Entrepreneurs Ideas To Make That Causes Their Businesses To FAIL.
Hey, everybody. So today we’re gonna talk about the 10 most common mistakes that I see new entrepreneurs or wannabe entrepreneur make that cause their businesses to fail. And this is across all industries, and not just online businesses.
Now we’ve got a lot to cover, so let’s just jump straight into it.
1. They treat their businesses like magical money vending machine:
Seriously? I see it all the time. Most people who say that they want to start and build a new business aren’t looking for that at all. Instead, they just want magical money vending machine, magical money vending machine where if they put $100 in, they’ll get $200 back.
But funnily enough, it doesn’t quite work that day. A successful entrepreneurs business ideas is when you do these three things well.
One, you find or create great products or services to sell.
Two, you put those products in front of the right people.
Three, you give those people a great reason to buy.
2. They fall for shiny object syndrome:
I know that this is a mistake that I’ve made when I was first starting as an entrepreneur. I’ve got a great idea. I’m gonna start a clothing line. It’s gonna be amazing. What’s this? Starting a social media agency? Cool. I’m gonna start one of those too.
The problem though is that if you fall for shiny object syndrome, then all of your entrepreneurs business ideas ventures are almost certainly going to fail. And to figure out why we just need to do some simple quick maths. You’ve only got 24 hours in a day.
Most of you watching will spend at least eight hours at work, and then you’ll spend at one-hour commuting and preparing for work. After taking out eight hours for sleep, that leaves you with just seven hours a day, which is not much time.
Most people will realistically be left with one to two hours each workday to work on their new business. And, with weekends, you have far more time. Perhaps you are very disciplined and you’re willing to work eight hours a day.
That means for most people, you are likely to have around 20 to 25 hours a week at most, on average, to work on your new business venture. Now consider this. Usually, I recommend that most new store owners devote at least 15 to 20 hours a week on their new business.
That’s less time than most other business models because this one is semi-automated. So just think about it. If you are trying to start two, three, five businesses, you’ll run out of time to launch any of them. So pick one business, and stick to it.
3. They overthink taxes:
“I almost don’t want to start a business anymore. “I don’t even know if I should bother. “I hate taxes.” Well, Dominic, you know what? I hate taxes too. Almost no entrepreneurs business ideas owner I know likes thinking about taxes. And one of the benefits when I was working a job.
The job was I didn’t have to give a single thought to my taxes. In New Zealand, if you work a job, thanks to a system called PAYE, the government will take taxes out of your paycheck. So, giving up my job & becoming an entrepreneur, handling my tax returns is now a new burden that I have.
But you know what else I have? I now have the freedom that I am no longer chained to my day job and desk. Thanks to passive income I built from my businesses since. I now don’t have to exchange my time for money.
I’m fulfilling my life dream of traveling around the world in business class since no longer have a salary cap on my income. I’ve to spend one to two days a year working with my accountants to make sure that my taxes are in order. But you know what? I think that’s a sacrifice I’m willing to make.
4. They think that their business is awesome, but their customers do not:
I reviewed a store, that’s exactly what I found. The store was, and still is to this day, simply a collection of random products that anyone likes and is interested in himself. This store is admittedly one of the more interesting stores I’ve ever seen.
It was ugly then, and it’s just as ugly now, but I’m not surprised, as he’s built the store with himself in mind, and that makes it much harder to be objective. Why? Because most of you watching, including myself, suffer from illusory superiority that makes us think we are superior to others.
Another name for it is the Lake Wobegon effect, named about the fiction Lake Wobegon town, where it’s said that all the women are strong, all the men are good-looking, and all of the children are above average. If you’ve ever wondered why everyone thinks this, now you know.
Unfortunately, the Lake Wobegon effect means that it’s quite difficult for us to be truly objective about the things that we create and do, which is why analytical data can help us do that. I made this video about why I thought new dropshipping stores shouldn’t sell expensive products.
I was proud of it. Packed with information, fantastic. And then I looked at the video retention stats. Wow, what a blow to my ego. Hm. Yeah, okay. Maybe I was wrong. When I re-watched that video, I realized that, especially in the second half of it, I did very little to make it visually interesting.
I found watching myself talk for 13 minutes to be extremely engaging. But funnily enough, my viewers didn’t agree. Ever since then, I’ve made a huge effort to vary up my videos visually, ever going so far as to hire an animator full-time, and the results speak for themselves.
5. They eat McDonald’s:
So earlier this year, I was in Canada, visiting friends. A few years ago, they started a new successful business venture, beekeeping, and honey. They’re an awesome example of a pair of millennials who hated their 9 to 5 life and took action to change it.
However, they’ve recently been suffering a lot from having no energy and exhaustion and were struggling to keep up in their business. And so I was very surprised to walk into their house and discover this, McDonald’s bags. They said, “Yeah, we eat it “because we don’t have enough time to cook.”
I was like, “No wonder you have no energy.” Look, I get it. As a new entrepreneur, you have limited time, so you’ve got to cut some corners to save time. But don’t do it buying McDonald’s. For breakfast each day, I have the same thing, eat a meal, yogurt, and coffee.
For lunch, I have more coffee, yogurt, some vegetarian sausages, and almonds. And then for dinner, I have lots of vegetables that I chop up and throw into an oven for 30 minutes, along with some more vegetarian sausages. Plus some snacks, of course.
Please guess what? Not only is the food healthier and cheaper than McDonald’s, but it’s faster for me to prepare this than go through a drive-through to get a Big Mac. In the beginning, your entrepreneurs business ideas relies on you.
In the future, you’ll build up passive income and be able to take breaks with fewer consequences. But at the start, you can’t just call in sick. Eat well and exercise. Don’t cut corners with your health.
You may get more ideas on Google.