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7 Tips For Avoiding The Most Common Mistakes When Starting A Business
If you wish to succeed in business, you must take steps to avoid many of the most common business mistakes. By following these seven tips, you will increase your chances for achieving business success and you will get there in a much shorter period of time.
Tip #1: Remember That a Business is a Game
The first key to business success is to remember that running a business is just like playing a game – there is no second place. If you are going to play, you need to play to win. Don’t treat your business like a hobby and just “dabble” in it. If you are going to succeed in business, you need to get out there and make it happen every day.
Tip #2: Stay Focused
If you are going to play the game of business, you must also keep your head in the game at all times. This means always knowing how your business is performing and what services or products are successful. Don’t allow yourself to get distracted along the way.
Tip #3: Believe in Yourself
If you don’t believe in yourself, in your business, and in your ability to achieve business success, no one else will either. If you hope to get other people on board with you and your business, you need to be confident and project an image of someone that is already successful. In addition, the more you believe in yourself, the harder you will work at moving forward. Know that you are worth it and that you can truly make it happen.
Tip #4: Know the Difference Between Revenue and Profit
One of the most common business mistakes to avoid is confusing revenue for profit. Revenue is the amount of money your business brings in, while the profit is the amount of money you get to put in your pocket. A business making $700,000 every year in revenue may only provide you with $30,000 profit. While $30,000 is a decent wage, it most likely is not the income you dream of when starting your own business. Therefore, you need to find a business venture that will increase your profits. Or, you must find a way to decrease your spending so more of that revenue can translate into profit.
Tip #5: Resist the Urge to Come to the Rescue
Many people starting out a business want to help everyone else around them be successful to. You need to resist the urge to rescue those around you. Instead, focus on your own business success. You cannot succeed in business if you are spending all of your time worrying about whether or not those around you are successful.
This may sound self-centered and greedy, but it is not. In fact, by allowing those around you to fail, you give them a chance to learn from their mistakes – just like you did as you were climbing your way to the top. Remember, most of today’s millionaires have been flat broke at some time or have gone through major changes in their lives. Although failure is not a pre-requisite to success, it certainly teaches you to no longer fear failure – once you have been to the bottom, you realize that it isn’t as scary as you thought it would be!
Tip #6: Know Your Numbers
In order to achieve business success, you need to know the numbers – both personally and professionally. Before getting started with your business, calculated your financial freedom number. This number is how much money it will take for you to pay all of your expenses. You have not achieved financial freedom until your income is more than your expenses. Determine what this number is and set it as the goal for your business profit. Of course, you can always raise that goal later!
Tip #7: Invest in Yourself
Another of the business mistakes to avoid is failing to realize the importance in investing in yourself. Many business owners put a great deal of money and time into their businesses without spending any time improving themselves. Seek the expertise of coaches, teachers, and mentors so you can become better educated in the world of business. Remember, your life and your business is a mere function of you. Invest in yourself and the rest will follow.
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