My TOP 10 x Business MISTAKES | Common Entrepreneur Mistakes!

Learn from my Top 10 x Common Business Mistakes and increase your chances of starting a successful business. As an entrepreneur for over 15 years, I have definitely experienced my fair share of common business mistakes.

There are my biggest business mistakes that I have made as an entrepreneur in business:

1) Asking too many people (and the wrong people) for their opinion on what they think of the business you want to start.
2) Trying to do everything yourself is an easy trap to fall into when starting a business, I would strongly recommend outsourcing as much as possible so you can focus on the most important parts and grow your business.
3) Undervaluing your service / product to win business is a strategy that will often lead to low-quality clients. Instead, be confident in your price and ensure it offers the perceived value to convince potential customers your product or service is worth it.
4) Taking on the wrong type of business can destroy your business. If a client is too large or demanding they can use up all of your resources meaning other clients suffer or you become too dependent on one client for revenue.
5) Not being realistic about what certain business ideas require to succeed will often lead to wasted time and money. Be realistic about what resources a particular business idea requires to succeed and if it isn't right for you, move on!
6) Wasting too much time / money on picking a company name, logo, branding etc. is something I see with a lot of startup businesses. People can spend weeks at this stage when their time is probably better spent focusing on developing their product / service and marketing strategy.
7) Employing people without a long term strategy will usually end up with having to sack them when the project is complete. Before employing someone for a particular project, ensure you have a long term strategy for them after the project is complete. Alternatively, consider contractors or freelancers.
8) Not picking up the phone will cost you time and money. Emails are often ignored or left for days before the recipient replies. By using the phone and calling people you can get immediate answers and progress with growing your business.
9) Not diversifying income leaves your business at real risk in times of sudden change. For example, there are many undiversified businesses that have failed this year due to Lockdown destroying their single source of revenue.
10) Focusing on one-off business instead of repeat revenue streams. It took me too long to realise the key to building a successful profitable business is repeat income streams, not individual project wins.

• BONUS TIP: Believing that success = money!

If you have made any mistakes in business that you would like to share, please post them in the comments!

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