I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs, co-founder and CEO of Apple.
Indeed, persistence is the key to achieving both success and recognition. Why is that? It empowers you to tackle the intricacies head-on and emerging out of it unscathed. And, who can be the best example of it than Steve Jobs? A revolutionary inventor and a great entrepreneur.
Yet, sometimes persistence alone won’t get you a flourishing and sustainable business. You might be confident and you might be optimistic. However, there is much more you should pay attention at in order to achieve success.
So, what’s been keeping aspiring leaders from making an empire out of a dime? And, what’s hampering their success which seems so close yet so far? Let’s take a look at some of the critical mistakes made by aspiring business owners that cost them success.
Having a Short Supply of Capital
Having an adequate amount of capital is indispensable to run a venture smoothly. Yet, many entrepreneurs seem reluctant to ask the investors for more.
Starting up a venture isn’t a walk in the walk. Initially, you will be prompted to allocate a lot of money to different expenses like recruiting and retaining, advertising and marketing, customer acquisition and retention, etc. If you run out of it soon, your venture will begin to paralyze. Therefore, “Always ask for more than you think you’re going to ask for”, says Kay Koplovitz, the co-founder of Springboard Enterprises.
Today, finding potential investors is not difficult anymore as you have more and more options available. For instance, you can raise capital from non-accredited investors on equity crowdfunding platforms such as truCrowd, you can look for angel investors or raise money from backers on platforms as Kickstarter. What you need to avail those opportunities is a potential business plan that can attract funds.
Not Getting Comfortable With Financials
Just as capital acquisition is important, so does the smooth flow of your finances. Some entrepreneurs don’t give attention to their cash flow. In fact, they don’t even think that having a decent knowledge of managing and monitoring finances is important.
Having no idea of how your finances are being used can throw your venture into a complete mess. Though having an accountant or an experienced CPA is imperative, understanding the basics of your finances can help you keep strict tabs on the company’s progress and take proactive measures.
Creating a Product to Please Everyone
“Don’t try to make a product for everybody, because that is a product for nobody”, says the distinguished entrepreneur and marketer, Seth Godin.
Remember that not every product is for everybody. You can’t sell a lawnmower to someone who doesn’t even own a front or backyard. If you try to offer your target-consumers a “everybody-product”, you won’t only end up exhausting your investment but also putting an end to your dream venture for good—because you just can’t satisfy everybody.
Therefore, come up with a product or service that is aimed to a specific targeted-audience, that caters to their individual needs and solve specific problems.
Not Thinking Well Ahead
Like Benjamin Franklin said, “By failing to prepare, you are preparing to fail”. There are two types of people, the doer and the planner. The former are the ones who’d rather act first then make a plan. Yes, some does end up reaching the heights of success, but their success slackly hangs onto the rope of their luck.
Unless you have your Goddess of luck by your side all day long, you better spent some of your time making action plans for your business. A plan gives you a complete blueprint for success and, allows you to anticipate financial pits and avoid them safely.
Being a Multi-tasker in Business
Some people are quite efficient in multitasking, and they feel proud of it. However, if you believe that multitasking makes you productive, you couldn’t be more wrong. According to a 2012 study conducted by Zhen Wang, “[People who multitask] are not being more productive — they just feel more emotionally satisfied from their work.”
When you run a venture as a CEO, you don’t blend into the crowd and start doing everything you come across. As a leader, you must withdraw yourself from petty work, let your employees, executives or consultants do the job, while you make future plans as their leader.
“If you think you have to do everything yourself you limit your vision to what you’re capable of doing,” says Merlino, the CEO of Count Me In.
Not Making Their Presence Known
Entrepreneurs usually feel insecure in promoting their brand, fearing how they would present their product as a new entrant in the market, while some fear being assertive when pushing their brand to the top.
Without a robust presence in the market, you can’t compete with players that are already there and thriving. Getting your brand out there has become more convenient than ever with the rise of social media and online advertising. So, go ahead, and tell everyone you are here.
“To any entrepreneur: if you want to do it, do it now. If you don’t, you’re going to regret it.” – Catherine Cook, co-founder of MyYearbook.