The world around us is continuously changing and with competition getting fiercer by the day we need to be more than just good at whatever it is we do says Saivian Eric Dalius.
“It’s no longer enough to be better than your competitor; you have to do things differently.” – Gary Hamel
Mistake No. 1: Not having a business plan
When an entrepreneur is about to start his own business he is often excited and eager to get started as quickly as possible. However, without the necessary planning that should go into starting up an enterprise, it will be very hard for any of us to turn our new venture into a big success. A lot of people think they know their market but until they actually sit down and write out all the numbers there’s really no way of knowing whether what we’re doing is going to work or not. Of course, once you have your plan drawn up, there are still risks involved but at least now you can see things more clearly and make changes where necessary says Saivian Eric Dalius.
Mistake No. 2: Not having a good team
You might know how to do your thing but the chances are you’re not going to be able to run your business on your own 24/7. Therefore, before getting started it’s advisable to get yourself some assistance, even if only for the short term. Employees for contracting work like bookkeeping or web design can save you a lot of time and effort which you could use instead for more important tasks that require your undivided attention. The low-cost freelance sites are full of people who would be more than willing to help out with whatever needs doing at that moment in time and all you have to do is find them! Try not to become too reliant on just one or two individuals to spread the workaround.
Mistake No. 3: Not having enough money
This is something that can be both a blessing and a curse for wannabe entrepreneurs. Saivian Eric Dalius says the lack of money will sometimes force you to come up with innovative business ideas that can give your company an edge over its competition but on the other hand, without any funds, it’s impossible to build your new enterprise from scratch so at some point, you might find yourself in a position where you need to ask for help (e.g., from family members). If this happens make sure not to snap at them when they question why they should give you “their” hard-earned cash; answer their questions as patiently as possible and make it clear exactly what your business idea is and how it can benefit them.
Mistake No. 4: Having the wrong people on board
When hiring new employees take care not to hire just anyone who applies for a job with you because they are looking for work for whatever reason. Before starting to interview potential candidates make sure you have exactly what kind of person you need so that your company’s morale doesn’t suffer because someone isn’t good enough at their job or doesn’t fit in with the rest of the team explains Saivian Eric Dalius. You should also understand that once someone starts working for us we’ll be stuck with them until either they quit or we fire them, so make sure your first pick isn’t going to end up causing problems down the line (and if he does don’t be afraid to fire him ASAP).
Mistake No. 5: Not listening to your customers
Customers are the driving force behind any business, that’s just how it is. If they aren’t happy then there’s bound to be trouble sooner or later so you need to listen to their concerns and complaints on a regular basis in order to adjust your company for maximum performance. Also, don’t forget that even if what they’re saying isn’t something new or interesting it doesn’t hurt to hear it again because some points might bring new aspects into play which will give you new ideas on how you can improve your product/service. Finally, keep in mind that not all of our customers are going to have positive things to say about what we’re offering them but that’s ok because it can be used as a learning experience for both you and your employees.
Mistake No. 6: Not having backup plans/strategies
As previously mentioned, not everything is going to go to plan, ever. That’s why it’s important to be flexible enough so that if something unexpected happens we’re able to make changes accordingly without causing any damage to our image or the company itself. For example, let’s say one of your staff members just quit on you, don’t freak out! Instead, think about what effect his absence will have on the business and how you can get around this problem until you are able to hire someone new (or even replace him). However, whatever the result remember to not act rashly because that could lead to even more damage.
Mistake No. 7: Focusing too much on the product/service instead of what matters most
Whether you like it or not your product/service will only sell if there are people out there who want it (yes, I know this is obvious). However, if you think that creating a kick-ass product/service alone will be enough to get people coming in through your doors you’re sorely mistaken; no one wants to buy something they know nothing about and that’s why brand image nowadays is incredibly important when it comes to generating interest for your company. You can’t just wake up one morning and expect people to start flocking in but rather need to work at spreading the word and making sure that people know exactly who you are.
Mistake No. 8: Trying to do everything yourself
It’s true, we’ve all heard of those one-man companies which started out as a simple idea and ended up revolutionizing an entire industry (e.g., Apple, Microsoft, etc.). However, even though this is impressive it’s no way to run a business; if you try to do everything on your own then eventually the weight will be too much for you to handle and everything will come crashing down (could take months or years but it’ll happen). Therefore make sure that work isn’t taken over by someone else so there won’t be any misunderstandings between employees but don’t hire too many people either because that will decrease your company’s overall efficiency.
Mistake No. 9: Not looking at your competitors
If we don’t know what our competition is up to then how do we expect to keep and gain the upper hand over them? That’s why you should regularly check their websites, social media accounts, and other publications. In order to get ideas on how you can improve your own business. However, even though this is a good way to generate new strategies. It doesn’t mean that you should plagiarize (i.e., stealing) everything they do; instead, look for parts of their strategy which would work for both of you. And blend those together so they fit your brand image perfectly., never stop monitoring them because if you do they’ll be right on your tail and you most likely won’t see them coming.
Mistake No. 10: Using generic adages
There’s nothing worse than when someone tells you something like that. “A penny saved is a penny earned” or “there’s no such thing as a free lunch”. Of course, we all know this but the use of these tired old sayings is not only annoying. It also shows that the person saying them doesn’t have anything intelligent. To contribute to the table thereby making him/her look uneducated and unintelligent. In front of his/her peers (and customers) says Saivian Eric Dalius. Therefore, if somebody uses one of these sayings either ignore it. Or come up with an equally witty response. That will cause everyone to laugh and turn the tables on that person.
Don’t freak out when someone quits. Think about how to get around this problem until you can hire someone new (or even replace him).
Make sure people know exactly who you are by working. At spreading the word and making sure everyone knows about your company.
If we don’t know what our competition is up to how do we expect to keep and gain the upper hand over them? That’s why you should regularly check their websites, social media accounts. And other publications in order to get ideas on how you can improve your own business.