or rush through tasks. Be realistic with your bandwidth and how much time you actually have in a day. Set up a weekly task list and break down how many you can actually complete every day. 

No Plan For Customer Churn

It’s hard to get ahead when customers are leaving as fast as you bring them in. You have to work on relationship-building and customer success to reduce customer churn. That involves taking a step back and thinking about the customer’s entire experience with your company. What is their customer journey like from start to finish? Would you work with your company? You need to focus on their needs and how you can meet them in a satisfactory way to keep them coming back. 

Fear Of Failure 

Fear of failure can paralyze any entrepreneur. The reality is that you’re going to fail at some point. It’s okay. When you started your business, you bet on yourself, and you’ve won numerous times. I screw up all the time in business. Even though I make mistakes, I always bet on myself, my work ethic, and my ability to out-think the competition. Don’t stop betting on yourself just because of one failure. Remember, you’re the one who got you to where you are now. 

No Clear Goals With Plans

Everyone needs goals, and those goals require a plan to be reached. First, outline your overall goal. Then, outline the smaller tasks that are needed to complete that goal. Finally, set up a goal-setting timeline to hold yourself accountable. Implementing this system is crucial to your business success. If you want to reduce churn, what’s the plan? If you want more referrals, how are you going to do that? Whatever your goals are now, you need a plan to reach them. 

Too Much Focus On ‘The New’

invest

This one is crazy. I’ve seen many entrepreneurs across many businesses stop a functional marketing program because they wanted to try something new. WHAT? That is insanity. You don’t cancel steady, effective marketing in the hopes that something new will work. You don’t rob another budget to invest in an untested marketing strategy because the guy selling it to you is convincing enough. Stick to what works and be wary of the self-proclaimed “marketing gurus.” 

Refusal To Ask For Help 

This is similar to the stereotype of men not asking for directions when they are lost. It’s okay to ask for help, and I ask my friends for a hand when I need it. Sometimes I want a second set of eyes, and sometimes I don’t understand the subject matter as well as friends and mentors do. Knowing your limitations and seeking help will change your life and your business for the better. 

Of course, there are many secrets to success, but avoiding these behaviors will give you the foundation you’re looking for. My question for you is this: Do you find yourself guilty of one or more of these habits? Pick three you are struggling with and make a plan to improve your performance in those areas. Doing so will help you achieve massive success. 

, , , , , ,

↓
%d bloggers like this: