1) Not being aware of their Motivated/ Transferable Skills. Knowing your intrinsic skills, gifts, talents, and preferred interests is especially important for an Entrepreneur. Once you know what you most love to do, you can create your business and services/ products around your Strengths, and hire out/ outsource the areas in which you would prefer not to engage. Here’s a link to find your Motivated/ Transferable Skills: The Knowdell Motivated Skills Card Sort (Physical and Online Version) (careerplanner.com)
2) Trying to go it alone. Get a Team! As amazing as you are, you are limited in knowledge, time, and capacity. Also, being an Entrepreneur can be a very isolating experience as well. So having a team member that you can bounce your ideas off of is essential to maintaining your sanity, as well as sustainably growing your business.
3) Trying to handle the money when that’s NOT their expertise. The fact is either your business is making money, or it isn’t. And if it’s not, it’s only a matter of time before it shutters. You must be perfectly clear, from Day 1, exactly how both your personal and business health is doing. Also, if your financial pieces aren’t in place, it will be VERY difficult to apply for business financing, grants, or other forms of financial support. Here’s a link to the accounting and tax company that I use: http://refer.bench.co/Tw8DV, and here’s my Financial Planning company: https://facetwealth.referralrock.com/l/1LYDIAHUGHE51/
4) Trying to scale their business before they are ready. We all want to GROW our business, and as quickly as possible. But the key is not just to grow it quickly, but also sustainably, meaning that you would rather have measured and safe growth over time, as opposed to ramping up too quickly and then having to ramp down, just as quickly… This book saved my LIFE as a business owner: Build a Business, Not a Job
5) Not having a proven and profitable Sales & Marketing plan in place. No matter how great your services or products are, if you don’t have customers, you’re NOT in business. Period. A comprehensive Sales & Marketing plan will help to generate new customer leads, keep your pipeline full, and convert interested eyes into paying consumers. If this is not your area of expertise, please: Seek professional help. It is well worth the investment. And don’t settle to work with just anyone. Keep looking and trying, until you’ve created a repeatable system that keeps business coming through your doors!
6) Not having an actual SYSTEM for service/ product creation and delivery. You don’t need to be an Organizational Development expert, but you will need to understand some of the basic systems and controls that are needed in order to efficiently and effectively deliver a consistently great product or service to your customer. Even if your product is very much uniquely tailored for each customer, like the advice I provide as a Consultant, you still need to have some sort of guiding framework that ensures that your service provides tangible and measurable results, every time. For us, we have our proprietary Triple “S” Formula for Consulting, and our SPA Formula for Coaching. Once again, Build a Business Not a Job can REALLY help with this!
7) Not staying up to date on what’s happening in their community, industry, and business as a whole. Being an Entrepreneur essentially means that you’ve now made a commitment to life- long learning. Full Stop. And yes, that means you have to actually READ books (or listen to them), listen to podcasts, subscribe to relevant publications, attend webinars and conferences, and network with other business professionals, so that you can stay up to date on what you need to know for your industry and as a business owner. Your business will only grow as much as you do, both personally and professionally. If you plateau, your business will plateau as well, and eventually begin to wither….
Lastly, and most importantly, Pace Yourself. Building a sustainable business is a Marathon, not a Sprint 😊
Want to explore any of these tips further, or to get Coaching directly from Dr. Lydia? Book your Free Coaching Discovery Call here!