Top 10 Entrepreneur Traps And How To Avoid Them

1. Quitting your day job too soon

Going all in on a new unproven business might be a romantic notion but I got to tell you, putting everything on the line is overrated at least at the beginning. You’re far better off sticking with your day job as long as you can at least until cash from your new venture covers your living expenses.
 
 

2. Starting too big

It’s always a big mistake to invest hundreds of thousands or millions of dollars to get a new business idea of the ground. In fact, I recommend that you do just the opposite. Start small. Small is manageable. Small can change course quickly and easily. Small could be measured and improved rapidly than grown. Small means you can learn from your mistakes without them costing you your business.
 
 

3. Thinking it’s all about you

The cold, hard fact is it’s not and never will be all about you, at least not if you want to be successful. From the first day to the last day, you got to realize your business exists for one purpose and one purpose only and that’s not to please you. It’s to please customers.
 
 

4. Not advertising

It’s no secret. Money is tight for new businesses but if you’re not advertising or marketing your services, you might as well close your doors now. You will never grow if people don’t know who you are. This doesn’t mean you have to spend a bundle but you do have to let prospective customers know you exist.
 
 

5. Thinking you will get rich quick

If you think your new business is going to make you extremely wealthy extremely quickly, prepare for heartbreak. If you’re in it only for the money, you’re in it for the wrong reasons. People who start businesses just to make money, well they go nowhere fast. Sharp contrast, people who are in business first and foremost to do a good job and please customers, well they become the big success stories. Getting rich quick at business is like winning the lottery. You have a better chance getting struck by lightning.
 
 

6. NOT paying attention to the competition

Competition keeps you sharp. It lets you know the product, service and pricing levels you need to beat in order to win. Never follow or copy your competitors. Always strive to be better than them.
 
 

7. Trying to be a superhero.

For your business to really grow, eventually, you’re going to need to hire help. I don’t know of any examples of successful businesses that were built and run by only one person. The big important factor realized here is that the most successful business people are great to delegate.
 
 

8. NOT keeping track of the important stuff

To survive in business, you need to know how you stand at every moment and I’m not just talking about financial statements. I’m talking about sales, how complaints are being handled, inventory levels, how your ads are working, all of that. My basic rule here is this. If something is important, measure it and watch it. If you do, it will improve. If you don’t, it will deteriorate.
 
 

9. Wasting time trying to be perfect

Face it. There’s no such thing as a perfect business decision or the perfect business deal. Before you build your business, you have to realize there will be mistakes so learn quickly from each and every mistake and apply those lessons. You will be a wiser person and keep moving forward.
 
 

10. Having a shoddy internet presence

Can you believe it? Forty percent of small businesses don’t even have a website. Not having a web presence is like having your business in an unmarked building with no phone service or power. Having a shoddy internet presence is just as bad. It’s like having your business in a bad neighborhood. Nobody wants to go there.
 
To succeed these days, your web strategy has to be near the top of your priority list. Bare minimums are a domain name that mirrors or complements your business name, email using that domain name and a website, that showcases your products and services, that gives customers a means to contact you.

 
Contact GGG Marketing for your Local Business Internet Marketing needs at (239) 206-1205
 

 
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