I watched an Olivier Roland’s video and there is good stuff.
Usually beginner entrepreneurs make 3 dramatic mistakes.
Don’t be focused on sales
When we run a company, the most important thing to do is make sales. Find first customers as soon as possible to have enough sales to achieve breakeven. Breakeven is the moment where we earn enough money to pay salaries, rent, internet bills, etc. One this step is done, work hard to have profit every months. This is the first priority when we create a company, achieve breakeven as soon as possible.
A lot of entrepreneurs are focused on others things less important like choose furniture, think about website’s design, think about visit card’s design. These things are useful but they are not a priority, they are really useful when you don’t have customers, right ? At the beginning, it’s 80 % of your time to find and convince customers.
If you are too shy to speak to someone, you can use social media. Now, a lot of introverted have millions of customers with social media, it’s cool.
Not outsource accounting
Beginner entrepreneurs spend too much time to accounting thinking save money. It’s a dramatic mistake because this distraction prevent them to make sales. Accounting is complex and complicated and if you make a mistake, this can have a huge bad result with accounting, tax and legal. It’s better to have a good accountant and it’s not expensive. When we begin a company, we can negotiate. Outsource accounting is in the budget.
Not make recurring offers
There is a difference between smart entrepreneurs and others. Smart entrepreneurs don’t try to sell one time to a customer, they make recurring offers to develop customer’s loyalty. It’s possible to do this with physical products with a subscription or a maintenance contract for 6 months or 1 year.
Do you know others dramatic mistakes make by beginner entrepreneurs ?