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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10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril!

1. Do What You LOVE: If you've chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you'd be well-suited for this business, you may as well pack up now and save yourself some time and money. If you don't love what you do, it will show...potential customers will know it and will go elsewhere. Is it possible to be successful anyway? Sure -- but it won't be easy and it won't be fun...and isn't that why you want to be in business for yourself anyway?

Instead, choose what you love. You'll know what that is when you find yourself being incredibly productive, forgetting the time passing by, and not being able to wait to get up in the morning to do more! At Solo-E we call that being juiced...but whether you call it being in the flow, or the zone, or whatever, FIND IT!

2. WRITE DOWN Your Business Plan: As a small or solo business owner, you still need a business plan. Even if you aren't getting a loan! Would you invest thousands of dollars of your own money buying stock in a company that didn't have a written prospectus? (I hope not!) Then why would you spend thousands of dollars AND hours of your precious time on a business that doesn't have a written plan?

Write your plan, get it critiqued by professionals, and most important, BE READY TO CHANGE IT. This may seem counterintuitive...why bother writing it down if it's just going to change? Because writing it down makes it more clear...and helps you get to the next stage of learning and planning and revising. It's critical--67% of businesses that failed had no written business plan. Want to play the odds?

3. Multiply Your Expected Startup Costs by Two--or Maybe Three: When I started my business, an honors MBA grad with 15 years of solid business experience behind me, I figured I was smart enough to estimate my startup costs accurately. I knew all the things I needed and made conservative estimates and I was still WRONG! That's right, I was still off by a factor of almost three. Don't make this mistake! One of the biggest reasons small businesses fail is because of lack of capital. Give yourself the best possible start by saving or acquiring sufficient startup funds NOW. Before you start!

4. Make Your Market Niche as Small as Possible: Again, this is counterintuitive--shouldn't you try to appeal to as many people as possible? The paradox is that the more you try to appeal to EVERYONE, the less you will appeal to ANYONE. Let's say you are selling your house...would you rather list it with the agent who operates in 14 counties, sells both commercial and residential real estate, and sells everything from cottages to estates? Or would you pick the agent who specializes in your community, selling only houses in a well-defined price range that she knows extremely well? Ruthlessly define your niche, make it as small as possible, and stay true to it. You'll thank me later!

5. Do Marketing Your Way: The temptation is to choose all the marketing methods that the competition uses. To stay with tried-and-true marketing channels. To place advertisements that you know nothing about creating, or make cold calls that give you heartburn. Why? Because (all together now) "that's how it's always been done."

It's difficult to stand out among your competitors when you are doing the same kind of marketing! So instead, look to your strengths. What do you like to do? What are you good at? Then choose three marketing methods that play to those strengths. If you need ideas, check out 136 Ways to Market Your Solo Business, another article at www.Solo-E.com.

6. Remember the Most Important Ingredient in Your Business--YOU: Business-owner: know thyself. Spend some time learning about who you are and how you are unique. Then let that uniqueness shine through in your marketing, in how you run your business, in everything you do. Don't hide your quirks--celebrate them!

Customers go to small and solo businesses primarily because they are looking for a personalized experience. They want a relationship with you as the owner of your business. If you try to come off as who you think they want, they'll smell right through that and not come back. Be who you are, and trust that who YOU are is going to be attractive to the right people.

7. Build Your Business by Building Relationships: Being a small or solo business owner isn't about sitting in the corner alone. Actually it can be--and that isolation is what drives many out of business and back into a "job". Build relationships to survive! Start with your colleagues--others you know who are at the same stage of business as you, or are farther along and willing to mentor you.

Next, build relationships with potential customers. Ask them what they want! Then create products and services based on their input and come back and show them what you have done. Get feedback, tweak, and maybe make your first sale. Stay in touch with your customers even after they leave you.

Last but not least, build relationships with your competitors. You might be able to do this right at the beginning, simply by asking them for their advice. Surprisingly, many ARE willing to share their secrets if you just ask. Later on, build cross-referral relationships, co-marketing alliances, and other relationships that are win-win for you, your competitors, and your customers.

