Every single day individuals take the leap into entrepreneurship, looking for success financially, as well as hoping to fulfill personal and professional goals. There are plenty of different approaches and attitudes people take, some yield high levels of success, others lead a business right into the ground. Josh and Kristy Alballero are cofounders of the tax and accounting software company IOOGO, and this husband and wife team knows a few things about entrepreneurship. As accounting professionals, they work directly with small and midsize businesses and see the different mistakes people make that get them into trouble or hinder growth. Successful entrepreneurs who have started several businesses, the Alballero team offers some advice to folks looking to reach success quickly.
Top 3 Entrepreneurship Mistakes That Hinder Success
Ignoring the competition – Everyone wants to believe that what they have to offer is the best of the best, and one huge mistake that can set an entrepreneur back is ignoring the competitors. Albarello stresses that it is especially important not to try and take on the wrong competitors. Researching competitors, seeing what they are offering, and finding a way to offer something different to a specific group of customers is going to set an entrepreneur above the competition. Research is key to figuring out the perfect formula for success and is never an area that should be ignored. An entrepreneur should never stop researching their competitors, their market, and how they can be better.
Ignoring the numbers – As the Alballero’s explain a good portion of running a business is paying attention to the numbers. These numbers include everything from what it takes to start a business to overhead costs, and every single one is important. All too often a business will fail, or not see any growth because an owner is not paying attention to the numbers. Spending too much money, not spending enough on the right things, and simply not having enough money can cause an entrepreneur to make decisions based on cost, not what is best for a business. Alballero points out that businesses waste a lot of money in areas they do not realize, and that it can be greatly beneficial to consult with a financial professional. Through his company, he has helped many businesses save on taxes, establish better accounting practices and systems to save money and qualify for grants and other assistance programs out there for entrepreneurs.
Not Enough Marketing – Marketing is a vast landscape that means many things. Marketing and advertising often get merged as one and the same, when they are two completely different things. Advertising is the practice of selling, marketing is how one fosters a connection with their target audience, and how they get their brand recognized. Many entrepreneurs will make the mistake of simply slamming customers with sales and product info, rather than fostering a connection beyond that. This is another area where consulting a professional can have a huge benefit.
One more thing to remember is that as an entrepreneur there will be challenges that one cannot handle alone. It is ok to ask for help, a business owner does not have to be an expert at everything or know how to fix every single thing that goes wrong themselves. It is a strength to acknowledge when one needs a little help, and then contact professionals like the Alballero team. It can save money and time and have a better long-term result. There is no limit to the amount of success an entrepreneur can have, however, they should always try to avoid these top 3 mistakes that get in the way of success.