10 Common Mistakes Entrepreneurs Make (And How to Avoid Them)

In this episode, we dive into the 10 most common mistakes entrepreneurs make when starting and growing their businesses. From financial pitfalls to poor planning, I'll share practical tips to help you avoid these missteps and set your business on the path to success. Whether you're just starting out or looking to refine your approach, this episode is packed with insights to keep you on track. Don't let avoidable mistakes hold you back—tune in!

Episode Transcript

(00:00):
Welcome to From Vision to Business, your roadmap to success, a podcast offering the tools, strategies and insights you need to succeed.

(00:10):
Whether you're starting from scratch or ready to level up, each episode delivers valuable advice to help you overcome challenges and build a business that works.
Your host, Mira Jefferson, brings 25 plus years of business experience as an entrepreneurial consultant and is here to guide you.
Your journey to success begins now.

(00:31):
Good afternoon and welcome back to my podcast.
Today I am so glad you're here because we're going to be talking about something every new entrepreneur needs to hear.
We're going to be talking about mistakes.
We all have them, we all make them, but if you can spot them early, you'll save yourself so much time and money and stress.

(00:56):
Think of this episode as me sitting across the table from you, coffee in hand or tea in hand, just chatting about some of the biggest mistakes that I've made or seen other people make when they were starting out.
So let's get into it.
I like to do lists, so we're going to start out with the 10 most mistakes that every entrepreneur makes when they start out.

(01:19):
Number one, trying to do everything yourself. When you're starting out, you feel like you have to do everything yourself.
You have to do the marketing, the bookkeeping, the customer service, the web design, whatever it is, you name it, you have to do it.
But honestly, that just leads to burnout.

(01:41):
And I'm speaking from experience. The first business that I started, I literally did everything myself and I burnt out really quickly.
You're not a superhero, even though you may feel as though you are when you're starting your business.
The truth behind it is that you're not. You are not a superhero and it is OK to ask for help.
Number two, not knowing your target audience.

(02:07):
There's a saying that goes like this, if you're trying to sell to everyone, you're selling to no one. Does that make sense?
If you take a moment to really think about it, it makes perfect sense.
Take the time to figure out who your ideal customer is, what they need and where they hang out.
Also, you need to figure out what problems they're trying to solve when they're reaching out to you for your product or service.

(02:33):
And once you know all of that, everything else falls into place. It gets easier.
Everything from marketing to product development. Trust me, it gets easier.
Number three, ignoring the importance of cash flow.
This one's a biggie. A lot of people get caught up in the excitement of making sales and forget to keep an eye on the money coming in and the money going out.

(02:59):
Keep your expenses in check and always have a cash buffer. Your business isn't successful if it can't pay its bills.
I'll repeat that. Your business isn't going to be successful if it cannot pay its bills.
Number four, waiting for everything to be perfect.

(03:20):
If you're a perfectionist, I know that you must be nodding along with me right now.
I must admit, I am a perfectionist and I didn't really think that I was until someone that I truly respect pointed it out to me.
And then I started evaluating myself and everything that I've done over the past couple of years.

(03:43):
And then I realized, wow, she's right. I am a perfectionist.
Here's the thing. Nothing will ever be 100 percent perfect.
You are not a perfect person. This is not a perfect society, nor is it a perfect world.
So nothing will ever be 100 percent perfect.

(04:05):
If you wait too long to launch or make decisions, you'll miss valuable opportunities.
Number five, pricing too low.
Many new entrepreneurs often price themselves too low because they're afraid no one will pay for their product or service.
But here's the truth. If you don't value your work, why would anyone else value it?

(04:31):
Number six, not marketing enough.
Marketing isn't optional. It's essential.
I don't care how amazing your product or services. If people don't know about it, it's not going anywhere.
Get comfortable putting yourself out there, whether it's on social media, through networking or a good old fashioned word of mouth.

(04:54):
Just do it.
Number seven, ignoring feedback.
Feedback is a gift, even if it is not what you want to hear.
Pay attention to what your customers are saying. They're your best resource for improving.
And don't take it personally. It is not about you. It's about the business.

(05:20):
Number eight, not having a clear plan.
Winging it might work for a little while, but without a plan, you'll end up running in circles.
Set clear goals for yourself and map out the steps needed to get there.
It doesn't have to be fancy or even perfect. Just something to keep you focused.
Number nine, forgetting about self-care.

(05:44):
Building a business is exciting, but it is also very draining.
Don't forget to take care of you.
Take care of yourself physically, mentally, and emotionally.
You can't pour from an empty cup, so make time for rest and things that bring you joy.

(06:05):
And number ten, giving up too soon.
Success does not happen overnight.
So many people quit just before they would have seen a breakthrough.
Don't let that be you.
Stay consistent, keep learning, and don't let fear of failure hold you back.

(06:27):
And there you have it.
Ten mistakes that all new entrepreneurs make and how you can avoid them.
Look, no one gets it perfect, and that's okay.
But if you could at least sidestep even a few of these, you're already ahead of the game.
If you found this episode helpful, share it with someone who's also thinking about starting their own business.

(06:50):
And as always, thanks for tuning into From Vision to Business Roadmap.
I am Mary Jefferson, and I'll see you next time with more practical steps to turn your vision into a successful business.