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The Top 5 Most Common Fundamental Problems, Challeges or Mistakes Entrepreneurs Are Dealing With In Growing Their Company!
By JP Maroney | April 15, 2008
I’d like to open a dialogue with you about PROBLEMS! 
Here’s my question:
What do you believe are the TOP 5 Most Common Fundamental Problems, Challenges or Mistakes Entrepreneurs must overcome in order to grow their businesses?
In other words, what are the “barriers” most likely keeping you or other business owners from succeeding at maximum potential?
Answer that question in the comments section below. I’ll be back with additional comments over the next few days.
Warmly,
JP
Topics: Business Growth, Leadership, Management |
April 15th, 2008 at 4:45 am
JP,
I will start with one…advertising vs. marketing.
Most businesses advertise “a lot” and hope it drives business at sufficient levels. Most don’t market properly, and could stand to use the real growth that stems from that.
Just one idea, I am sure there will be plenty others
Joseph Ratliff
April 15th, 2008 at 4:46 am
1. Lack of taking action
2. Fear of Failure
3. Lack of technical knowledge (which is really just the same as 1. as anyone who can ready and follow directections can learn how to do pretty much anything online.)
4. Lack of focus - not finishing a project
5. Lack of ideas. (Which I think really relates to 4. - )
I guess to sum it up, lack of taking focused action is the biggest problem. Causes of this problem are fear, procrastination, self doubt, and time killers like TV.
April 15th, 2008 at 5:01 am
1. difficulty defining or choosing your market.
2. difficulty finding your market.
3. growing your list.
4. conversion problems.
5. finding the support you need. (team-building.)
-LaSara
April 15th, 2008 at 5:11 am
Good question, JP.
From what I’ve seen (and done myself, sometimes), the 5 biggest problems for entrepreneurs seem to fall into these categories:
1. Trying to do everything by yourself
2. Deciding on the main, unbeatable advantage that their business offers
3. Marketing their business consistently, every single day
4. Following up with current customers consistently and repeatedly, to encourage a relationship and a lot of repeat business
5. Going from ’solo-preneur’ to finding associates and support mechanisms that take the load off, and enable the business to grow
That list is something I’ve struggled with on and off for over 20 years, and still find myself hanging around #1 and #4 a little too often. It’s gotten better since I started running Favorites Club… now at least I don’t have quite as many excuses holding me back!
I appreciate your emails and the “Mr. Monetizer” show… both are a good source of ideas as well as a kick in the butt that helps keep me going.
Thanks for all that you do.
Best!
Anthony
April 15th, 2008 at 5:18 am
The biggest problems I personally experience as an entrepreneur are time and finding appropriate people to whom to outsource.
As we entrepreneurs all know, we could work 24/7 if our bodies could tolerate it. Our work is never done. There’s always one more call we could make, one more article we could write, or one more e-mail to answer. It is difficult to force myself to say, “Enough already!” But we all need to be able to do that, for our own sake, for the benefit of the other people in our lives, and to be able to offer great, not just mediocre, products to our clients.
If I had a 40-hour per week assistant and a bevvy of tech workers and product developers, I could be oh so much more efficient. (Who of us wouldn’t?) But having to do it all myself means I have to manage and compensate for my weaknesses as well as to package and sell my strengths. I often find that I am spending a disproportionate amount of time compensating for weaknesses and managing those to whom I have outsourced than I do creating products, writing articles and books, finding speaking opportunities, and otherwise being creative.
April 15th, 2008 at 5:20 am
3.25 marketing mistakes business owners make:
1. They don’t let people know they exist.
2. They don’t collect names of current customers.
3. They don’t actively pursue repeat business.
3.25. They pour their life, heart and soul into what they think is their “business”, when all they are really doing is day-to-day: no planning, no strategy, just reacting.
April 15th, 2008 at 5:39 am
My barriers to success in no particular order are:
1) Lack of focus. I’m attracted in many different directions and often get distracted before hitting “pay dirt.”
2) Fear of failure. Keeps me “holding back.”
3) Fear of success. Don’t ask me why!
4) Bad habits. Hard for me to break them.
5) Lack of organization. Problems with clutter. No organized plan.
I can think of more, but these are the biggies.
April 15th, 2008 at 6:10 am
What Top 5 common problems, challenges, and/or mistakes made as an Entrepreneurs for the growth of a business are:
1. Thinking as an employee and not the owner of the business.
Employees do the work as it comes in, but as the owner, you have to have the work come in so the employee can produce.(No productions, No work and No Pay)
2. Budgeting money for expenses and not knowing all the expenses.
Knowing what expenses, even unexpected ones and where they would come from would help in planning any company’s budget.
3. Knowing our own skill sets, and not delegating to the right people, our weaker skills.
You need to know your limits, as strengths and/or weaknesses to make the judgment to delegate the work share. You should at least know the basics of what you are delegating. You learn from your weaknesses as well as from your strengths.
4. Knowing all aspects of the business, so you know when something is not right to make the corrections.
Making decisions concerning your business is a must for you to keep control of the direction you are taking with your company. Know it inside out. If things are not going as they should be going, you will have to know when, where, how, what, and the how of the changes needed.
5. Keeping a balance of work and fun, to keep the motivation and growth going.
Creativity and growth comes from the balance you set aside for your family as well as the business. You could burn out too fast without this balance. Then in turn you loose focus and the motivation that got you going to begin your business. The creation of value you give to others and yourself.
These are my thoughts on this topic, with some reasoning of my choices.
April 15th, 2008 at 8:19 am
1. Time
2. Money
3. People
4. Vision
5. Comittment
April 15th, 2008 at 2:04 pm
The top reason for lack of success is the lack of technical skill.
You might know what to do but not how to do it.
April 15th, 2008 at 2:23 pm
1. Poor use of resources (be it time, money, employees, own skill set)
2. Lack of passion for the business
3. Focusing too much time and energy on the wrong things (i.e., treating symptoms instead of solving the root cause)
4. Unwilling to commit to (or invest in) something/someone because it means parting with the hard earned money or, heaven forbid, arranging to use other poeople’s money (OPM).
5. Becoming consumed in the business to the point of no longer actively participating in things that regenerate our inner being (i.e., family, friends, faith, hobbies, etc)
April 15th, 2008 at 2:41 pm
As I see it, leading contenders are:
1. Ourselves
2. Lack of an appropriate knowledgable mentor
3. Lack of money to hire a mentor and other team members
4. Focus (I have ADD)
5. Remembering to take time out for self, family
April 30th, 2008 at 6:54 am
I ran my own company for several years & now work with a lot of start-ups. Becuase I’m in marketing, most of it relates to that piece of the business. The most common things I see & yes I’ve been guilty of these myself at times:
1- when it comes to their marketing they pay a lot of attention to design, but no attention to the words they use. While the design grab’s someone’s attention - the words are make the sale.
2 - they try to do it all themselves until they are about to impload. My question is always, “do you do your own dentistry too?”
3- they don’t have a way to measure the time/money wasters from the good opportunities - so when a really good opportunity comes along they are often caught without the $$ to make the most of it.
4-they don’t develop a message or a unique position to set themselves apart from their competitors. Many result to basing it on pricing - don’t get me started on what a trap that ends up being.
5- They get so burried in the business that they forget why they started in the first place - or they begin letting it consume every moment of their lives. If you don’t take at least the occasional break - you’ll just end up burning out on a job you hate, rather than fullfilling the dream you were trying to realize.