EP: 90 - 10 Deadly Startup Mistakes to Avoid ...

“Most people use excuses to cover up mistakes, but it takes less time to do our best to do something right the first time.” ~ Robert Cheeke
 

Welcome to Episode 90: 10 Deadly Startup Mistakes to Avoid ...
 
We all know that being an entrepreneur is exciting yet sometimes scary and a heck of a lot of hard work! In my experience, it’s a bit like a washing machine -- rinse n’ repeat -- the longer you’ve been in business. Now, don’t go thinking that by me saying “rinse n’ repeat” that what I do is entirely boring me to death as that’s not at all what I mean … It’s about finding what works for you, creating a solid yet actionable plan, staying organized, and all fitting nicely into some sort of a solid routine.

Now, I’ve been “rinsing n’ repeating” for quite some time. That got me to thinking that I would take today’s Digital Glue “untangling” episode to boil down some of the biggest lessons and deadliest of mistakes, I have learned about building and growing a business, no matter what your niche is.

Here's what we will be untangling in this episode ...

• Top 10 deadly start-up mistakes to avoid (and how)
• How to create some work-life balance (it’s real!)
• Image and manners; business etiquette

Are you ready?
Pop in your awesome earbuds and let's dive in!

Transcript

We all know that being an entrepreneur is exciting yet sometimes scary and a heck of a lot of hard work! In my experience, it’s a bit like a washing machine the longer you’ve been in business -- rinse n’ repeat. Now, don’t go thinking that by me saying “rinse n’ repeat” that what I do is entirely boring me to death as that’s not at all what I mean … It’s about finding what works, creating a solid yet actionable plan, staying organized, and all fitting nicely into some sort of a solid routine.

Now, I’ve been “rinsing n’ repeating” for quite some time. That got me to thinking that I would take today’s Digital Glue “untangling” episode to boil down some of the biggest lessons and deadliest of mistakes, I have learned about building and growing a business, no matter what your niche is.

Alright, let’s dive in!

Starting with probably the most important thing to know … 

#1. DO NOT start a business doing something you will not want to be doing in five (or more) years because if you’re successful at it, you will still be doing this in five years. Choose to start a business with something you’re not only good at but passionate about. 
 

#2. Never partner with someone just because it’s convenient. Partner with someone because it makes you stronger. Makes you BOTH stronger. Choosing the wrong partner (if you even need one at all) will just make your days harder, make you hate your work, and end up causing way more grief and problems than they solve. You are becoming an entrepreneur to build your big picture, make your goals and dreams come true … not just for convenience. So, your partner shouldn’t be chosen that way either. 
 

#3. You do not know everything. And you most certainly cannot be a pro at everything. Even if you think otherwise. And if you are somehow a magical unicorn of #AllTheThings … then kudos!
 
Even if you’re fully prepared, super organized, a giant nerd, and have done tons of research … it’s impossible to know everything there is to know about starting and growing a business. In fact, you may not know anything at all when you first get started. But don’t let that hold you back. Start anyway. 
 

#4. Reading and research are more important than you think. So, do lots of it! Or if you learn more by listening (or just can’t find the time), listen to podcasts, TedTalks, and audiobooks instead. And not just books about business, finance, and marketing … Read motivational books, success books, self-help books, affirmations, fictional stories, biographies -- whatever makes you feel good about yourself and doing what you do.
 

#5. Your brand is of utmost importance -- always. More important than you may even realize at this point. So, stop wasting time designing your logo, business cards, stationary, social media pages, and website. These things are important but not something that should be fully top of mind right now. You need to go build your business plan first, figure out your style and tone of voice, who your audience is, what their pain points are, and stop setting yourself back with all that “busy work” that makes you feel like you’re getting ahead. Because you’re really not. Without a strategic plan these designs will mean nothing in the end.

As a consumer, we want to trust the people we buy from. So, as an entrepreneur it’s your job to create a brand that is consistent, attractive, trustworthy, and genuine, in order to attract and keep your dream clients. No matter what type of entrepreneur you are, every single interaction with your audience says something about your brand. From the tone of your voice to the words you use, to the way things look. And with a little brainstorming, some research and hard work, you can create a brand that tells your audience exactly what you want them to know. And more importantly … how you want them to feel! 

Crafting an authentic experience with your brand is more than just building “stuff”. Creating an eye-catching logo and a fun colour palette is not enough! You need to be armed with a passion for cutting-edge technology, new trends and platforms alongside best practices. You must strive not to be just a success, but rather to be of value.
 

#6. Trust is the ultimate currency. With so much of business nowadays done digitally without face-to-face interactions, this is how you sustain long-term success in a digital age. As business owners, we must be 100% transparent and have consistent transparency throughout the customer’s experience. We must be helpful at every stage of their journey – even before the purchase has been made. We must respect their privacy while building their experience and journey. (#HandleWithCare) And, we must align with their goals to ensure we are solving their problems, improving a process, and transforming their business. Our top goal should always be to support their path as there is not a one-size-fits-all-solution.

