3 Mistakes Entrepreneurs Make While Building Their Businesses

Over the years I’ve had the pleasure of working with both very successful entrepreneurs and ones who aren’t so successful. What makes one entrepreneur successful while the other one not-so-much? Chances are they’re making one (or all three) of these mistakes. Read on to learn more.

1. Marketing their business is not a priority. This is probably the biggest reason why I see businesses fail or either get sucked into a stressful feast-or-famine model (either too many or too few clients). They don’t make marketing their business a priority.

If you want to have a full pipeline of clients at all times then it’s crucial you make marketing a priority.

So what do I mean exactly by marketing your business? Basically two things — you have one or more ways to bring new leads in the door and you have one or more ways to turn those leads into clients. One of the easiest ways to do this is to set up an opt-in box on your website so you can collect the names and email addresses of the people who visit your site, then have a follow up system in place once they give you their email address to start warming them up so they become clients. Ezines and teleclasses are two great tactics to use as follow up.

2. They don’t take action (or they don’t take action fast enough). Successful businesses are built on momentum. Momentum is built on taking action. Whether it’s creating information products, launching new programs or even getting your new website up (or your ezine out), it’s all about taking action.

Now there is a caveat here. It’s not enough just to take action. You need to take the RIGHT action at the RIGHT time in the RIGHT order. So how do you know if you’re doing that or not?

Well, one way to do that is to educate yourself about marketing and business-building. Or an easier (and faster) way is to find yourself a business/marketing coach or mentor who can quickly assess your situation and give you a plan of action. (Of course, once you have that, then you need to make sure you actually implement that plan.)

3. They give up too soon. Look, every successful business person and entrepreneur I know has had a few stinkers. The difference is they’ve been in a business long enough to know a failure or two every now and then is normal and they move on. Entrepreneurs who are new or a little unsure of themselves tend to create a story around their failures that are simply not true. They’ll instead think there’s a problem with the product or the industry or themselves or something else — you get the picture. When the reality could be they didn’t market enough or they didn’t take enough action or they skipped a couple of steps when they were marketing their product or a myriad other easily preventable mistakes.

Before you throw in the towel on something — whether it’s a product you just created or your entire business, stop and ask for some help. Find out if success is just a few tweaks away or you really do need to do something more drastic.