This is a 3 part guest post series written by Ravinder Sahu; in this first part he outlined some of the many common mistakes business owners make when they were just starting out.
As a business owner, you bear a lot of responsibility for the things that take place in your company on a daily basis. From the very beginning, it can be difficult to keep tabs on everything and make sure that you are covering all the bases, even if you have your masters degree in management.
The good news is, however, that the internet makes it easy for you to find a full array of helpful resources so that you can learn the ins and outs of running a business, which mistakes to avoid, and other important details. If you give yourself the chance to get informed, you can avoid a lot of costly mistakes and errors that you might not have otherwise known about.
Some of the most common mistakes that are made by business owners include:
Being too optimistic
Starting a business is a lot of work. While you shouldn’t be discouraged or pessimistic about it, you need to be real. It’s going to take effort. It is going to take time. You can’t think that it will all go perfectly, or you will be setting yourself up to fail.
Having an unclear purpose or plan
You’re starting a business because you see a need for it. What is the problem that your company is solving? Unless you can clearly state a purpose and mission for your business, you aren’t on the right page.
Lack of goals or written plans
You need a business plan. You also need a marketing plan. It helps if you write down your business goals so that you can know what you are striving for and mark things off as you accomplish them. Have it in writing, always, when it comes to owning a business.
A sense of complacency
Once a business gets to the market, the owner stops, breathes, and thinks that they can now take a break. While a short one is fine, if you sit there and think that your work is done, you’re going to suffer. Owning a business is a constantly evolving thing that requires work, planning, and care 24 hours a day. If you think that you’re “done” once your business is up and running, you’ll be done owning a business sooner than you think.
Employee appreciation and accountability
New business owners often have a difficult time taking on that leadership role and keeping their employees in check. You have to find the balance where you can earn their respect as their employer but make sure that they know you appreciate them.
Not understanding the customer base
You clearly can’t solve people’s problems with your product or service if you don’t know what they need. You have to think like a customer, get inside their minds, and make sure that you know exactly what they want from you.
There are a lot of little ways that a business can go wrong if you aren’t careful. These are some of the most common mistakes made, so keep them in mind to be a better business owner.