The 7 Monstrous Missteps to Avoid in Starting Your Business
As I proudly celebrate 17 years of entrepreneurship, I recognize all of the many mistakes I’ve made. Yikes! I’ve even put together an entire booklet entitled Confessions of an Entrepreneur: 99 Indispensable Lessons to Build Your Brand & Biz available for download here.
7 Deadly Sins of Entrepreneurship
- Naming The Business After Yourself – If your company is Jane Smith & Associates, I assume there aren’t any associates! And, how can you sell your business without you? Or, how does succession planning work?
- Avoiding Contracts – As much as you hate it, contracts are essential; they spell out your obligations and their obligations; they don’t have to be complicated, but they do have to cover the bases. Join me on Wed, November 4, for the EZ, Breezy Guide to Contracts webinar that dishes the dirt. $9.97; available on demand too!
- Not Diversifying Your Revenue – Oy! I remember when virtually all of my revenue came from speaking. And, then came the recession of 2007 and I was knocked flat. Today, money rolls in from speaking, training, consulting, coaching, books, webinars, affiliates…..
- Spending Too Much Too Fast – I often see clients with spiffy websites and shopping carts when they don’t have any traffic yet to justify the expense! Revenues before expenses is a great mantra.
- Forgetting the Power of a Coach or Mentor – Why spend your time making foolish mistakes or inhaling your own fumes? You need outside advice, critiques, and recommendations. I spent $10,000 with my first coach and the ROI was paid back with one speech! Perform your due (duh!) diligence to ensure you know the results you’re seeking. It’s OK to ask for help.
- Dismissing the Relationship Between Health, Self & Wealth – As I now know too well, when you’re distraught, it’s hard to keep your balance between work, sleep, exercise, and good health. They all play a role in keeping you on solid ground. Try for balance and recognize when you need a break.
- Overlooking the Power of Media – I used to think only celebrities got on TV, but you turn yourself into a celebrity by your media appearances! Tune in to The Kennedy Files beginning on November 10 where I provide branding expertise throughout the 10-part TV series. Want help with your media? Live, 4-hour workshop in San Diego on Friday, November 13.
What are your secret sins to avoid in starting a business? I welcome your comments below.