As business owners we all make mistakes. It’s part and parcel of being an entrepreneur and taking risks.
Sometimes going wrong it’s part of the learning curve we all need to experience. However, there are some common pitfalls that catch many new business owners time and time again. They trip up the unwary, hold you back and stop your business from fulfilling its potential.
Knowing what these mistakes are will help you spot them before they ensnare you – saving you precious time, effort and money. Here, Shweta Jhajharia reveals the 6 leadership traps you need to avoid if you want your business to flourish.
Parents, politicians, pundits, pub philosophers. They all have something in common – an arsenal of adages, aphorisms, proverbs, mottos and maxims. But of all the oft-used phrases you’ve heard in your life, which do you think sticks with people most?
- Give a hundred and ten percent
- Never say never
- Game of two halves
- Winter is coming
You may think that giving presentations is something that happens in a big corporate, but not in your start-up or small business. Not true!
We’re all giving mini-presentations and pitches several times a day, and getting your message across in a digital world where everyone is mildly ADHD is more vital for business success than ever.
Whether you’re speaking with a potential customer over the phone or pitching your start up idea to investors, you have a choice between doing it in a forgettable way – like elevator music – or making it rock!
If you want your message to be remembered, then just recall how a well-crafted three-minute song stays in your mind forever. So to let’s pick apart the techniques that songwriters use to achieve this effect and look at how we can apply them to make our presentations rock!
You’ve got to be a bit of an optimist to start a new business. This positive outlook undoubtedly helps you to get through the ups and downs of starting your own business, but it’s worth investing in a bit of negative thinking too.
When astronaut Chris Hadfield described his preparation to go into space, his focus was not on how fantastic it was going to be when he got there but on being ready to deal with the things that could kill him, so he could get to come back again.
This approach has parallels for how we start up too – we can dream of the big fabulous destination, but we have to expect that we will need to overcome challenges to be a success.
Running a startup is about stepping up to run a messy marathon, not hunkering down to run a perfect sprint. We have to make sure we can go the distance and this means we need to talk about embracing failure, affordable risk and filling the weak spots.
Human history provides countless examples of leadership be it in the political, economic or military sphere. But no two leaders are alike and some leaders have left a far more distinctive mark on history than others.
To lead other people you need to be able to communicate clearly. Indeed, many successful leaders such as Winston Churchill have been able to inspire others through the power of the spoken word.
But inspiration also requires another ingredient besides communication. It requires a vision.
Your brand is your identity and in a tough market place it can be the thing that separates you from the competition and grabs the attention of potential new customers.
Remember you’ve only got a very short space of time to capture the attention of new customers, so whether it’s the design of your business cards and marketing collateral, your website or even the name of your company, these things really make a difference when it comes to winning business. Continue…
Managing time effectively is vital if you are to prosper as a business owner, especially when it comes to running a small business when just a few people have to deal with every aspect of the business.
Despite best intentions though, we’ve all got to the end of a day without achieving any of the tasks we intended to do at the start of the day.
There are many tips, tools and guides online and in print that deal with the age old issue of time management. Most seem to over-complicate something that really shouldn’t be that complicated in principle, but Covey’s Matrix has stood the test time and is something that all business owners can benefit from. Continue…
As a business owner, you are always looking for greater efficiencies, more productivity and some general cost savings.
One of your key jobs is to make sure you are always looking for ways get your business running more smoothly and more profitably, but before you jump in and make wholesale changes t0 the way your business is run; ask yourself these 5 key questions; Continue…
Nobody enjoys failure, but everyone experiences it at least a few times in their life and especially as a small business owner.
While it’s one of those things that most people like to gloss over, failing is actually a hugely valuable experience, as long as you know how to make the most of it.
Leigh Ashton, co-founder of Sasudi, stresses the importance of bouncing back from a disappointment as a small business; Continue…
Building a successful new business is a roller-coaster. There will be days you know you couldn’t do anything else, and days you wish you did. Sometimes you’ll be on top of the world, but at other times it will be a struggle to drag yourself out of bed.
In the high-stakes world of starting a new business, only one thing is certain: everyone will make mistakes, but only those who learn from them will succeed.
So, to help you learn from these common errors, without making them yourself, here are 8 mistakes that startups frequently make;
Most new businesses will fail within the first five years. If you are starting a business you have probably read this before. Do some research and you’ll find that poor management, inadequate funding, or failure to understand your customers tend to top the lists of why this is the case.
Continue researching and you’ll get much on how to make your business a success, with advice like write a business plan, conduct market research, and ensure you have enough capital before you begin, all good suggestions.
However, even the most innovative idea, followed by the most robust market research, accompanied by more than adequate funding can still fail. That’s because success is rarely the product of any single task or decision. Continue…
Launching a new business is a huge undertaking and, like most entrepreneurs, I am sure that you will give huge amounts of time to considering your product/service, funding and business plan, but there is one crucial component to business success that is often neglected – YOU!
We gather endless feedback on whether our new product idea will be popular, we jump through endless hoops with investors to secure funding, but for some reason we seem to forget that the single biggest variable that will determine whether we succeed, or not, is our own talents and how we apply them to our new business.
Starting up and growing your own business can be extremely exciting and exhilarating, but it can also at times be quite lonely and overwhelming, particularly if you don’t have a business partner to share the experience with. When you are sitting alone at your desk it can be hard to know where to turn for advice and support.
The good news is there is fantastic solution to this. That is to create your own support team that you can call on whenever you need to for help and advice, and even sometimes simply for encouragement and motivation and a friendly chat.
Here’s how to do it: Continue…
Statistics from HMRC show that around 80% of companies registering for VAT cease trading within three years, and this statistic has held true for many years now.
With the chances of survival so slim, it’s a wonder so many people decide to take the plunge and start their own business. Anybody that manages to steer a start-up safely through these crucial early years, has done so against the odds and should be heartily congratulated on this achievement.
So what are the secrets to surviving the start-up years, and thriving beyond? Continue…
Most business cards are about as much use as a scrap of paper with a name and number scribbled on it. That’s fine if you are looking for a date, but not so good for showcasing your business.
With a little thought, however, it’s easy to create a business card that packs a real promotional punch and helps you, and your small business, stand out from the crowd. Here are some tips and ideas that will help you design business cards that make a big impression;
With age comes wisdom, but all too often in the business world, hubris can come along for the ride too.
After finessing business decision making for decades, executives naturally begin to conclude that their specialised knowledge, expertise and business skills mean that they always know the best way to solve a client problem, to win a major account, or to drive a workplace innovation.
After all their past successes confirm this. Subconsciously survivorship and confirmation biases are at work; good decisions are reinforced, and poor ones are forgotten – which distorts their real importance.
So, can these experienced executives learn something from Millennials? Absolutely! Continue…
To create a successful new business you need four things;
- A good plan,
- A good product that people actually want,
- Good people who can make things happen, and
- A good supply of money.
Running a business is also a way of life, which invariably takes up a lot of your time, so when you are starting a business choose something that you enjoy doing, something you have a real passion for. Someone who waits to be successful in a business they don’t have a passion for will be waiting a very long time. Continue…
Starting a new business is fun. It’s a world of learning and discovery as you set out on your own and try to build a brand new business from scratch.
Many people are so caught up in building their business that they don’t really consider where they want it to go in the long-term. And very few people are forward thinking enough to plan the finish – their exit strategy – when they are starting up.
Yet it’s an essential part of your start-up planning. Not only will there have to be a day when you walk away from the business, but when you know where you ultimately want it to go, you are much more likely to make the right decisions along the way.
Here’s why you need to plan your exit before you launch your new venture;