Wednesday, 9 December 2015

Ten Ways Entrepreneurs Kill Their Business

Ten Ways Entrepreneurs Kill Their Business.

Entrepreneurs and their businesses
have a tendency to ambush
themselves when they aren't
looking. This affects how much
revenue they can generate, how
fast their business rises,
and even if they survive after the first few years. If you feel there is a possibility you are getting in your
way to success, review these elements to see if any of
these items might apply.

1. Imagine investing time and money into a product or services, only to find that it isn't selling. Or at
least it doesn't have the results that you expected. Now, I'm talking realistic here, and not some grandiose vision. It's hard to give up something when you have
invested your resources into something, more importantly, you
have spout off to the world (okay, friends and family) that you were
doing it. Gluing yourself to an idea, product, or service that isn't
making any money or enough money to support the business
isn't smart. Ego and pride don't make money. Getting hitched to any one idea, or even two, that isn't
profitable isn't smart. Every product climbs and falls , Ideas are the currency of entrepreneurs, make money with them or let them go.

2. Be proud of being an entrepreneur. for some reason, the title entrepreneur seems to have caught a disease, but that shouldn't be the case. Be proud of being an entrepreneur. when someone asks you, don't mumble, and don't
call it by another name, as if being an entrepreneur was somehow unprofessional. The same applies to
the title of independent professional which is another name for
entrepreneur. Stand tall and proud.
When I ask people at networking events if they're an entrepreneur, they often respond with strange
body language. Some shift their stance uncomfortably, sometimes their hand goes over their mouth and they let out a barely audible,
"yes," and sometimes they even correct me, using some other title.

3. Entrepreneurs can be
naturally excited and optimistic about what they are doing. Don't let
the excitement sound like hype. Because of this people don't trust you. Don't just tell the pros, add the
cons. Let people know, who is the best person for this service -
not everyone, or what circumstances are best for the product. People aren't stupid but if they have to
figure the cons of the product or service, you will most likely
lose the sale.

4. Being in denial of your cash position. Not balancing the checkbook, not knowing what your accounts receivables, payables, or what the break even cost is for a
product or service, isn't smart business. If you don't know
what it is, get a book on the topic or talk to an accountant. Denial creates fear, and fear creates denial. It's
a vicious circle that creates stress and ulcers. Short term projects turn around short term dollars. Long
term projects never turn around short term dollars. Be realistic with all your resources.

5. Accepting weak people. Whether its weak staff, weak clients, weak strategic alliances, or anyone else
in your support realm. If you are attracting weak people, you are
giving weak signals. Change your signals and you will change what you attract. To attract strong
people, you need strong signals.

6. Confusing possibility with reality. One of the main characteristics of an entrepreneur, and this could be one of the reasons people may not like using the name, is their gift to see everything in possibilities, yet spend
money in the world of reality. Money is always reality.

7. Selling or trying too hard to explain what you sell. If you find yourself pushing what you're product
or service does, it is time to change your "success formula." Common
causes are: (1) You are trying to sell to someone who isn't your target, or (2) If you have the right target
and you don't know what you are selling. You can only handle this
in two ways, know what the customers are buying, or know the
benefits of what you are selling. Benefits in the terms customers need to hear and understand, not
what you choose to say.

8. Lack of any or adequate support structures. If it takes a village to raise a child, what do you think it
takes to raise a business. Surely, not a lone ranger. Work with others to help handle your many business and
personal needs. Entrepreneurs need support, even if it's only a feeling.
Arrange to have a support structure for every part of your business. Keep in mind tip number five above for this as well.

9. Over or under delegating. It is so hard for entrepreneurs to begin to delegate. Yet once they do they
seem to swing the pendulum completely to the opposite side
and over delegate. Over delegating is "dumping" on people.
Even paid people, don't like being dumped on. Feeling in
control is a need of most people, entrepreneurs aren't any
different. They look at it as a money or trust issue, when in actuality it's usually a control issue. Delegate
appropriately and with people that think you can trust. Let the trust build over time.

10. Stop giving up so easily. Successful entrepreneurs don't see failure. They see learning lessons.
They pick themselves up, dust themselves off, change and
adjust, and keep moving. Being an entrepreneur, during the
early years of a business -- that is under five years for
most professionals, takes more work than being an employee. Even
if you are a graduate with an MBA in business. Don't include your learning curve time in with the rest of your
time. Everyone has a learning curve of some kind. Share if you enjoy this article.

Hope Uchemadu

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