With any sort of business venture, there is always some degree of risk. Risk is a natural part of entrepreneurship, but the truth is that some businesses are at greater risk of failure than others, right from the very start. Why? Because there are 6 fundamental mistakes that entrepreneurs can make which, rather than helping to build and develop a brand, can actually sink a new business before it has a chance to make an impact.
Let’s take a look….
1. Going with the flow
Today, there is no linear route to success. Businesses can thrive in any number of ways, by utilising any number of possible techniques. However, there is a significant difference between being flexible in your approach, and simply going with the flow. While there are various avenues that can be taken to achieve organisational goals, without having a clear vision for the company, or working to build a brand identity, it’s challenging to identify what opportunities could help the business set out along a suitable pathway. Flexibility is vital, but it’s also essential to know exactly who you are, and what you value.
2. Trying to please everyone
One of the hardest lessons that new business owners must learn and accept is that it’s OK to not be 100% inclusive. This often goes against everything we strive for from a social perspective, but in the business world it’s impossible to please everyone all the time. By trying to build a fully inclusive brand that takes into account the needs of every person, it’s easy to lose sight of what you set out to achieve. Instead, it can be much more effective to narrow down your audience and work to engage with a target persona. By finding your niche, you can create loyalty amongst high value leads.
3. Copying other businesses
When you’re building a new business, it’s easy to look at established organisations and want to mimic their approaches. However, there’s no ‘one size fits all’ here, and what works for one may not work for another. One thing that’s very commonly seen, for example, is that new business owners throw money at big name services such as Google Ads, Facebook Ads, or the Amazon Demand Side Platform simply because that’s what their competitors are doing. Finding your own way of working requires more time and effort initially, but it’s likely to deliver improved results in the long term.
4. Repetition
As a business owner, you know what’s best for the future of your organisation. However, it’s important to acknowledge the fact that it’s very easy to become blinded by past experiences. Those who are driven by previous experience tend to repeat the same processes over and over, regardless of the outcome, and this can not only prevent a business from growing, but actually cause it to sink. It is imperative that business owners focus on results, using outcomes to shape their next steps and form the foundations of processes and operations. Don’t be afraid to participate in a bit of trial and error.
5. Failing to strategise
Business success isn’t a stroke of luck. Those that thrive have planned and strategised to ensure that they have an impact within their respective industries. Strategies are what keep businesses moving forward towards their goals, they’re what give organisations a competitive edge, and they’re what ensure that efforts are continually reaching the right people, at the right time. Two of the most important strategies to formalise in the early days are your marketing strategy and your sales strategy, both of which can help you to build your customer base, boost visibility and awareness, and generate revenue.
6. Hiring who you want, not who you need
Entrepreneurs rarely work alone. Many are supported by a close network of friends and family who may assist with multiple aspects of getting the business off the ground. However, when it comes time to build a workforce, it’s important to understand that the people that you might *want* on your team may not always be the people that you *need* on your team. While it can be a difficult situation, it is vital to hire industry experts with the skills, experience, and drive to take your organisation to the next level; who can support you from a professional perspective, rather than from a personal perspective.
