Thursday 4 July 2024

4 Pitfalls Entrepreneurs Should Avoid

 **Collaborative Post** 

Becoming an entrepreneur is extremely challenging. That’s why only a handful of people ever attempt it, and a tiny fraction of those succeed. Part of the problem is the sheer number of pitfalls business people face on the road to success. It’s not a simple path to take.

That’s where this post can help. We look at some of the glaring quagmires that get in the way of start up founders and how you can personally side-step them. 

Never Learning

Entrepreneurs go into business with a fixed mind about what will work and how they need to proceed. Many believe they know the exact course their business needs to take, and where to head next in terms of strategy. But, of course, this approach rarely works. While some leaders get lucky and everything turns out according to plan, most don’t. 

The trick to avoiding this pitfall is to be flexible across the board. Accepting that things will deviate from the plan and adapting to them is one of the most powerful strategies of all. 

Wearing Multiple Hats

Wearing multiple hats might sound like a fun fancy-dress party idea, but it’s a massive problem in business. If you try to do too much yourself, you’ll never build the leverage you need to become successful. Instead, you’ll wind up miserable and exhausted

The key here is to delegate to people who can take over various tasks in your business. Ideally, every repetitive task should be managed by a staff member. You shouldn’t be doing that sort of work yourself. 
If you find yourself wearing multiple hats, start hiring. Look for people with the skills you need, even if it just means paying a virtual assistant for a couple of hours a week or bringing someone in part-time. 
Make sure you spend your time on things like vision and leadership. Avoid getting bogged down in the work itself wherever possible. 

Ignoring Financial Planning

Another big faux pas is ignoring financial planning. Many entrepreneurs will rush into starting a business without thinking about where their cash flow will be in six, twelve and eighteen months from now. Financial planning is essential, regardless of the business’s level of success. While it might seem like a burden, it can be a great way to future-proof the enterprise and keep it on its feet. 

If you're struggling with this aspect of business, hire an accountant and finance manager. These professionals can keep tabs on your bank balances and let you know if you need to improve anything to collect more money. 

Exposing Yourself To Dangerous People

Finally, many entrepreneurs get into trouble when they expose themselves to dangerous people. These can undermine their business efforts and even force them to hire a criminal solicitor to defend themselves. 

The trick here is to vet people before working with them. Even if someone pitches an idea that sounds good, don’t work with them unless you know who they are and what they stand for. Don’t take any chances with the people around you.


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