15 Mistakes that Entrepreneurs Must Never Make in Business

The following are what I realized many businesses make when they start out in business. I too have made some of these mistakes and so I know. The most important thing is to know earlier these mistakes and avoid them so as to start off well to finish well. You don’t need to reinvent the wheel.

1. Never take more than you receive, give in more use value rather. Remember that to get money, you need to have what it represents and that my friend is VALUE. Move further still in giving what is known as INTRINSIC VALUE. What is intrinsic value? Intrinsic value is giving more value to your customer’s purchase.

 How I do that is to give products or services that enhance the growth of my client’s business in thanking them for their patronage, just as you are reading right now. It is to enhance intrinsic value to those who patronize me. It is what is also known as THE LAW OF RECIPROCITY.

2. Never start your business because others or your friends are doing it. The likelihood is that you may not make it. Have a genuine reason and your passion for starting.

3. Never be drunk with position. You may be at the bottom of the ladder tomorrow, rather be a pinnacle leader of influence because of who you are and what you are. People will follow you because of that. It is the most effective leadership position of all.

4. Never sell on the platform of lies. It doesn’t last.

5. Never be money driven, rather be purpose driven. This is what lasts.

6. Never have too many brands, have few under ONE UMBRELLA. My store has 7 MAJOR brands and sub divisions under them for easy management and execution. DIG DEEP NOT WIDE.

7. Never out shoot your budget.

8. Never group your audience in your advert campaign. Have a target. Be Specific. Made sales recently in my advert campaign via this method. Very effective.

9. Never group your business and personal accounts together. Separate them.

10. Never hire INCOMPETENT WORKERS OR STAFF no matter how under staff you may be.

11. Never speak AT your audience but TO your audience when communicating with them. Use the Law of SEGMENTATION i.e. use questions to separate your audience from the crowd.

 For instance, let’s assume that you want to sell your products or services to a group on the social media and let’s say you are in your targeted audience. Let’s say you deal with a toning cream.

Now there are many people there, but yet not all of them will need your product and how would you know the ones who do?

Well, your best chance is to ask questions that may be going through their minds. E.g. ‘Have you been bothered lately about the way your skin is or dries? Does it look scaly or harsh and you have tried everything all to no avail? I have you tried, so and so?’ Here you mention your cream lotion. You see these questions are to SPECIFIC people with this SPECIFIC problem requiring SPECIFIC solution and this is what segmentation is. It is means division. It separates the CORE from the fold and this way you are able to identify your real ideal client i.e. those who truly need your product and services.

 12. Never put sales first. Let your AIM BE YOUR CUSTOMER’S SATISFACTION! They will keep coming back.

Never despise the number of your clients and the sales generated via them. Note that the customer that purchases a $5 product from you when treated well, can come back to purchase $5000 product in the future. Don’t build from your present, build from your future. How you treat and regard the $5 customer is the way you will in the end treat the one for $5000. Be wise. Have NO FAVOURITE IN BUSINESS! IT IS DANGEROUS.

13. Don’t just cook up any name for your business. Make sure that it is a name that speaks of its purpose AND IT IS NOT EASILY FORGOTTEN.

14. Never borrow or lend money to start your business. START WITH WHAT YOU HAVE. If you build well, you will create a cash flow within the business.

My Yeshua BUSINESS COACHING COURSE PROGRAM will enlighten you more on this and more. There are 15 MAJOR POWERFUL COURSES that are treated in 3 sections that every entrepreneur needs to know to have a viable, effective, efficient, reliable, competent, credible and profitable business.

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15. Never let your business be in BAD DEBT. NEVER. Bad debt is when you use your assets to pay up debts or you borrow money to pay back debt. Never do it. This is what differentiates wise investors from their counterparts. Use other people’s money via the borrowed money to expand your business and you use the profit gained after removing the capital to pay back the money.

Let me know if you have questions. God bless you.