One of the biggest aspects of being an entrepreneur, business, and life – is making mistakes. It’s how we learn – by messing up, fixing it, and doing better next time. Every person has their own weaknesses, and business expert Patrick Henry Maddren is no stranger to it.
“I didn’t become successful by doing everything perfectly,” Davis says. “My biggest mistake in the past was poor organization. It was impossible to keep track of all the different parts I had turning, which made it impossible to follow up on anything, manage money, and manage time.” According to him, business is all about finding your weaknesses and doing whatever is necessary, or employing the right help, to strengthen them.
Patrick Henry Maddren worked out the kinks in an organization by implementing project management software to help take care of the organization for him. He now has a tool he can rely on, and free up space in his day-to-day.
It’s good to make mistakes – that’s how you learn, and even as a seasoned veteran like Davis, mistakes are always inevitable. Here are some common mistakes you may be making as an entrepreneur without even realizing.
You’re spending too much or too little.
Mastering the financials behind running a business can be quite the tightrope because while you don’t want to blow all your money, you do have to spend money in order to make money. Most new entrepreneurs are in one of two schools of thought: spend money to make money, or spend very little until there’s cash coming in. Both of these tactics can do more harm than good if taken to an extreme. It’s important to spend what you have to start with wisely, but make the investment in quality right off the bat – both with your products and the people you bring on to help you.
You’re making cheap hiring decisions.
If you want to run a business, you will undoubtedly need some people to help you – and hiring employees can be quite the expense. Cheap employees, consultants or contractors typically offer cheap quality work, too – and you definitely don’t want to start your business off on the wrong foot. Invest in skilled individuals who you can trust, and have the potential to grow alongside your business.
You have unattainable goals.
Hey, it’s great to have big dreams – but make sure you have thought about the attainable steps that will get you there. Focusing too much on your one big idea can be overwhelming, and detrimental to any real progress. Break your goals down into step by step processes, analyze who and what can help you get there, and set a time frame to be held accountable to.
You think you can do it all yourself.
Rome wasn’t built in a day, and it also wasn’t built alone. Entrepreneurs often want to hold onto their control as much as possible, and it’s warranted – your business is your baby. However, you can’t do it all – and other people may even be able to do certain things better than you can. Accept help when you need it, and understand that sometimes good help is an investment.
You forget to think about marketing.
Don’t get caught up in the belief that if you build it, they will come. You have to make people want what you’re selling, and that usually doesn’t come cheap! Word of mouth and good reviews are no longer enough to keep your business afloat, so you need to employ the help of SEO, public relations, social media advertisements, and so on. Find out your target audience, and market to them how it’s most applicable.
Running a business is a learning process, and most often you learn by doing (and messing up and trying again). Patrick Henry Maddren is the first person to say that he’s made every mistake in the entrepreneurial book, so don’t feel alone in your frustrations. Keep with it, and much like Davis, you’ll find yourself slowly working out the kinks until you are thriving further than you ever imagined you could.