#7. Give your audience complete control. Statistics say that 95% of businesses fail. Don’t listen to that! It’s just an excuse to make you feel like giving up before you even get started. That number is high because most people don’t fully commit to their audience and don’t follow through until the end -- or they’re just plainly bad at managing their money. Don’t listen to statistics! 

Give the people what they want! Yes, digital self-service. (And chatting with Larry, the company bot doesn’t count!) This not only gives you the opportunity to automate portions of your business but let’s them take the reins and feel in control of what they want from you. But don’t forget, you can’t automate everything -- even if some days you really want to! You need to be there for them when they need you. But allows them to feel in control of the choices they make. 

People need and want, to be needed. And **BANG!** that’s your opportunity to build -- and re-build -- trust, and in such a way that it fosters relationships with each and every personalized experience you provide. So, put your audience, clients, and customers at ease … And always make them believe that you’ve got their backs. (Because you should!) Every. Single. Time.  

#8. Always finish what you start. If you’re a good entrepreneur, you will more than likely have a ton of great ideas and most of them will probably work out to your advantage. Maybe even make you rich! However, this does not mean you should go ahead, dive right in and pursue every single one of them. This will make you part of that 95% you just heard about. Pick one idea at a time, work with it and go with it until it dies, you need to switch gears, it doesn’t work how you want or thought, or makes you happy. Or rich. Whatever floats your boat. 
 

#9. You need to put in the work and become a #GoalDigger. Some people may tell you there is a fine line between dedicated and obsessed. Or “you’re working too hard”. F*ck that line! As an entrepreneur, you will need to continuously cross that line. For the first while, or maybe even first handful of years, you may work long hours. But to you, those long hours won’t even feel like work because you are passionate about what you are creating. So, never let anyone insult you with their comments about your ideas.

And above all, the last tip …

#10. Create yourself some work-life balance. Many entrepreneurs don’t believe in work-life balance. In fact, most of them think its complete bullshit! But I beg to differ. When you’re in that glorious moment of finally building your dream business, this enables you to feel satisfied from the inside out. It’s striking while the iron is hot to find that perfect balance between your business life and your life outside all that noise. That’s anything but bullshit! And with these 5 simple steps, you’ll be on your way …

1. Prioritize your business tasks separate from your life tasks.
2. Take breaks during your day. Meaning don’t eat lunch at your desk.
3. Take time to relax, get away, and recharge -- even if to just binge watch Netflix.
4. Organize and structure your time in your office. Define your priorities; and
5. Leverage the technologies at your fingertips to work smarter. 

And there you have it, our TOP 10 deadly mistakes to avoid! 

That all being shared with you today, we want to add a quick side twist to all this about business etiquette!

Image and manners are just a few of the most important aspects in the business world in which we live. So, think of business etiquette as a uniform language of sorts that one can expect to not only deliver but receive in any business setting. A language that not only bridges the gap between businesspeople in different companies, but cultures too! 

So, no matter what your business niche is, where you are in the world, what you are wearing, and who you are talking to, it’s good to follow a standard set of “rules”. Which are as follows …

• Be encouraging and courteous by always building one another up.
• Be positive and offer appreciation and praise when due.
• Always use common courtesy and adopt the “you” attitude.
• Always use please and thank you as appropriate.
• Approach conflict situation by situation and be objective.
• Be professional and adapt to local customs (if applicable).
• Maintain your convictions but deliver in a tactful way.
• Negotiate smartly by being assertive, not aggressive.
• Always watch your manners -- never interrupt anyone and be diplomatic.
• Always be early (at the very least on time) regardless of who you are meeting and where.
• Pay attention to grammar and spelling in your emails and be brief using a pleasant tone.
• Write thank you notes/letters (or emails) or appreciation and congratulations; and ...
• Always avoid passive aggressiveness, harsh language, or strong tone.

 If you think about it, business etiquette is much like how we should be acting in our day-to-day lives … With a set of manners that is required to be a kind and soulful human being. Playing by these “rules” is very important as it creates a professional and mutually respectful atmosphere all while improving communication which then serves productivity. And you know how we feel about productivity!

We all want the people we’re working for (clients and customers) as well as with (team members) to feel better about what they’re doing when they feel respected. And this will not only translate to better relationships, whether short or long-term, but also have a positive impact on your business.

This may seem like a lot of common knowledge but amid the busy day-to-day entrepreneurial lifestyle, some of these get shuffled to the wayside. These also may seem like a lot of “rules” … And you’re so not wrong. But having rules like this in place have an upside … Once you know what to do, it is going to be much easier for you to build (and maintain) an amazingly stellar professional business reputation.

Sooooo, if you’re new to the entrepreneurial world, just remember you are not the only one. There are plenty of people you can touch base with, run ideas past, and ask questions to both in-person and online. (Including us here at Team VU!)

Trust me, your future self will thank you.

Do you have any additional tips you would like to share with others from your entrepreneurial journey? Or a tip you would like us to expand on? 

Feel free to leave your comments below (or on one of our social spaces) and we can continue this conversation.