8. Don't Accept a Customer Just For the Money: This is probably the hardest advice for new business owners to apply. Especially when there is a job, a project, a potential client, just outside your niche, that could keep your business solvent for the next six months. Don't do it! Taking on a client outside your niche inevitably results in frustration for you, dissatisfaction on the part of the client, and in the end, usually costs you more than you make. Ask any successful business owner and they'll tell you this is true!

9.. Don't Do Everything Yourself: It's so tempting to fall into the self-deception that "it's cheaper for me to do it myself." IT"S NOT! If you aren't good at something, for instance bookkeeping, it will probably take you 2-3 times as long--time you could be spending doing things that are essential for you to be doing personally, like writing your business plan or deciding your marketing strategy. Put sufficient capital into your business upfront so you CAN hire help right from the start. Your business will get off to a quicker start because you aren't distracted by time-consuming tasks that drain your energy.

10. Assemble Your Support Team: Start with the people who will help you do the things you aren't good at. Some examples: bookkeeper, marketing writer, web designer. Then add the people who give you professional business advice: a lawyer, an accountant, a business coach. Finally, include the people who support you personally: your family, friends, and colleagues.

Don't forget to be part of other's support teams, too. Share your expertise at Solo-E, start a networking group where business owners support each other, share a referral with a colleague. Solo Entrepreneurs supporting other Solo Entrepreneurs is what will make us all successful!

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The 9 Key Distinctions of Successful Solo-Entrepreneurs!

SUCCESSFUL Solo-Entrepreneurs approach life and business from a perspective that is new, fresh, and rather unorthodox. The differences are subtle, yet significant. These distinctions are more than just fads or interesting tips; they are direct, measurable SHIFTS in how you will approach your business, your personal life, your relationships, etc. - for the rest of your life! They are direct from the experience of hundreds of successful solo-entrepreneurs!

First, one pre-distinction. We are not talking about "habits" in this article. There's really nothing wrong with habits, except that you are still looking at habits. And, you probably already knew the habits before you even read about them?you just weren't getting them to stick.

The problem with habits is that it's easy to backslide because they aren't really YOURS. You haven't really owned them. Just when you are about to decide they are valuable and working, something comes up that throws a twist in the whole thing and there you are back again, living your same old habits.

A distinction, on the other hand, is not a habit or a secret, or even the latest tip of the day. A distinction is often a subtle difference in language, but it brings powerful new insight, meaning and perspective to the situation at hand. Once you grasp the distinction, and begin acting on it, you will notice distinct, measurable changes in the way you run yourself and your business, and in the successes you experience.

As you incorporate these 9 key distinctions into your life and business, you will create a key shift in how you think, how you evaluate, and how you approach any situation. You can never go back to the old way again - unlike the old paradigm of "habits".

What are the 9 Key Distinctions of Successful Solo- Entrepreneurs?

1. Force vs. Power

When you are forcing something, you are pushing and shoving to get things to work out the way you want. There is a great deal of effort involved, and usually struggle.

Power, on the other hand, implies a strength that goes beyond what you might be able to exert. You experience power when you align your inner energies, beliefs, and emotions with your outer actions. This will propel you forward toward your goals, with much less effort and fewer toes being stepped on.

Some people talk about this as flow, but it is really much more than that. It is a sense of energy and multiple dimensions working in tandem so that with each step you actually move ahead many paces.

For solo-entrepreneurs, who don't have a large corporate machine backing them, this distinction becomes even more important. Power, rather than force, becomes the name of the game.

Remember a time when you felt confident, in flow, and successes seemed to just come to you. What were you focused on? How were you being? What actions were you taking? Use these answers as a self-prescription for tapping into this power state so that you no longer have to rely on force.

2. Accomplish vs. Attain

Accomplishment has a sense of finality, an end point, and refers more to a task. Accomplishments often feel meaningless once you've accomplished them. Have you ever worked hard in order to get something, and then once you had it, it didn't seem so important or meaningful any more? There was a bit of a letdown.

