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ONLINE BUSINESS HELP

10 Ways Entrepreneurs Shoot Themselves In The Foot
By: Developer Shed
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    2004-10-19

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    10 Ways Entrepreneurs Shoot Themselves In The Foot
    by Catherine Franz

    Entrepreneurs and their businesses have a tendency to ambush
    themselves when they aren't looking. This affects how much
    revenue they can generate, how fast their business rises,
    and even if they survive after the first few years. If you
    feel there is a possibility you are getting in your way to
    success, review these elements to see if any of these items
    might apply.

    1. Imagine investing time and money into a product or
    services, only to find that it isn't selling. Or at least
    it doesn't have the results that you expected. Now, I'm
    talking realistic here, and not some grandiose vision. Itís
    hard to give up something when you have invested your
    resources into something, more importantly, you have spout
    off to the world (okay, friends and family) that you were
    doing it.

    Gluing yourself to an idea, product, or service that isn't
    making any money or enough money to support the business
    isn't smart. Ego and pride don't make money. Getting
    hitched to any one idea, or even two, that isn't profitable
    isn't smart. Every product climbs and falls -- even
    McDonalds drops a product when it doesn't test strong. Ideas
    are the currency of entrepreneurs, make money with them or
    let them go.

    2. Be proud of being an entrepreneur. DFor some reason,
    the title entrepreneur seems to have caught a disease, but
    that shouldn't be the case. Be proud of being an
    entrepreneur. when someone asks you, donít mumble, and donít
    call it by another name, as if being an entrepreneur was
    somehow unprofessional. The same applies to the title of
    independent professional -- which is another name for
    entrepreneur. Stand tall and proud.

    When I ask people at networking events if they're an
    entrepreneur, they often respond with strange body language.
    Some shift their stance uncomfortably, sometimes their hand
    goes over their mouth and they let out a barely audible,
    "yes," and sometimes they even correct me, using some other
    title.

    3. No bologna (or b.s.). Entrepreneurs can be naturally
    excited and optimistic about what they are doing. Don't let
    the excitement sound like hype. Because of this people
    don't trust you. Don't just tell the pros, add the cons.
    Let people know, who is the best person for this service Ė
    not everyone, or what circumstances are best for the
    product. People aren't stupid but if they have to figure
    the cons of the product or service, you will most likely
    lose the sale.

    4. Being in denial of your cash position. Not balancing
    the checkbook, not knowing what your accounts receivables,
    payables, or what the break even cost is for a product or
    service, isn't smart business. If you don't know what it
    is, get a book on the topic or talk to an accountant.
    Denial creates fear, and fear creates denial. Itís a
    vicious circle that creates stress and ulcers. Short term
    projects turn around short term dollars. Long term projects
    never turn around short term dollars. Be realistic with all
    your resources.

    5. Accepting weak any bodies. Whether its weak staff, weak
    clients, weak strategic alliances, or anyone else in your
    support realm. If you are attracting weak people, you are
    giving weak signals. Change your signals and you will
    change what you attract. To attract strong people, you need
    strong signals.

    6. Confusing possibility with reality. One of the main
    characteristics of an entrepreneur, and this could be one of
    the reasons people may not like using the name, is their
    gift to see everything in possibilities, yet spend money in
    the world of reality. Money is always reality.

    7. Selling or trying too hard to explain what you sell. If
    you find yourself pushing what you're product or service
    does, it is time to change your "success formula." Common
    causes are: (1) You are trying to sell to someone who isn't
    your target, or (2) If you have the right target and you
    don't know what you are selling. You can only handle this
    in two ways, know what the customers are buying, or know the
    benefits of what you are selling. Benefits in the terms
    customers need to hear and understand, not what you choose
    to say.

    8. Lack of any or adequate support structures. If it takes
    a village to raise a child, what do you think it takes to
    raise a business. Surely, not a lone ranger. Work with
    others to help handle your many business and personal needs.
    Entrepreneurs need support, even if itís only a feeling.
    Arrange to have a support structure for every part of your
    business. Keep in mind tip number five above for this as
    well.

    9. Over or under delegating. It is so hard for
    entrepreneurs to begin to delegate. Yet once they do they
    seem to swing the pendulum completely to the opposite side
    and over delegate. Over delegating is "dumping" on people.
    Even paid people, don't like being dumped on. Feeling in
    control is a need of most people, entrepreneurs aren't any
    different. They look at it as a money or trust issue, when
    in actuality itís usually a control issue. Delegate
    appropriately and with people that think you can trust. Let
    the trust build over time.

    10. Stop giving up so easily. Successful entrepreneurs
    don't see failure. They see learning lessons. They pick
    themselves up, dust themselves off, change and adjust, and
    keep moving. Being an entrepreneur, during the early years
    of a business -- that is under five years for most
    professionals, takes more work than being an employee. Even
    if you are a graduate with an MBA in business. Don't
    include your learning curve time in with the rest of your
    time. Everyone has a learning curve of some kind.

    Catherine Franz, a Professional Marketing &
    Writing Coach, specializes in product development, Internet
    writing and marketing, nonfiction, training. Newsletters and
    articles available at: http://www.abundancecenter.com
    blog: http://abundance.blogs.com

    DISCLAIMER: The content provided in this article is not warranted or guaranteed by Developer Shed, Inc. The content provided is intended for entertainment and/or educational purposes in order to introduce to the reader key ideas, concepts, and/or product reviews. As such it is incumbent upon the reader to employ real-world tactics for security and implementation of best practices. We are not liable for any negative consequences that may result from implementing any information covered in our articles or tutorials. If this is a hardware review, it is not recommended to open and/or modify your hardware.

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