10 Ways Entrepreneurs Shoot Themselves In The Foot

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. It's 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, don't mumble, and don't 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 - 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. It's 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 it's 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 it's 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.

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Reducing the Stress of Being an Entrepreneur

Starting and running your own business can be exciting and rewarding, but it can also be very stressful. For most of our almost 40 year marriage my husband has been an entrepreneur and I have sometimes worked with him. Having built my own business as a Stress Reduction Coach I have been reflecting on the stresses of being an entrepreneur.

Signs and sources of stress

Some of the signs of stress overload include irritability, anxiety about the sustainability of the business, and/or high business debt. Relationships within the family can suffer if they do not understand the entrepreneurial drive or the time and effort it takes to start and run a business. For women entrepreneurs, the job of running the household and balancing work and home can create enormous stressors. When you work from home, all the household tasks that need to be done can pull you away from your business. People who are drawn to be entrepreneurs are sometimes idea people who don't like detail and repetitive tasks. Having to work on those things can create stress as well. And when you're stressed it's harder to concentrate and focus.

Organize your environment

One of the solutions is to reduce the stress and create an environment that discourages stress. Have a place where you can keep everything together and organized. A written plan of action for the business posted where you can see it along with a daily plan can help you focus the time you have available.

A system that works for me

I am not a person who comes to organization easily and I have struggled to find a way that works. Daytimers and lists help for a short while, but I have never been able to keep up with them. One thing I have found that works is to have a "big picture overview" of what needs to be done where I can see it. I have a poster board size piece of "static cling" presentation sheet that adheres to my door. It can be easily rolled up and removed if needed. I have several categories that I've posted at the top of the sheet, such as "website," "presentation," etc. These are written on standard sized post-it notes so they can be easily removed and changed. I brainstorm everything I need to do on small post-it notes. After I brainstorm, I then organize the notes in the appropriate columns. I also have a category that says TODAY for the urgent and important things. I can glance at the poster while I am working and see what else I might need to do and when I finish what I need to do, I can throw the post-it away. If something comes up that is not posted, I can put it on a post-it note and put it where it needs to be.

This "system" helped me write many graduate papers and I used it when I planned and wrote my dissertation. Now it helps me as I plan and work my business. This is just one technique that helps me reduce the stress of being an entrepreneur.

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