Something has happened to entrepreneurship over the last decade, and it may not be for the better.
For every successful entrepreneur who I know, I know 100 more that are struggling, failed in devastating fashion or have given up.
Here are some common mistakes entrepreneurs are making today, and what to do instead—
1. Treating Your Fans Like They Are Disposable
I know so many entrepreneurs, and businesses that just don’t treat their fans right. They see them as a dime a dozen.
But these people make up your entire business, so why on earth would you treat them poorly?
A lot of people treat their fans poorly because they feel they can just keep churning and burning fans. Squeezing them for every dollar they have and then finding new ones. This may work for a while, but it will eventually catch up with you and snowball into a major problem.
2. Mistreating Employees, Partners, Consultants or Advisors
It is incredible how bad some people run their businesses. I have seen virtually every poor leadership move imaginable in my journey. Further, mistreating the very people that help you run your business is one of the most sure-fire ways to failure.
Instead of treating the people that help you run your business poorly, you have to empower them. Give them extra incentives, and check in with them regularly to see how you can help them accomplish new goals.
I make it a point to tell the people that work with me what a great job they are doing (assuming they are doing a great job.)
Make sure to always be honest with your team. You shouldn’t need to manipulate people to get them to do what you want. If you have to do that, you haven’t sold them on your vision. That’s on you, not them.
I also make sure to always, one hundred percent of the time, do what I say I’m going to do. By stringing employees along with bonuses or financial incentives that you don’t plan on ever giving, it’s ultimately going to result in them leaving and losing respect for you.
3. Making It All About You
I believe that at the heart and soul of entrepreneurship, is giving true value to others. It’s not about what you are getting, it’s about what you are giving.
In other words, put out a solid product that people love first and foremost. They will then pay you much more than trying to manipulate them into spending money on a low-quality product.
Drop the Ego: The Entrepreneurship Through Acquisition Alternative
Entrepreneurship through Acquisition is a fun new spin on breaking into the world of entrepreneurship.
What this means is simple — Instead of starting from the ground up, you can start with an existing business or franchise that is already built for you (professionally & personally). In other words, you can acquire a business that is already pretty far along, rather than starting from nothing. This mitigates risk and shortens your return on investment as you are tapping into a proven market with an existing customer base and positive reputation.
There are many ways to find businesses to acquire at a range of prices from $1,000 to $5,000,000. One of the best online marketplaces to buy or sell a business or franchise is called BizON. I am a member of this site personally and am always on the lookout for businesses that I could potentially acquire.
As someone that has sold numerous businesses myself, this would also be a great place to go and sell one of my businesses.