Entrepreneurs, especially new entrepreneurs, have a variety of pitfalls that they’re likely to experience at some point. Small mistakes aren’t inherently bad—in fact, they can be great learning experiences.
But there are certain traps that entrepreneurs fall into that could cause some pretty significant troubles within their business down the road.
Here are some of the biggest traps for entrepreneurs:
- Choosing the wrong business partner. The idea of running a business with a family member or your best friend is a fun, romantic idea, right? However, you need to be absolutely sure that your
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potential business partner is a good fit for what you hope to accomplish, regardless of their relationship to you. A shared passion isn’t enough—they need to be responsible, willing to work and invest in your business, and prepared to learn everything they need to become successful.
potential business partner is a good fit for what you hope to accomplish, regardless of their relationship to you. A shared passion isn’t enough—they need to be responsible, willing to work and invest in your business, and prepared to learn everything they need to become successful.- Skipping the budget. Hey, it’s understandable. Budgeting is boring. But your budget needs to be one of the first items of business on your list when you’re creating a startup. It’s extremely easy to want to throw money around right off the bat, but you need to be sure that you’re spending in an appropriate method for a business of your size.
- Losing focus on your market. Remember that you need to be able to fill a specific niche if you want to have any reasonable expectations of success early on. You can’t try to please everybody all the time. Know your customer and what they want rather than trying to market to the general public right off the bat.
- Not interacting with customers. It’s always important to stay in touch with customers, but especially right at the beginning. Your customers are your life blood. Once you’ve found one, you can’t let
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him or her go. Keep gathering feedback and interacting with your customers and build a reputation for outstanding customer service.
him or her go. Keep gathering feedback and interacting with your customers and build a reputation for outstanding customer service.- Making decisions based on emotions. It’s one thing to let your passion for an idea be the driving force behind your business. But you can’t get too attached to particular aspects of your business, otherwise you risk blinding yourself to certain actions that need to be taken to find success.
Let Viral Solutions be your guide as you work to get your small business off the ground. Contact us today to get started.
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Watch out elephants! This slayer of business challenges comes with 30 years of record breaking sales, marketing, operations, training and leadership experience . He has worked face-to-face with 100’s of small business owners as well as large firms. His love of creating, communicating, developing and executing results for clients shines with each project, publication and training event. His entrepreneurial spirit, passion, industry experience, education, problem-solving prowess, charismatic personality and been-there-done that attitude leads his client focused approach.
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