Starting a business is exciting, and the mind of an entrepreneur is constantly working through new ideas. The early stages of starting a business can be the most productive, but, it can also be a time that leads you off track.
There’s always a lot of enthusiasm in those first few weeks, but eventually that excitement fades and you find yourself running out of steam.
Maintaining motivation after the honeymoon period is crucial, and staying focused with a solid foundation will help you do that.
As we’ve been supporting entrepreneurs in growing their businesses, we’ve noticed a few trends that have caused them to get off track and lose some of that start-up momentum. We’ve narrowed it down to the top four, so take note, and steer clear of these common challenges as you’re growing your business:
Excitement trumps thoughtfulness
We often see entrepreneurs come up with a business idea and they’re so eager to launch, that they throw something together before it’s actually ready. It’s sort of the “if you build it, they will come” mentality, which is not necessarily a bad thing, it’s just that you don’t just want them to come, you want them to stay. So while they might be first out of the gate, without the proper attention to detail and a thoughtful presence, their ability to maintain a captive audience will suffer long-term.
Perfection becomes more important than progress
On the flip side of mistake #1 are the entrepreneurs who are so focused on making their business launch to perfect that they actually delay progress. You can be thoughtful without having to be perfect, and that’s ultimately the goal. It’s important to set and keep a high standard for your business, but that shouldn’t get in the way of you actually conducting business. Setting reasonable goals that allow for improvements along the way help in overcoming the perfection mistake.
Saying yes to everything
It’s tempting as a new business owner to say yes to every opportunity that comes your way. Money is money, right? But what is saying yes to a piece of business that doesn’t align with your strategic goals and vision for the company actually costing you in the long run? In some cases, this can drastically set your business back because you’re now spending more time working on something that doesn’t support the broader company goals and it’s taking away from building the company you set out to create. Yes, it’s a positive financial gain in the short term, but it may end up costing you from not being able to secure the pieces of business that will continue to support and grow your business far into the future. Think critically about what you’re committing to and how it aligns with your goals before you say yes.
Not having a clear vision
We often see entrepreneurs say yes to everything simply because they haven’t defined their end goal yet. It’s difficult to evaluate opportunities and make decisions when you don’t know where you’re going. While it may not feel productive in the moment, sitting down to establish a clear vision for the company at the beginning will actually save you time in business decisions and achieving your goals in the long run.
No person and no business is perfect, so you have to remember to give yourself a little grace in the process. Trust in your ability to make decisions, and know that you can adjust along the way. And take the time to lay a solid foundation for you to build your business on.