What are the top five mistakes new entrepreneurs make and how to avoid them?
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Question:
What are the top five mistakes new entrepreneurs make and how to avoid them?
Answer:
As a fledgling entrepreneur, it can be easy to be swept up in the excitement of starting a new business, but to survive the first year and beyond, it’s imperative that you avoid these five common mistakes.
Starting your own business is a brilliant way to align your priorities. You can set your own hours, set the tone for the work environment, cater to clients and a community that you’re invested in, and see returns that are directly proportionate to how much effort you’re putting into your new business. That’s if everything goes well.
A few mistakes that entrepreneurs commonly make when first starting up can be easily avoided with a little preparation. Here are five to look out for.
5 common mistakes for new entrepreneurs to avoid
1. Diving in without a support system
If you have a co-founder or business partner, be sure that they are truly aligned with your mission and vision for the company, product and service.
All of the heart-centred aspects of your business should be aligned with the entire team, including your baseline hires, before you even begin systemising how the business will function on a daily basis.
2. Not getting it in writing!
Be wary of not writing down agreements between partners and contributing baseline employees. For example, if you’ve hatched an idea for a new service your company can offer between two people while out of the office, a lot can happen between the Friday night planning session and the Monday morning implementation meeting.
It’s easy to forget the details and systems of the new facet of business, and, most importantly, it’s difficult to hold team members accountable for different responsibilities. Be clear on what has been delegated.
3. Keeping it in the office
When you own your own business, nothing really stops when you leave the office. While it’s important to have a healthy work-life balance, if your business is truly heart-centred and aligned with a larger purpose, you should always be drawing inspiration from the community and environment you surround yourself in during the non-business hours.
Talk frankly with your personal network. Listen to people in your market demographic outside of the office.
4. Not choosing the right team
Your business is your baby. And you wouldn’t trust your baby with just anyone, would you? Alignment and clarity of mission, values and processes is absolutely essential for running a business that works. Similarly, communication across all levels and departments of employment, especially during the first year of your business, needs to be a top priority.
If your business is scaling quickly, you will need to find your dream team to scale with you. Don’t be afraid to trim the team when it’s not working to its fullest potential. Your clients and your staff will thank you.
5. Failing to keep your promises
Starting a business and owning the label ‘entrepreneur’ is exciting. And we can get caught up in that excitement and start making promises to clients, friends, colleagues and ourselves that we hope to fulfil, however may be just a shade unrealistic.
Understand your short-term and long-term goals and don’t make promises that you can’t absolutely deliver on. This is your first year of business. Start strong with honesty and you’ll develop a loyal network that trusts your brand.
With more than 60 per cent of small businesses in Australia closing within the first three years, avoiding these five key mistakes will help you ensure that your business isn’t one of them. (Source: Restaurant & Catering Assn June 2022. Barry Magliarditi, co-founder of The Game Changers).
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