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6 Mistakes Entrepreneurs Make| The Maven Nation Podcast #6
Show Notes:
* Michael outlines about 6 things that tend to mess up the most when you’re starting new – 0:15
* Why new entrepreneurs are risk adverse -0:46
* Why marketing is critical – 03:38
Good morning everyone! Today we are going to be talking about the top 6 mistakes a new entrepreneur makes. This is just my opinion, not based on study or anything of that nature. This is what I’ve seen in the real world, from my friends, and from my photography students. These 6 things that tend to mess up the most when you’re starting new. This is in no particular order. Some of these are more important than others but I just want to give you my list.
They are risk adverse. They are afraid to take chances. I talked about this a little bit in the book. I talked about tearing up a hundred dollar bill. The number one problem that new entrepreneurs have is they are fearful of failure. The truth of the matter is if you are an aggressive entrepreneur, you will look at failure as an opportunity to learn. You want to make a mistake quickly so you attack because you want to fail. And then learn those lessons and make the adjustments and move on. But time and again, this is preventing people from becoming business owners, is because they are afraid. There are a lot of fantastic ideas out there for businesses that I’ve seen from countless associates. But they do not have the courage or the willpower to bring it too far. That is far more important than a spectacular idea for the business. If you look at more common things such as selling pineapples on the side of the road or cleaning swimming pools, that’s something my dad does or any kind of lawn care services, it’s not really a sexy idea but because they are willing to roll the dice as entrepreneurs, they are able to have that business. That is a critical barrier to entry. In my mind, to become an entrepreneur, you have to be brave and courageous to deal with risks. Live with it and not hesitate because of the chance to fail. The best entrepreneur are looking at failure as a classroom. They move ahead full speed.
There is no competitive advantage to the business. When I say that, what I mean is if you are going to have a business and is going to be spectacularly successful, and you do not have a competitive advantage, somebody is going to come and attempt to steal it from you. This is not really a place to go into what a competitive advantage is. Think of it as a barrier that prevents people from doing what you’re doing. This could be a trademark, or a formula, a brand name, a personality.. things that are not replicable. When somebody comes to me and say. ” Hey, Michael. I have a business idea and this is what I want to do.” I will say. “That’s a great idea but the problem is you can’t protect it from somebody else stealing it.” It’s very common to see that. No competitive advantage.
New entrepreneurs often do not understand what marketing is. I have seen this so many times from very talented and creative individuals who make a product, start a business and they’re unable to get it in front of those who are their target market… The people who would buy it. There is one example I am thinking of. In this person’s mind, marketing is posting a picture on Facebook or Instagram. They believe that is marketing. Well, that is only soliciting to their circle of friends. The truth of the matter is Facebook and Instagram limit how many people see that. If you guys remember business pages on Facebook when it first started, when you post something, pretty much everybody saw it. What a powerful tool. All the people following your business would see and then they changed it. Now, it’s only 1% of your business followers would actually see something that you put on Facebook.
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By Michael Andrew
4.5
1212 ratings
Show Notes:
* Michael outlines about 6 things that tend to mess up the most when you’re starting new – 0:15
* Why new entrepreneurs are risk adverse -0:46
* Why marketing is critical – 03:38
Good morning everyone! Today we are going to be talking about the top 6 mistakes a new entrepreneur makes. This is just my opinion, not based on study or anything of that nature. This is what I’ve seen in the real world, from my friends, and from my photography students. These 6 things that tend to mess up the most when you’re starting new. This is in no particular order. Some of these are more important than others but I just want to give you my list.
They are risk adverse. They are afraid to take chances. I talked about this a little bit in the book. I talked about tearing up a hundred dollar bill. The number one problem that new entrepreneurs have is they are fearful of failure. The truth of the matter is if you are an aggressive entrepreneur, you will look at failure as an opportunity to learn. You want to make a mistake quickly so you attack because you want to fail. And then learn those lessons and make the adjustments and move on. But time and again, this is preventing people from becoming business owners, is because they are afraid. There are a lot of fantastic ideas out there for businesses that I’ve seen from countless associates. But they do not have the courage or the willpower to bring it too far. That is far more important than a spectacular idea for the business. If you look at more common things such as selling pineapples on the side of the road or cleaning swimming pools, that’s something my dad does or any kind of lawn care services, it’s not really a sexy idea but because they are willing to roll the dice as entrepreneurs, they are able to have that business. That is a critical barrier to entry. In my mind, to become an entrepreneur, you have to be brave and courageous to deal with risks. Live with it and not hesitate because of the chance to fail. The best entrepreneur are looking at failure as a classroom. They move ahead full speed.
There is no competitive advantage to the business. When I say that, what I mean is if you are going to have a business and is going to be spectacularly successful, and you do not have a competitive advantage, somebody is going to come and attempt to steal it from you. This is not really a place to go into what a competitive advantage is. Think of it as a barrier that prevents people from doing what you’re doing. This could be a trademark, or a formula, a brand name, a personality.. things that are not replicable. When somebody comes to me and say. ” Hey, Michael. I have a business idea and this is what I want to do.” I will say. “That’s a great idea but the problem is you can’t protect it from somebody else stealing it.” It’s very common to see that. No competitive advantage.
New entrepreneurs often do not understand what marketing is. I have seen this so many times from very talented and creative individuals who make a product, start a business and they’re unable to get it in front of those who are their target market… The people who would buy it. There is one example I am thinking of. In this person’s mind, marketing is posting a picture on Facebook or Instagram. They believe that is marketing. Well, that is only soliciting to their circle of friends. The truth of the matter is Facebook and Instagram limit how many people see that. If you guys remember business pages on Facebook when it first started, when you post something, pretty much everybody saw it. What a powerful tool. All the people following your business would see and then they changed it. Now, it’s only 1% of your business followers would actually see something that you put on Facebook.