Ballerific Business: Four Crucial Mistakes Entrepreneurs Make – blogged by: @proudlylauren

So you have this amazing idea for a product or service, and you’re ready to go balls to the wall to make it happen. You tell all your friends, work day and night, ask for help, and literally exhaust every connection and financial option you have to get your idea off the ground. What you don’t realize though, is that these seemingly common sense methods can be text book mistakes for anyone looking to start their own business. In fact, 66% of self-started businesses fail within the first 8 years of its creation and never make it past family and friends. This harsh statistic may challenge one’s entrepreneurial spirt, however as long as the four following mistakes are avoided, successful self-ownership can actually be achieved.

Mistake #1 –  Thinking everyone around you is as excited or passionate as you are about your idea: Just because something is brilliant to you, doesn’t mean everyone else will feel the same. Of course you like it, you came up with it. Instead of investing everything you have into an idea that only you like, do your research and see if your potential consumers will be interested as well.

Mistake #2 –  Paying more attention to your product/service rather than the problem it solves for consumers: Again, of course you are extremely ecstatic about your own idea, it’s YOUR idea. Don’t let your excitement distract you from the fact that no product or service is successful unless it solves a problem for consumers. Create a product or service that fills a void or meets a need.  Remember, It can be as pretty, unique and catchy as you’d like, but if it doesn’t have a valuable use with consumers, it won’t even matter.

Mistake #3 – Trying to do it all on your own: Entrepreneurs are inherently born with the instinct that they can accomplish everything on their own. That’s why they are entrepreneurs and refuse settling on working for someone else. However, doing everything on your own and not sharing the work load is the fastest way to confusion, disorganization, and chaos. If you have qualified resources around you, lighten the workload and share some of your tasks.

Mistake #4 – Not asking for help from others who have done what you are doing before: People who have been in your shoes are the most reliable as far as receiving accurate and effective advice. They’ve made the mistakes you want to avoid, have the experience you wish you had and can offer the most relevant recommendation as far as your business plans. Reach out to those who’ve been in your shoes to get the most accurate help.

If you’ve decided you want to start your own business, make sure to avoid the common mistakes above. Sharing the workload, being more attentive, and taking advantage of resources can be the deciding factor for your business success.