Attainment, on the other hand, has no end. It is based in a spiritual or inspired knowing that what you are doing is meaningful at a level that goes far beyond just you or your company. A sense of attainment provides inspiration and comfort.

Successful Solo-Entrepreneurs indicate that when they were in "accomplish" mode, they got a lot done, but it didn't always move them closer to their grander vision or mission. When they made the shift to attainment, it expanded their capacity to create the life they wanted.

Do you focus more on accomplishing or attaining? When you finish or complete something, does it inspire your forward and connect you with your reason for doing what you do, or does it feel exciting briefly and then go flat?

3. Gaining Information vs. Using What You Learn

While it might seem obvious that to simply gain information is not sufficient for producing incredible, solo-e success, there are a lot of business people out there reading and acquiring information without really putting it into practice. Until you use what you learn, you haven't really learned it. You've just expanded your storehouse of information.

By putting it into practice, applying what you learn, you are able to distinguish useful information from irrelevant, and tweak approaches or systems so that they work for you.

What have you learned about today/this week that you can put into action now?

4. Segmented vs. Integrated

Successful Solo-Entrepreneurs say that before they became incredibly successful, they thought of their lives in compartmentalized segments. Even within their businesses they had a segmented approach to their services, products, and even their efforts.

The shift for them came when they created a synergy by integrating their work and their lives. When you have an integrated approach, activity in one area directly benefits goals in another area. This is part of how you can move three paces ahead with only one step.

Write out all the different projects or components of your business. Then identify the patterns or themes that emerge. Where can you leverage your efforts so that work in one part directly improves the work in another?

5. Working Hard vs. Working Joyfully

Working hard brings with it all the "must do's" and "to do's", plus all the heaviness that those lists entail. Working joyfully, on the other hand, brings with it ease, fun, inspiration, and a light, powerful sense. When you work joyfully, you are working in tandem with spirit, in tandem with your true desires, whereas when you work hard you are usually pushing against something. (See Force vs. Power.)

Successful Solo-Entrepreneurs often learned this the hard way. They spent years working hard, only to see their goals slipping away - along with their health and their energy. Often they "hit bottom" before they decided to try it a different way. When they did make the shift to working joyfully, they found themselves thinking, "Is it really this easy?" or "Wow, this is great! I can have fun, make money, and make a difference!"

What is it that you absolutely love doing in your business? When was the last time that time seemed to just disappear (in a good way)? How could you create more of that in your business?

6. Structure vs. Environments

Structure is a good thing. You need some structure in order to get things done - even if your structure looks vastly different from someone else's. Structure is focused on tasks and specific outcomes.

Environments, on the other hand, go beyond structure to setting up entire systems of support that enable you to continue making progress without even "working" at it.

The distinction is that an environment works for you, while a structure requires you to do the work. An environment makes the structure YOURS.

Successful Solo-Entrepreneurs say this is one of the most important distinctions. When they could transform their structures - or lack of structure - into environmental supports, they were able to consistently move ahead with far less effort.

Where are your environment(s) currently supporting you to be your best, do your best, and experience your best? Where are the drains or stumbling blocks that slow you down? What can you change so that you automatically do the right thing without having to overcome inertia?

7. Behavior Change vs. Shift

A behavior change is just what it sounds like. You either stop doing or start doing something. It can be simple, and may or may not be lasting.

A shift, on the other hand, is powerful. It usually comes as the result of an experience of some sort (perhaps from the behavior change), and results in a deep, cellular change in how you approach things. It is often accompanied by an identify shift as well.

Think of those "aha!" moments and epiphanies you have had - the times when you all of a sudden "got it". That is a shift. You can try to go back to the old way of doing things, but there is a part of you that always knows you're not participating at your full potential.

For example, once you realize that what you think about and focus on affects your results, you cannot pretend it isn't so. You might temporarily think less than helpful thoughts, but your internal set point has changed and you will be inspired back to what you know to be the truth.

In order to get to this shift point however, you might have to practice it as behavior change until you get the evidence of how it works.

Successful Solo-Entrepreneurs make key, internal shifts, not just behavior changes. They are constantly looking for what shifts are needed in order to make their businesses - and their lives - even more successful.

