Mistakes you should avoid making as an entrepreneur

28 July 2017 by Mimi Rupp

We all make mistakes, but as an entrepreneur your mistakes can lead to costly losses. If you’d like to mitigate the chances of losing more money than you’re making, here are some points to reflect on:

Chasing the wrong success

If you are not careful, you can start to believe that certain material items make you ‘successful’ and happy. You cannot buy your way to success or happiness. Avoid this trap by thinking about and writing down what success means to you. Be conscious about what you are aiming for, and take consistent steps to reach it.

Poor communication

It’s easy to feel confident and assume that you are communicating properly with employees, contractors and mentors. But very few of us do communicate correctly. Think about what you intend to say, and the impact you intend to have when communicating.

Use facts and leave out any emotion linked to them. Get to your team and know how they like to be communicated to. They may need more detail than you usually provide, or less. But knowing holds a lot of power for effective communication.

The customer is always right

This is a common misconception that can leave you worn out and exhausted. If you were to run your business as if every customer is ‘right’, it can confuse your marketing messages and almost train your customers how to treat you and your staff. Instead, take on the mindset that ‘the customer is always honored’. Customers should be treated with honor and respect.

Chasing money not freedom

It’s easy to think that money and freedom are synonymous, but chasing money can lead to an unlived life. Money should be a byproduct, not the focus. If you focus on short-term monetary gains, you will never have true freedom. Rather focus on the strength and growth of your business, and you will have money. You will also experience freedom and finances through growth and the right training.

About the author: Highly active in the local community as well as within business, Mimi is recognised as one of South Africa and Port Elizabeth’s most well-known female entrepreneurs. Recently named CEO Magazine’s Most Influential Woman in Business in South Africa, and she is using her experience to empower young entrepreneurs through her work and role in the community.