The 6 Dumbest Mistakes of New Entrepreneurs
New entrepreneurs need to beware of the 6 dumbest mistakes. New entrepreneurs will make wrong decisions that can cost money, but too many dumb mistakes will put you out of business. If you want to be on the success side, the fun side of entrepreneurship, you need to avoid the dumb mistakes that will turn a new entrepreneurs business dream into a business nightmare!
Hi friends, its Doug Howorko & George Tsougrianis Co-Founders of ZAGGTIME, and we’re on a mission to help inspire millions of new entrepreneurs design the life and business they love – live their passion. We’re excited to share with you our latest Freedom Fridays Blog “The 6 Dumbest Mistakes of New Entrepreneurs”. We feel this is an important message to share, because we also made the same dumb mistakes that stunted our success.
There are many stories of new entrepreneurs that have failed and others that have produced some of the best and brightest ideas of our times building empires from their dreams and changing the way business is viewed.
But dire statistics over the years have shown entrepreneurship success to be quite allusive:
- One in three (33%) new businesses fail within six months.
- Three of four (75%) start-ups shut down within five years.
- Nine out of ten (90%) companies operating today will eventually fail.
Did you Know? In his first three years in the automobile business, Henry Ford went bankrupt twice. And in its first year of business, the Coca-Cola Company only sold 400 cokes.
For one thing, entrepreneurship is not an easy word to say and for another it’s not much easier to spell, and lastly, achieving entrepreneurship success where you actually design the business you love is even more challenging.
However, entrepreneurship success does not have to be a complex process. There are only a small number of critical factors that control success or failure. In fact, with a little knowledge, common sense, desire and reasonable effort, there is no reason why you cannot reach your own goals.
So before you set the wheels in motion, it is important for you to understand, the 6 dumbest mistakes new entrepreneurs make.
For more great tips and advice join our community https://www.zaggtime.com/join-our-community/
The 6 Dumbest Mistakes of New Entrepreneurs
MISTAKE #1: They sell first and give second!
The right way is to give first and sell second. True success begins the second you start adding value to people’s lives on a massive scale. In the dog-eat-dog world of big corporate environments, this is contrary to the way most people live. Many of us only concern ourselves with making money while disregarding the true value added provide to others and truly helping people.
Customers don’t care what you know until they know you care. We need to understand that by focusing on giving to others and adding value, we will receive exponentially more! If everyone asked, “How can I help?” as opposed to “What can I get?” we would start to see a much different world take shape around us – full of abundance.
MISTAKE #2: They stop believing in themselves!
The right way is to never stop believing in yourself. Beliefs are the foundation for all Success. Beliefs control what we see, think, feel, and do. Beliefs are forces that control all the decisions we make. When we get negative beliefs in our head, we are dead even before we try.
We often tell ourselves the story of why we can’t succeed. They often go like: I don’t have enough time, I am not smart enough, I am not qualified enough, my circumstances don’t allow me to, and I don’t have enough money to do what I really want.
Whatever your own personal voice of belief says you are not good at or can’t do, it’s time to get a new (personal operating system). 99 percent of your struggles and dissatisfaction are a result of spending way too much time listening to totally BS thoughts. Get rid of the old personal outdated operating system in your brain, like a computer it can be laced with bugs and viruses.
MISTAKE #3: They expect to get rich quick!
There are no real or legal get rich quick opportunities. If something looks too good to be true, it probably is. The problem with human nature is that we tend to be lazy, we expect success now without putting in hard work. For most people – when things get tough…they quit! As a result, many people quit three feet from the gold! They quit just before they are about to make a breakthrough.
You must be prepared to work very hard in your business. You have to pay the price to get paid the price. You must want to achieve business success just as much as you want to breathe. Remember this, until someone tells you that you are crazy, you are not working hard enough. You need to take all out massive action and be obsessed! Be on fire every day and don’t let anyone put it out! In doing so you will build a life you don’t need a vacation from. You have to be bold…don’t wait for anything. Nothing comes to you…you have to go get it!
Everything taken away from you now (money and time) will eventually come back to you ten-fold!
MISTAKE #4: They focus on short term income as opposed to long term wealth!
The right way is to focus on long term wealth as opposed to short term income. Instead of achieving success from trading time for money, build deep foundations and systems in your business that will produce leveraged-passive-residual income…that will allow you to make money while you sleep.
We personally know lots of entrepreneurs that can’t stand their business anymore, because all they did is create themselves a job – one that requires them to work 16 hours a day. Make sure to treat your business like an investment, something that builds value and that generates long term wealth – a business that provides a great return on your (time, money and resources) well into the future. Create an exit strategy, by turning your business into an asset you can sell…so succession planning becomes attainable.
To do this you need to become a business owner and not an operator…a business owner is one that works on their business and not in it – doing the things they have passion in and outsourcing the rest! Remember this quote from Tim Ferris “If you are too busy, it’s because you are lazy…you are too lazy to develop a foundation / a system of support to get un-busy.”
MISTAKE #5: They aren’t prepared to fail!
The first thing for entrepreneurs to achieve great success is that they must be prepared to fail – fail fast and fail forward. Successful entrepreneurs believe failure allows them to make new distinctions and recognize the next steps that are needed to be done differently to achieve their goals.
It has been said “the quality of your life is in direct proportion to the amount of uncertainty you can comfortably deal with”. On a daily basis you must go outside of your comfort zone and stretch yourself, your beliefs, your action and results.
Get excited for rejection and get excited to fail. High Five failure, because it is those that fail forward that achieve true success in life. Start doing what you fear, make that call, meet that person, take that action that makes you scared, muck it up and learn from mistakes. Doing this, you will grow immensely; you will become more, achieve more and become who you want to be.
MISTAKE #6: They choose the wrong market to serve!
You must choose markets where you can provide solutions to peoples desperate problems. If you are marketing to everybody, you are marketing to nobody! Spend your marketing resources and time wisely by choosing the right market to serve by finding customers ready to make a purchase.
People will only take action to purchase a product or service when they are at the intersection of pain and urgency. That is where they have so much pain from their problem and they are at a threshold – they have hit the bottom, they can’t take the pain any longer and they need to take action now to solve their problem.
Choosing the right market means that you must have a clear understanding of your customer “Avatar” is. This will help you shift from selling to a demographic to building a relationship with your ideal customer before you even have one.`
You need to know detailed information about your market customer, such as: relationship status, education, work, income, home, family size, entertainment, hobbies and activities, health, skills, spending habits, travel, purchase behavior, etc.
Call to Action
If you are a new entrepreneur and you want to explore the world of being your own boss, we highly recommend you role model and learn from the success of others. The problem with this desire to be your own boss is that most people have no background in entrepreneurship. Their education has been devoted almost exclusively to preparation for employment, to take orders and follow them, not to think like an entrepreneur and take action.
It is for these reasons that we have developed our ZAGGTIME community to help you learn about business and personal development to ensure you design the life and business you love.
You owe it to yourself to take a chance to become that entrepreneur you’ve always dreamed of becoming.
Join our community at www.zaggtime.com/join-our-community/
Doug Howorko & George Tsougrianis
“You can have everything in life that you want if you will just help enough other people get what they want” – Zig Ziglar