Successful entrepreneurs follow many positive habits and we have mentioned these in our previous blogs as well. Everyone mistakes, and it is aptly said that mistakes are our biggest teachers. However, there are some mistakes that you just cannot afford to make in your journey as an entrepreneur.
Hence, we have listed below the “7 Deadly Sins” that you should totally avoid if you are looking forward to being a successful entrepreneur.
1. Letting Emotions OverPower your mind: The mind can be the epicenter of paradoxes and never allow you to focus on your objectives. Relationships, family issues can take a toll on your professional life. Having said that, the need is to create a balance between professional and personal life. And being an entrepreneur, the emphasis slightly needs to be higher towards the professional side. Never let your emotions overpower your drive for success.
2. Marketing without Strategy: Entrepreneurs these days know well enough that no matter how great their product is, it will not sell by itself. It is an obvious choice to take up advertising and therein lies one of the biggest mistakes they make. The problem is not the advertisement or even the absence of it. The problem is the absence of a strategy. It is complete foolhardy to carry out any form of marketing without a strategy. A strategy is an unseen glue that binds the whole of your marketing initiatives. A strategy is a hidden core that gives meaning to all your advertisement. Without a proper strategy, all your advertisement is just pure noise, that no one is interested in.
3. Activity Over Productivity: As an entrepreneur, you don’t have fixed working hours like an average worker does. There’s no limit to how long entrepreneurs work. As an entrepreneur, you should be driven by results and not efforts or activities. This is the definition of productivity. Nobody cares how many hours you’ve put into production, the customer pays you money for the impact your products have in their lives.
4. Unattainable Goals: Being realistic is one of the primary requirement for an entrepreneur. Taking calculated risks is an option but never outstretch your goals by jeopardizing your family members and employees. Make sure your goals are always attainable!
5. Passion over money: Always be clear in your mind as to why you became an entrepreneur. Was it to earn money? Was it to follow your passion? Was it a bit of both? Never let money, like above-mentioned emotions, overpower your wisdom. Entrepreneurship is a lot about what you firmly believe in and how far you are willing to stretch yourself for that. The financial aspect will eventually follow.
6. Underestimating Social Media: There are so many entrepreneurs who think they don’t need the Internet. Whether you are a service provider or create products, you need to understand that you need the internet. Customers are active on social media and any business that wants to be successful needs to be present on social media. It is an underlying truth. There is a technological revolution happening right now and all entrepreneurs need to utilise it in the most profitable manner possible. Social Media is cheap and effective, so , why not use it?
7. Doing it all by yourself: Being an entrepreneur does mean donning all the possible hats. However, in the process make sure you do not burn out. It is important to keep yourself refreshed so that your mind can work peacefully. If needed, outsource or hire a professional who will ease your workload.
So, next time before taking any hasty decision, ensure that you are not committing one of these sins.