I’m fascinated by business, and I’ve read countless stories about it over the years. I’ve heard some truly inspiring success stories. Then again, I’ve also heard some heart-rending horror tales. There are a few big mistakes which your company needs to avoid if you want the best chances of success.
Here are a few you should be checking for right now.
Don’t overthink every single move you make
The first mistake you can make as a business owner is overthinking each little move. This is natural for almost every new entrepreneur.Starting your own business is nerve-wracking, especially when you’re always reading posts like these! Determined not to fail, a lot of young new, first-time business people will question their own judgement at every turn. Often, this will only slow down the progress of your business.
Yes, you have a lot to learn. However, if you don’t approach your business with confidence, it will show up in everything you do. In your start-up phase, try to keep a proactive, positive attitude in all your big decisions and don’t sweat the small stuff. If you lack confidence in your own ideas, so will your customers and investors. Exert confidence, and it will have a positive effect on every aspect of your venture.
Don’t get overconfident
Then there’s the opposite problem; being too confident in your company or yourself and biting off more than you can chew. Okay, when your first big client comes along, it will feel fantastic. However, if you’re not ready for them, your business could grow so rapidly that the whole thing spirals into chaos.
If you start a partnership with a larger company, but don’t have fundamental things like PR and IT support, your firm could outgrow itself. It’s integral that you never enter into a deal unless you’re confident your business can accommodate all the requirements involved, no matter how great it sounds. Understand your limitations and have a reliable system for measuring progress and goals. I know baby steps might be irritating, but they’re often a lot better than the alternative!
Don’t go it alone, get advice, a mentor, advisor, coach
Finally, not seeking advice. Since you’re reading this, you’re probably not affected too much by this issue. However, reading blog posts and seeking a business mentor are too very different things. Of course, in business you can’t expect anything to be spoon-fed to you. However, if you rely too much on your own limited experience, you’ll be setting yourself up to fail.
You may already have a pretty good advisor in mind, with a respected coaching philosophy. If not, network like your life depends on it, and find as many business owners you can talk to. Try to find someone in a similar industry, but obviously avoid your competitors! Business owners are squeezed for time, but you’ll be surprised at how happy some of them are to dish out advice and guidance.
By steering clear of these mistakes, you’ll be saving you and your company a lot of “avoidable” mistakes. There’s a lot more to guaranteeing success, however, you should certainly be wary of these three pitfalls in the beginning to get started on the right foot.