1. Being led by too many opinions
If you own a startup, more than likely you will be given plenty of advice by friends and family or, if you’re proactively seeking out answers, like-minded business people. You need to be wary of being overwhelmed with too many opinions. Listening to too many various opinions can lead to a lot of confusion and indecision. When there are a lot of opinions flying around in your head, you may end up making a split-second decision which can be bad for business.
To help you avoid basic mistakes in your daily dealings, work with someone who you can trust and has had business experience or even consider hiring a consultant to look at your business plan and give you their professional opinions.
2. Underestimating or ignoring the competition
Although you should not obsess over your competition, you also shouldn’t ignore them either. All businesses have competition and if you don’t know why your business is better than your competitors, you’re not going to get ahead of the pack. You need to convey your message properly to customers and learn from, not only your mistakes, but also your competitor’s mistakes. Sometimes the toughest competitor is you.
3. Doing everything yourself
We all know the phrase, ‘If you want something done right, do it yourself’ however, sometimes we don’t give anyone else a chance to prove themselves. The sooner you learn to let go of some of the work and delegate efficiently, the better it will be for your business and mental health!
As tempting as it is to do your design work, finance and administrative work by yourself, it may not be the best use of your time and there may be someone out there better at some of the jobs than you. (Sorry!)
Being an entrepreneur is one big learning curve, just remember when you make a mistake, learn from it, and don’t dwell on it!
This guest blog was provided by L4N UK (Ladies 4 Networking)
Since L4N was established, it has developed into a vibrant organisation, with all the monthly meetings being regularly attended by up to 40 female business owners and professionals. The meetings take place at the same venue each month, where a one-course lunch and drinks are provided for a nominal charge
L4N UK are dedicated to providing opportunities for women in business to network, gain confidence, new skills, support and collaborations with other businesswomen.
For more information, please visit www.l4nuk.com
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