If you were already as successful as you want to be, what shifts would you have made? Now that you know what they are, what can you do to begin making these today?

8. Pessimism vs. Optimism

This distinction probably seems obvious. What's not always so obvious to people is WHEN they are being pessimistic. People who are struggling with their businesses often describe themselves as being "realistic", seeing what's really going on. The truth is, they are only looking at a portion of what's going on, and chances are they are making that worse than it really is.

Optimism is not just a state of mind or an approach. It is a commitment to looking for what's working, looking for the good in a situation, and building on that. It is based on spiritual and scientific principles that when we focus on what's working and looking with vision and passion toward what we want, that we are actually more resourceful and creative.

Successful Solo-Entrepreneurs have MASTERED this distinction!

When you evaluate your business, your decisions, or even yourself as your own solo-CEO, what do you focus on more - what's working, or how much is going wrong? What would happen if you committed to looking for what's working for the next 72 hours? Just three days. Try it!

9. Focusing on the Gap vs. Honoring Where You Are

While wanting more is not a bad thing, when most people talk about what they want, what they are really doing is focusing on the gap between what they want and what they have. By doing this, they actually activate the "not having" more than the "having", so it sets up a bit of a catch-22.

Honoring where you are is being fully present, loving each moment, knowing that each moment is already full and perfect, regardless of whether you have accomplished or attained. It is tapping in to the power of NOW.

Honoring where you are doesn't discount that you might have dreams and desires, but in really honoring, you activate trust, celebration, and good feelings that allows in more of what you are wanting.

As you've noticed, these key distinctions of Successful Solo-Entrepreneurs are grounded in inner and outer attitudes, beliefs, and actions. They require an inner mindset shift, as well as an external, or action, shift.

What shifts or distinctions are you noticing in yourself already?

What will be your next actions toward becoming a Successful Solo-Entrepreneurs?

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Herb Filled Pillows Make Over a Million Dollars

Lauren Rosenstadt was a single mom working at a herb

company in Bethesda, Maryland. A herb (pronounced "erb") is
a plant that has medicinal, savory, or aromic qualities. One
day while at lunch with a friend whose daughter suffered
from insomnia, Lauren thought, "If I could fill a pillow
with herbs, that would be soothing and help my friend's
daughter sleep."

A few days later, Sydney Greensheep, a pillow shaped like
a sheep and filled with dried herbs, was completed. Lauren
gave Sydney to her friend to try with her daughter. The
next morning her friend reported, "It's unbelievable, she
slept like a baby!"

Insomnia is epidemic in our fast-pased American lifestyle.
40-50% of Americans complain of occasional bouts with
insomnia. 10-15 percent of the US population suffers from
chronic insomnia. Every year, as many as 10 million
Americans seek a physician's help for sleep disorders. As
many as 10,000 automobile accident deaths each year are the
result of someone falling asleep at the wheel.

Lauren showed Sydney to her boss, who was impressed enough
to provide her with space in the company's booth at a trade
show. Many trade show visitors liked the herb stuffed
pillow idea, and by the end of the show, Lauren had orders
for over 100 pillows.

Lauren hired a seamstress to sew the sheep-shaped pillows.
Then, she stuffed them herself. The trade show buyers put
the pillows on display in their shops, and within days they
all sold for between $18.00 and $22.00 each.

Encouraged by these results, Lauren sent samples to
department stores and specialty shops. Orders started
rolling in. To sew the pillows, she enlisted small home
business sewers. It was hard work to deliver bolts of
fabric and 40 pound bags of filling to their homes. Within
the first year, she grossed over half a million dollars.

Now, Lauren's Herbal Animals can be found in over 750 body
care, gift and natural living shops worldwide. Lauren's
company employs 13 people and has revenue of over a million
dollars a year.

It's interesting to note that Lauren Rosenstadt didn't
start out as a hobby seamstress or craft person. She was a
person who used her insight to help a friend confort her
daughter. After recognizing an opportunity, Lauren didn't
let up. She did the thinking and the work necessary to
achieve success.

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