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.
