Entrepreneurs are smart people, but there’s a difference between succeeding in the classroom or a corporate job, and succeeding in running your own business. When you’re in charge of everything, there are a lot of moving parts to keep track of, so it’s no surprise that some of the smartest entrepreneurs still get tripped up and find themselves making these five common mistakes when starting their own businesses.
Failing to Plan
In an earlier blog post I talked about the old saying that if you fail to plan, you plan to fail. Unfortunately, a lot of entrepreneurs make the mistake of failing to plan before jumping into their business with both feet. The result is they spend a lot of time doing things that don’t generate income for their business, and they fall into a lot of the traps their predecessors fell into because they didn’t see them coming, or they didn’t take the time to figure out how they would react if something came along to interrupt their business.
Not Doing a SWOT Analysis
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and it’s important to identify all those things before you start trying to sell your product/service in order to avoid spending time and energy on things that don’t get you the results you need for your business, and ignoring the things that could help get you where you want to go. If you want to know more about how to conduct a SWOT analysis, we covered that topic in depth over here.
If you’re tired of trying to go it alone, why not reach out to someone who has been where you are and has led other small business owners through the process? You can schedule a call now to see if it’s time to hire a Strategy Rockstar to help you grow your small business.
Please tell me how you found me