The 5 Common Mistakes Business Owners Do – And How to Avoid Them!

By admin.dsm | Dec 29, 2017

There are so many steps involved in starting a business – it is easy to get lost along the way. Everyone makes mistakes, but when it comes to your startup, even seemingly harmless oversights could cost you a lot in the long run.

So what are the biggest and most common mistakes entrepreneurs should avoid?

Mistake #1: Waiting for the magic moment to launch a product or service

All of us have been in that situation some time in our life where we wish for that perfect moment to come. We say to ourselves –

“I’ll start making the best product the world will need when…”

“I’ll create a service that everyone will want when…”

“I’ll sell this when I’ve perfected this last detail…”

If you keep on waiting for that perfect moment, chances are, you will be too late.

Somebody else might have come up with the same product you are thinking, the same service you wanted to offer, and launched earlier.

The big difference? He is already out there, and it doesn’t matter if you think yours is better, if you are the only one who knows that it is.

reid hoffman quote

The core value of this philosophy is this – it is more important to launch a product now, and add new features as you go along, rather than take the extra time to “Perfect” a product before launch.

The sooner you put something out there, the closer you get to your dreams.

Or, at the least, you are a step closer to getting revenues which would then help you attain your dreams.

Robert Kiyosaki quote

Mistake #2: Solving a problem no one is having

Businesses fail all the time because they try to solve a problem no one is having in the first place.

As a business owner, your main focus should be finding out what are your customers’ pain points, and to figure out how to solve that via your products or services. If you can define a problem your customers are having better than they do, chances are, they will ask for your help. One way to know what your customer’s pain points are is to call them, and extract from your conversation an actual profitable business idea.

Sun Microsystems

Mistake #3. Not really listening to your customers

Are you one of those people who go to review websites, forums, or check Amazon product reviews before purchasing something? Trying to check which juicer or phone is the best, based on reviews and recommendations?

If you say yes, then you are one of the 88% of consumers who trust online reviews as much as personal recommendations – (http://bit.ly/1m9c7X5)

As a business owner, you should constantly listen to what your customers say. Listen to both the good and bad things they have to say. Figure out their intents and reasons – why they buy or don’t buy from you, why they prefer a certain product or service, what would make them buy if only you had that one thing, etc.

In every bad situation, there is an opportunity to improve, or to create something new to solve the problems your customers are experiencing.

Reach out to your customers. Find out what they say about your business in Social Media. Conduct a survey. Read review sites or forums about you, your products, and your business. Tally everything you have found, and act accordingly to improve your business.

Seth Godin

Mistake #4. Not being different

As an Entrepreneur, you have to give your potential customer a reason to choose you over your competitor.

There are many ways to be different – just take a look at pizza places – there are stores that offer thin crust, thick crust, stuffed crust, brick oven, made from scratch, more cheese, more toppings, delivers your pizza in less than 30 minutes, etc. They are all pizza places but each one has its own unique difference from the others.

You need to differentiate your business from your competitor, and be able to appeal to your target customers. Your Unique Selling Point (USP) needs to be valuable to your audience, and it should create a competitive advantage. And that advantage needs to be sustainable in the long term.

Know your USP by heart, and broadcast it every chance you get – whether that be in your ad copy, branding, or any other segment of your marketing campaigns.

Be Different. Stand Out. Be Better. Offer something only you can.

Francis Phillip Wernig

Mistake #5. Too much thinking and not enough DOING

If you want to be a successful business owner, you have to stop spending too much time planning, and start working!

Take a smart step quickly as possible towards your goal. Make sure though that step is not going to cost you more than it would be acceptable to you. Seek the help of others for resources – their time, talent, or treasure, can make a difference when you are starting out.

Reflect and build on what you have learned from taking that step. After you act, ask: Did your action get you closer to where you want to be? Do you need additional resources to get even closer to achieving your goals? Do you still want to obtain your objective? Pay attention – you will always learn something.

Act. Learn. Build. Repeat.

Moving one leg in front of the other will surely propel you towards your goals.

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