| I've made my share of stupid mistakes and will | | | | was building Effició. I've always been the |
| probably continue to do so. The difference is that | | | | one who does things a little differently, and most |
| I take the time to analyze and accept the fact | | | | of the time I'm going against the grain. |
| that instant gratification (money) produces | | | | Entrepreneurs make the mistake of doing |
| business headaches later most of the time. | | | | everything other people tell them to do without |
| Here's a summary of 10 stupid mistakes I've | | | | taking the time to research and apply the |
| seen over the years: | | | | information based on their business, their mindset, |
| 1. Bartering for services/products that impact the | | | | their abilities, their knowledge, and their heart. |
| bottom line. I've made this mistake more times | | | | Start doing things based on the above and you |
| that I care to admit. Bartering within small | | | | will no longer be a follower; you will emerge as |
| business is a standard practice, "I'll provide 4 | | | | the visionary leader. |
| coaching sessions if you create a web site for | | | | 7. Failing to Systemize and Optimize. As an |
| me," kind of deal. Although bartering can be good, | | | | entrepreneur, you need to find ways to deliver |
| it's the wrong thing to do when the solution being | | | | your solutions quickly, easily, and profitably. Don't |
| exchanged and the solution being received has a | | | | fall in the trap of doing business activities that |
| direct impact on your cash flow. Why? 99% of | | | | could be automated, and over time optimized for |
| the time both parties involved will not function at | | | | maximum value. Also, creating systems and |
| the level of expertise that both of you would | | | | processes forces you to document. It's important |
| function if this was a cash transaction. | | | | to get all those procedures including the ones that |
| 2. Selling to Everyone. Entrepreneurs of all shapes | | | | you know like the back of your hand, |
| and sizes make the mistake of defining their | | | | documented into a workable format that can be |
| target market as 'everyone!' You can't spend | | | | transferred to members of your team now or in |
| marketing dollars selling to everyone. That's why | | | | the future. I don't plan on doing everything I'm |
| you choose and organize a buying target market | | | | doing for the life of my business, I will soon have |
| that not only can afford your solution but also has | | | | a team of people on various projects. In order |
| the buying power to take action and buy! | | | | for them to transition into my company easily, all |
| 3. Thinking all business is built on relationships. Don't | | | | systems and processes are documented into |
| get me wrong, relationships are a major factor in | | | | workable chunks. Believe me, this saying is true: |
| business, but a lot of entrepreneurs forget to | | | | "The money is in the systems." |
| bring the value to the table. Just because you | | | | 8. Not sharing your resources, tools, and time. I |
| meEt someone at a networking function, put | | | | recently interviewed Sheryl Lee Ralph [ a popular |
| them in your database, and make a couple of | | | | actress and celebrated entrepreneur. The show |
| phone calls, and possibly treat them to lunch...does | | | | was about giving and sharing - the entrepreneurs |
| not mean they will do business with you. Be | | | | secret weapon. Something that Sheryl said sums |
| careful building your business on just relationships, | | | | up this mistake: "How could you not?" Meaning, |
| it's truly about building trust with a buying target | | | | how could you not share? There's plenty of |
| audience that will bring in the cash flow quickly, | | | | business to be had, you just have to do the work |
| easily, and profitably. | | | | and protect your investments. |
| 4. Believing that procrastination is a weakness. If | | | | So don't be afraid to share a wonderful resource |
| you've been a subscriber for a while, you've | | | | that can help someone avoid a big mistake. Don't |
| heard me talk about procrastination. Why do I | | | | be afraid to give your time to a worthy cause |
| know so much about it? Because I'm the queen | | | | because you care not because it'll bring you |
| of procrastination, I have to really work hard at | | | | business. Don't be afraid to mentor a high school |
| completing things I start. Procrastination is a | | | | student even if you have five children of your |
| choice, it's not a weakness. I know exactly when | | | | own. Don't be afraid to share valuable tools that |
| I'm procrastinating and why and it has nothing to | | | | can help someone build an empire. Don't be afraid |
| do with a skill that I do not have. It has | | | | to share - you will get back more than you give |
| everything to do with choosing to not do | | | | internally and externally. |
| something because of...whatever I can think of. | | | | 9. Faking it till you make it. Just don't do it! Some |
| You know what I mean? | | | | entrepreneurs think they have to become actors. |
| 5. Offering more than two things for free, ever! It | | | | Don't pretend to be someone or something you're |
| took me about 5 years to transition from free to | | | | not, your true colors will shine through eventually. |
| fee. I know, it sounds crazy when you think | | | | 10. Giving Trust without Validation. I'm not talking |
| about it. But, I gave everything away for free, | | | | about the positive aspect of providing someone |
| especially in the beginning, thinking that it would | | | | your trust, I'm talking about believing everything |
| bring me business, build trust, and all those | | | | you read or hear without validating the source in |
| wonderful things 'they' tell you. I was giving away | | | | the business world. I do believe that you have to |
| great business knowledge, pro-bono coaching | | | | trust in order to move forward and sometimes |
| time, pro-bono training, etc. I thought I would | | | | that trust is well deserved, but there are times |
| allow interested entrepreneurs to try | | | | when we become just plain old gullible. Just make |
| Effició in hopes that they would buy. But, | | | | sure to investigate and validate claims, products, |
| why buy when you can get everything for free! | | | | information, tools, etc. that costs you money to |
| My wisdom, knowledge, experience, and | | | | utilize. Believe me, it will save your bank account in |
| implementation skills are very valuable. Free can | | | | the long run. |
| be a very costly word if you use it too | | | | Whew! These are some big mistakes that can |
| frequently. | | | | cost big bucks, believe me I know. Although I |
| 6. Following the herd and/or doing what everyone | | | | haven't made all of these mistakes, the ones I did |
| else is doing. I've mentioned this before - are you | | | | make taught me many valuable lessons that form |
| the sheep or the wolf? I don't mean that question | | | | the culture foundation of Effició today. (o; |
| literally but it put things in perspective for me as I | | | | © Effició, Inc. |