1. Following the Competition
When you see your competitors succeeding in business, don’t follow their lead. The self proclaimed Beyonce of entrepreneurship, Karen E Ervin says if you like it, then you should have put a spin on it™. Put a spin on whatever your competitors are doing. By putting a spin on a business, you will gain more clients, publicity, and popularity.
2. Not Getting Additional Training
Entrepreneurs fail to get the appropriate training needed to succeed. Most entrepreneurs have experience and highly specialized degrees. Therefore, they are educated in their areas of specialization. However, it is very important for entrepreneur to attend workshops and seminars or to join organization to keep abreast of industry issues.
3. Not Attending Networking Events
In a recent survey conducted by Entrepreneur Enterprises, it was determined that most people dislike networking. However, networking is an activity that is necessary to business success.
4. Lack of Follow up
It is a known marketing fact that more time and money are needed to secure new customers than are needed to retain existing customers. Therefore, it is detrimental that businesses continuously follow up with existing clients and potential clients. This is like a relationship between a man and a woman. The things you did to get that man or woman are the things that must be continued to keep the relationship going. This idea applies to business as well. Create a follow up plan for your current clients and for potential clients. This is relationship building.
Karen E Ervin, MBA is an entrepreneurship strategist. Karen is the founder of Entrepreneur Enterprises, an online school that specializes in offering online workshops that help people start and grow revenue generating businesses. This article was adapted from the motivational book Live the Impossible Dream, 9 KEEs to Making Your Entrepreneurial Dreams Come True.