This is Laura Lee Rose, a business and efficiency coach that specializes in professional development, time management, project management and work-life balance strategies. In my Professional Development Toolkit package , I go into professional development and real-world IT topics in detail. If you are interested in more training in these areas, get signed up
It takes courage to take that first leap into entrepreneurship. As you dive into that brave new world, be aware of some of the top 5 mistakes new entrepreneurs encounter.
A few bad habits an entrepreneur can make:
1) Not thinking like the owner
Because they are small business owners, they spend much of their time doing ‘worker-bee’ type tasks instead of ‘owner’ tasks. They they feel they don’t have enough money, they don’t invest in supporting staff and assistants that would offload the tedious activities that someone else can do — to allow them to focus on activities that ONLY THEY (as the owner) should be doing.
2) Not having a succinct, branding message.
Most new entrepreneurs don’t take the time to create a succinct, branding message and explicit target market. They tend to go throw out too large of a net, in hope of attracting a large number of clients. The results is a confused audience. No one actually understand the entrepreneurs true expertise or niche.
3) Not spending the appropriate and continuous cycles on marketing and sales.
People getting into entrepreneurship because they love doing what they are doing. Often times that ‘passion’ isn’t sales and marketing. But ‘Sales drive the bus’. As an entrepreneur, if you don’t sell – you don’t eat.
4) They don’t know or understand their numbers.
Beginning entrepreneurs often don’t understand their numbers:
- what yearly income they want to make
- how much their business needs to make to pay them that year income
- how many sales they need to make to generate that business revenue
- what their leads-to-sales ratio is (i.e. how many doors do they need to knock on, to get 1 sale)
- how many leads do they need to get – to achieve the number of sales they need to get to generate that business revenue
- what are the start-up costs of the business
- how many years are they planning to get in the black
5) They don’t keep their business plan up-to-date
Entrepreneurs may create a start-up business plan; but they don’t see it as a living document. They don’t continually review or revamp with their financial adviser, investors and business coaches.
In my “Thinking Like An Owner: Taking the Leap into Entrepreneurship” I do into the who, what, where, when and how of all of the above. For more information about this toolkit, get signed up:
