Lack of Focus
Don’t let your enthusiastic or passion deceits you, focus is needed in business to overcome storms. Your mental toughness will determine how far you can go. Evaluate your product, your ideas and deeply search into your soul why you want to be in business. Look at your past success and failures, you may learn something about yourself. Business is an emotional relationship, sometimes you have to work on yourself before blaming business environment. Stay focused and keeps on learning more about yourself as you venture through business, check your stress level as this may result in a mental mistake and you may lose focus on building the next big thing.
Lack of Cash
Don’t hit the market thinking you will be able to turn your idea to fast cash and glory for fame and wealth. Not every business have a killer idea for generating revenues within 24 hours, sometimes you will have to work so hard to generate the first stream of cash. Remember you are navigating a jungle of unknown and you must have determination to convert the business idea into cash stream. Don’t kill yourself working expecting the business to pay your bills at the end of the month, plan a head to avoid stress and frustration of paying the bills. Cash strain kills a brilliant business idea.
Lack of Skills
Entrepreneurs are visionary; they see opportunity and want to bring the product into the market to solve the problem. Although you are a visionary, if you are trying to execute things by yourself to safe cash you need patience to develop the skills needed. Don’t quite along the way because you don’t have cash to hire an expert, develop patience of acquire the required skills. Don’t envy the tile of CEO when propelling the business from the ground; you are everything in your business before you have one title.
You own the vision and you are the captain of the ship. Don’t relinquish your vision to others, control the ship and calmly navigate through waves. Nobody understands you more than yourself, and you understand your vision more than anyone else. Learn your industry, know your market and understand your products. You are the captain and you should not relinquish the control of the ship before fine tuning navigational apparatus.
Be aware of the people you dream with. Build a network which will see you through your dream, don’t want to surround yourself with negative people. A network which challenges you will change the way you think and engage you in a constructive debate on business outlook. Be keen on people you hire and don’t be afraid to let people go, if you are building something bigger than yourself you might as well be ready to let some relationship die for the rebirth of new life. Entrepreneurship is about something bigger than you.
Don’t be afraid to adjust your strategy, if things are not working, adjust and adapt to the market need. Some business don’t finish with their initial concept, the founders juggles with ideas to deliver the product and services to the market. Keep your eyes open; adjust with need of the consumers. Adjustment sometimes is the only way to keep your vision alive, you are visionary willing to adapt to market needs and technology to keep business alive. Adjust to the pace of a first moving world.
In For the Wrong Reason
Don’t go into business to make money, go into business because you love what you are doing and you want to make changes into other people lives. If you focus on money, integrity and honesty disappear out of the window. Money is a result of your ingenuity for bringing something into the market which people appreciate, and are willing to pay a premium for your ingenuity. Most entrepreneurs are not driven by money, they are driven by need to contribute and make change in the world. Entrepreneurs who have contributed to the diverse change in the world did not have an idea they were about to get rich, they were first driven by change and passion and money followed them.
You don’t start your day without a plan; hence you should not start your business without a plan. You don’t need a detailed five years plan, a vision and marketing strategy on a scratched paper can serve the purpose. Acclimate the agile business environment and implement changes as they happen.
Over excitement and Overconfidence
Don’t be over excited and say yes to everything, learn to say no and grow slowly not to overtax your business resources. Sometimes business fails because they grow very first, and overtax the resources to support business continuity. Overconfidence will kill you as you will find the market to be humbling place, don’t be driven by self overconfidence but humbly handle the market and learn from the industry. Even if you have a great product or service, over confidence can harm your delivery approach and kill your business reputation.
Efficiency is the key to surviving in the business. No customers want to be deal darling and waiting for services or to buy a product while he has an alternative from a competitor. A startup should build a system in place to handle customers’ requests and improve on efficiency of service delivery. Operation includes cash flow monitoring, cash is the king and cash flow monitoring system should be put in the place. Don’t build a mediocre business; build a tube for delivering efficiency.
If you don’t have a sound market plan, you will suffer no matter how well your products or services are. Develop a sound market plan to drive traffic into your business. Most business suffers because of luck of sound marketing plan; stay focused on market and dedicates enough time and budget to marketing. Customers have to hear about the product to buy from you.
Sometimes you have to revisit you belief system and learn why you are failing. Your products or services might be great but you may be playing small than your imagination. Be the superstar beyond yourself and let your product or services shine beyond your belief system. Sometimes belief system can limit on how far you can go, know why you do what you do and why you do it. Remember as an entrepreneur you are living beyond yourself.
Don’t become a serial entrepreneur at instance of your startup. Take time to develop one business, let it take off and give it wheels to run on automation or by employing other people to run it. Business fails because entrepreneurs overstretch themselves, you cannot run a business like an investment strategy where you spread eggs into different basket to reduce risk. In business you are wrapped up in risk and you are swimming yourself against the waves to protect your dreams and desires. In business you are in for risk and you mortgage everything you have to change your world.
Lack of Defining your own success
Letting others define your success is a prescription of failure. As entrepreneur you should define what you want to be, you don’t have to grow your wings to scale the whole world. If your dream is to be a mom and pop shop, to define your success as a community provider and not the Richard Branson of the world then you will have reached your success level. Don’t let others define your success.
Being overwhelmed by the big picture
As a visionary you should be able to break your vision into small task and measure the progression of those small tasks as contribution toward the big goal of your vision. Don’t be overwhelmed by your vision, but learn to work through small steps to get to your destitution. You vision should be broken to monthly, weekly and daily goals toward the big picture of life.