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Mental Abilities & Awareness

Top Ten Traps And Why Most New Entrepreneurs Fail


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Top Ten Traps And Why Most New Entrepreneurs FAIL! And How to Avoid Them

Trap #1) Quitting your your day job to soon – Going all into a new unproven business venture sounds great, but putting everything on the line at the begining is overrated keep your day job as long as you can or at lease until your new business can cover your living expenses.

TRAP #2) Starting to Big – It’s always a mistake to invest tens of thousands of dollars to get a new business idea off the ground in fact do just the opposite my suggestion is to start small 1) small is manageable 2) small could change course quickly/easily 3) small can be measured/improved then grown rapily 4) small means you can learn from your mistakes without them costing you your business.

TRAP#3) Thinking it’s All About You – Cold hard fact is it’s not and will never be about you at lease not if you want to be successful, from the first day to the last day it’s about your customers your business exisit for one purpose and one purpose only your customers that not to please you it’s to please them.

TRAP #4) Not Advertising – It’s no secret money is tight for new businesses but if your not advertising or marketing your services you might as well close your doors now you’ll never grow if people don’t know who you are, this don’t mean you have to spend a ton of money but you need to let people know who you are and that you do exisit.

TRAP #5) Thinking You’ll Get Rich Quick – If you think your new business is going to make you very wealthy really quickly then prepare for heartbreak, if your only in it for the money then your in the wrong business people who start a business just for the money goes no-where fast however people who’s in business to do a good job and please customers are the one who become the next success story, getting rich quick in business is like hitting the lottory you have a better chance of getting hit by lighting than getting rich quick.

TRAP #6) Not Paying Attention to Your Competition – competition keeps you sharp it lets you know the product, service and price levels you need to beat in order to win never follow or copy your competitor always stive to be better.

TRAP #7) Trying to be a Super Hero – For your business to grow and be successful your going to need help I don’t know of any example of successful business grown and ran by one person the big important fact here is the most successful business people know how to delegate and manage a business.

TRAP #8) Not Keeping Track of The Important Stuff – To survive business you need to know where stand at all times this isn’t just about money it’s about sales, how complaints are being handle inventory levels, how your advertising is working for your business all of that, here a tip if something is important then measure it and watch it if you do it will improve if you don’t then it will deteriorate and your business will suffer for it.

TRAP #9) Wasting Time Trying to be Perfect – Just face it there’s no such thing as a perfect business deal or business there will be mistakes the goal is to learn from your mistakes quickly and apply what you have learned and move on you’ll be a wiser businessperson when you do this.

TRAP #10) Having a Bad Internet Present or Website – Did you know 40% of small businesses do not have a website and not having a website is like having your business in a un-mark building without phone service or power having a bad web present is the same it like having your business located in a bad neighborhood nobody wants to go there to succeed these days your web strategy has to be top priority on your list, you’ll need a business domain name that mirrors your business name a business email address as well while website to showcases your products and services which gives your customers means to contact you.

These are Top Ten Traps And Why MOST New Entrepreneurs FAIL if you see your business falling into any of these traps this how to avoid them.

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