Have you ever felt like you were lassoed into a career like the cartoon above? Do you feel that you have been boxed into doing a job that you are just not passionate about? Don’t be like the cartoon above and get lassoed into a “corporate job” if you have an entrepreneur spirit.
To help you make the transition to being an entrepreneur from working a “corporate job”, I want to encourage you to read The Toilet Paper Entrepreneur (TPE) which was written by Michael Michalowicz. Mike wrote TPE in 2008 and it includes the 10 biggest mistakes that enterpreneurs can make in managing their businesses. Below are the 10 mistakes and a brief explanation regarding each mistake.
Trying to do it all
To start with the first point, it simply emphasizes that an entrepreneur should not try to be a master of everything but discover his or her best strengths and talents. Then you can use them to grow or manage your business. It is better to develop a few of these strengths rather than try to master everything, which could produce negative results in terms of performance in your company.
Not being forthright
The second mistake is very vital in entrepreneurship, as it is concerns the company’s integrity. Mistakes are part of doing business on a daily basis. No one is perfect, whether an organization or person. To cover up your mistakes is not good for a business because the truth may come out at a later time which could cause embarrassment for your company’s name. Remember the quotation, “Honesty is the best policy.”
No clear market message
The third point is focused on the need for your company to have a clear presentation of a consistent message on all fronts. Having mixed messages produces unclear expectations and can affect the way that your current or potential clients view your business.
The fourth point is about making sure that your products or services are priced to differentiate your company from your competition.. It is a good idea to price your products or services strategically to help keep the cost manageable.
No rallying point
The fifth point is concentrated on getting employees who have the same goal with the company. The company must identify its purpose, not just on how to make more profit but to attract like minded employees who can be assets to the company.
Pie in the sky financial goals
The sixth point accentuates that many entrepreneurs are aiming at goals that are so high that they are unrealistic to achieve. Mike, the author, proposed that the company should set SMART- Specific, Measurable, Accountability, Realistic and Time Specific goals to ensure continuous development. Instead of setting goals that are impossible to achieve, business owners should focus on creating great plans.
Being all business all the time
The seventh point institutes that personal matters should be separated from business. This means that a balance should be created between your business life and personal life. By keeping them seperated, you may be avoiding problems that could negatively affect your business. You, as an entrepreneur, should create a balance between personal and business life by developing a plan that delineates how you will handle each on a daily basis.
Being a weak leader
The eighth point pertains to a leader being strong and effective. A leader who sets the goals of the company, communicates to the team regularly and motivates them to have a positive result is what every entrepreneur needs to succeed with his or her business. Being a strong leader doesn’t mean that you “lord” over everyone, rather it means that you…
- Listen and hear what your team has to say
- Do not micro-manage your team
- Can be open to change
- Understand that you, as an entrepreneur, do not have all the answers
Assuming no competition
The ninth point is about assuming no competition. You must assume that there is competition in your business industry that can affect your business. By understanding this, you can research your competition to see what areas you may want to improve in order to have better products and services that can be offered to the customers.
Trying to get rich
Finally, trying to get rich quick is not bad, but expecting too much from your company, such as to be rich overnight, is impossible. Success requires effort, perseverance, hardships, and takes time to be achieved. Allow the company to grow and learn from every experience, good or bad, until you reach your business aspirations.