Entrepreneurship is not easy, nor is it for the fainthearted. Being an entrepreneur requires leadership skills, mindset development, a strategic plan of action and more in order to run and operate a lucrative brand.
Today I want to share with you 5 mistakes to avoid when starting a business:
- DOING IT BECAUSE EVERYONE ELSE IS DOING IT- Just because someone else quit their job, doesn’t mean you should. Entrepreneurship is something you must be called to, equipped for and passionate about. It’s no walk in the park.
- HAVING THE WRONG MINDSET- It is important to transition from an “employee” mindset to a “boss” mindset when starting a business. Employees wait for someone to provide directives on what should be done next, however, a BOSS must be proactive, a forward thinker and innovative in their daily approach if they want to excel in the marketplace.
- FAILING TO HAVE A VISION OR PLAN- Whether you choose to create a traditional business plan or not, you need to have your complete vision written out so that it is clear to measure the direction you are headed. Doing so will help you develop short and long term goals that you can measure as you go along the way to ensure you are on the right path. I always say, write your plan in pencil, because as you grow and evolve, so will your vision and brand. *Need help writing a business plan? Head over to www.sba.gov for details on how to create your own from start to finish.
- BEING UNCLEAR OF YOUR TARGET AUDIENCE/CUSTOMER– Before venturing out with your new idea, it’s important to test the market to ensure this is something the people in your city or network are interested in. This will save you tons of time, energy and money.
- NOT COUNTING UP THE COST- When you become an entrepreneur, you become fully responsible for your income. Therefore, you must count up the cost of what it takes to start and maintain your business. This includes researching if you need venture capital or the exact amount that is needed in start up costs.
Also, know your numbers. In my self-study coaching program, FIRE YOUR BOSS I walk students through a step by step process to transition off their 9 to 5 which includes mapping out their finances (revenue and expenses).
I also encourage them to create an EXIT STRATEGY which includes a SURVIVAL BUDGET and THRIVING BUDGET.
A survival budget is the bare minimum you need to pay your bills each month and take care of yourself.
A thriving budget is what it will take for you to live the life of your dreams.
To transition from a survival budget to a thriving budget it is important that you count up the cost & minimize unnecessary expenses.
In the words of my Financial Coach, Dave Ramsey, “You must be willing to live like no one else, so you can live like no one else.”
***Click here to learn more about my FIRE YOUR BOSS Self-Study Coaching Program & sign up today!
