Starting a business is hard! You know it, I know it, and everyone else in this world knows it. But what you probably don’t realize is that it is really easy to screw up your business.
Entrepreneurs have to a tendency to mess things up through stupid mistakes. So save yourself from being one of these foolish entrepreneurs by avoiding the following mistakes:
1. Stop thinking big
If you want to be a big corporation like Apple, Google, or even Microsoft, you have to think big, right? Wrong!
None of these companies were thinking big when they first started. Thinking big will just cause you to spend more money than you have to and more importantly cause you to move really slowly.
Agility is what you have that a bigger company doesn’t. You can move faster than big companies even if you have a lot less resources. When you have a small team and little cash in the bank you tend to do whatever it takes to survive. [click to continue…]
Before I get started, let me get one thing straight. This blog post is going to be misunderstood, I already know that. By no means am I trying to tell you to hang out with rich people just for their money, hang out with them because you truly see them as friends.
For a moment, think about your 5 closet friends. Take each of their salaries and add them up. Now divide that figure by 5.
That final number is going to be roughly how much money you’ll make each year. And if you are happy with that amount, that’s great… you can save yourself the trouble and stop reading this blog post.
But if you aren’t happy with your income, the best thing you can do is to start hanging out with richer people. And no, I don’t mean you should ditch your broke friends, but you should also make new friends who are more ambitious.
Here are some of the ways I was able to make money in 2009 by hanging out with successful people. [click to continue…]
Wouldn’t it be great if every person in the world bought your product or service? All you have to do is create something that everyone wants, right?
I hate to break it to you, but you’ll never be able to create a product or service that pleases everyone. If you try, more likely than not, all you’ll be doing is setting yourself up for failure.
The 80/20 Rule aka The Pareto Principle
Have you heard of the 80/20 rule? It’s a general saying that’s used heavily in the business world and it goes something like this:
80% of your sales come from 20% of your clients.
It can also mean 80% of your revenues come from 20% of your customers.
Now granted, the 80/20 Rule is just a rule so the percentages won’t always match exactly, but the chances are they will be close.
So with your business, don’t waste your time trying to please the largest group of customers that are likely to be only producing a small fraction of your revenue. [click to continue…]
Careful academic research on the business start-up process reveals that many entrepreneurs never write a business plan.
These studies also show that writing a business plan helps entrepreneurs in a number of ways, including improving their odds of successfully developing a new product, organizing a company, accessing external capital, obtaining raw materials, generating sales and surviving over time. Regardless of what measure of performance academics have looked at, research shows that writing a business plan has a positive impact.
I am not a fan of writing business plans! I have started a fair amount of companies and have never written a business plan. Now you could say that is the reason why a lot of my businesses failed, but I could make the argument that financially I’ve still came ahead.
Do you want to make a quick buck? Do you want me to teach you how you can make an extra hundred grand?
Throughout your entrepreneurial life, you’ll hear stories of other entrepreneurs who are making thousands of dollars a day from a business that seems easy to replicate. And if you get lucky, you’ll actually get to meet a few of these entrepreneurs.
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About Neil Patel
Neil Patel is the co-founder of 2 Internet companies: Crazy Egg and KISSmetrics. Through his entrepreneurial career Neil has helped large corporations such as Amazon, AOL, GM, HP and Viacom make more money from the web. By the age of 21 not only was Neil named a top 100 blogger by Technorati, but he was also one of the top influencers on the web according to the Wall Street Journal. Continue reading
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