It’s no secret that starting a business is intimidating. If the competition is not difficult enough, the entrepreneur has to deal with internal factors such as finances, employees, resources, and overall experience and knowledge of the industry. Although there is no perfect way to start a business because each business is unique and will run into different obstacles along the way, there are certainly ways to avoid mistakes when first conducting your business. No matter how big or small, each detail can greatly impact the overall machine that is your business. There is no perfect way to start a home-based business because each business is unique and will run into different obstacles along the way, there are certainly ways to avoid mistakes when first conducting your business.
-Amber Lyons
1. STARTING BIG AND SKIPPING THE INITIAL STEPS
Many entrepreneurs make the mistake of jumping into a business head first without breaking it down into smaller steps. Make sure to take your time and really focus on every detail when conducting the start-up.
2. HIRING EMPLOYEES THAT YOU HAVE TO MICROMANAGE
Don’t put too much trust and responsibility in less-experienced employees. Be sure to vet and build a strong team for in order to have a strong business.
3. BECOMING FRIENDS WITH EMPLOYEES
Self-explanatory. Maintain professionalism at all times, if not, it makes for an unprofessional environment.
4. FOCUSING ON THE NEGATIVE LOSSES INSTEAD OF THE POSITIVE WINS
Positivity is key at any part of your business journey. Failure is part of success. It’s important to celebrate the wins and also understand that the losses are all part of the process.
5. SPENDING AND TAKING ON UNNECESSARY DEBT
This includes keeping your business afloat with your own money to cover losses and not recognizing the issue at hand.
6. DAY DRINKING ON THE JOB
This also includes business lunches. Work is a time to focus and be in best mindset. Save the drinking for happy hour!
7. TAKING THINGS PERSONALLY
It’s definitely easier said than done, but it’s important to understand that in order to get the job done correctly, constructive criticism is necessary. In the end, the construction only makes the business more efficient.
8. RELYING ON A SINGLE VENDOR OR SUPPLIER FOR YOUR MAIN SOURCE OF INCOME
Always have a backup supplier or vendor incase your main one goes bust.
9. LETTING YOUR PHONE DISTRACT YOU
Along with working with the best mindset, the numerous technologies can be distracting. A tip would be to only check your phone once every hour.
10. BRINGING IN UNNECESSARY PARTNERS AND INVESTORS
Don’t invest in partners if it does not positively contribute to the business. Be sure you are spending your money wisely when deciding on partnerships and investments.
11. MIXING BUSINESS WITH PLEASURE
Though your business can be fun at times, keep your eye on the prize. Do not get caught in the social and entertaining side when the main goal is getting the job done.
12. LACK OF CONTRACTS
Especially in more creative businesses, entrepreneur can forget to set contracts when making crucial decisions. As a result, they might find themselves getting scammed. Be sure to understand the legal side of every agreement before putting it to action.
13. MULTITASKING AND NOT PAYING CAREFUL ATTENTION TO EACH TASK
Back to focusing on every detail when starting a business, this should be constant throughout your business journey. It’s better to have a thorough project that was worth the wait than a messy project that was quickly finished.
14. ENGAGING IN OFFICE POLITICS AND FAVORITISM
The office is no place for cliques, even though it seems to happen in most offices. It is important to keep it professional and treat every employee equally. Everyone is there for the same purpose and deserves respect.
15. NOT PLANNING BEST AND WORST CASE SCENARIOS
Utilize decision trees, and prepare for every deduction outcome. Have a plan A and B.
16. CONSUMING TOO MUCH CAFFEINE
So many entrepreneurs are used to working long hours and late nights, but it will be more beneficial to have a good nights sleep as opposed to drinking your fifth cup of the day. Not only is excessive caffeine counterproductive, but it can also cause harm such as vomiting, insomnia, anxiety, or cardiac arrest. No business is worth the your well being.
17 comments
Wow! That was an incredibly insightful article. My favorite is #4 which states “failure is part of success.” Sometimes it’s easy to forget this part when we are so busy trying to be successful entrepreneurs. I enjoy reading articles from Global Glam – it gives me a different perspective on many of life’s challenges.
I really like points number 3, 5, 8 and 9. There are so many hidden pitfalls to having a business, and yes, multi-tasking can cause more problems than it’s worth.
Every point was spot on, especially the one about failure being a part of building success. Understanding that failure is a part of the process, only builds character and strong work ethic.
These are all such important points in mind. Particularly about building a strong team and breaking down the business into bits before tackling.
Sophie | MapleTreeBlog
these are really great tips to start out successfully. I mainly loved 3,7, 8,11,14. A business has so many things to mind it if we wish to run it in a decent way.
Now THESE are some good tips. I’m so sick of seeing the “generic” dos and don’ts of success. It’s refreshing to read a more in-depth guide. Super helpful post, girl! I can definitely learn a lot from it. 🙂
Christie’s Take on Life. xx
I absolutely love this list. The part about no caffeine made me laugh but is so true! I will be turning my blog into a business and I will keep these in mind.
I had so many things which I didn’t do and made a store I opened only being open a year. Of course 25 years ago it was harder to get good advice and ideas. I use a lot of these ideas now in my blog.
Excellent tips which are broken down into small sections that are easy to digest. I started my business in October 2016 and happy to report that I agree with every single point you mentioned. One of the things I have trouble with is taking things personally – I treat all my clients seriously and am involved in every step of the project so it’s difficult to hear negative feedback knowing that you’ve worked so hard on something and gave it your personal best. On the other hand, business is teaching me to develop thicker skin.
Sarah
http://www.hitcontinue.eu
These are all such important points in mind. Particularly about building a strong team. Thanks for sharing!
These points are really useful and important. These tricks can be make any business successful. Point number 3,8,9 are very good one. Thanks for sharing
Number 2 speaks to my soul!! Ugghhh, I had a recent catering event and I had a team member who asked 5 zillion questions every 5 minutes. It was frustrating. I definitely learned that I can only hire strong people from now on who do not need to be micromanaged.
Indeed great list to remember. Businesses no matter how big or small will undergo planning. It is important to plan well to have a good outcome.
These are key points to keep in mind ! I like the number 4 about failure being a part of building success. Yes, it’s important to celebrate the wins but it is also good to understand that the losses are part of the process. I also love the point 1 on breaking down the business into bits before tackling 🙂
These are some great tips! I liked number 3 as one needs to be professional and maintain their own space when it comes to business!
wow!These tips are really helpful for me.I like no.8 most .It is always a clever idea to keep contact with few suppliers/service providers to prevent some mistakes.Maintaining professionalism is also needed although neglected some times..
[…] Being their own boss, creating their own schedule, and basically following their own rules —entrepreneurship seems like a flexible occupation. However, it’s clear that it’s not always the case. The down-side of working as an entrepreneur, at any level of experience, can include lack of income security, long working hours, decision making, competition against larger companies, and much more. Although patience, strong work ethic, focus, and positivity play a role in a successful business, self-care is the most important contribution. It’s so easy for over-dedication to take a toil on the entrepreneur, physically and mentally, but there are ways to cope in order to have a healthier well-being. In the long run, this will stabilize the business. […]