Welcome back! Every journey comes with its ups and downs—and trust me, the mistakes are plenty. If you’re in business or planning to start one, hear me out: mistakes as a business owner are expensive. Whether you make them consciously or not, they cost time, money, and opportunities.
As a business owner, you operate within the laws of equivalent exchange. A small step forward or backward for you is a giant leap for your business. That’s why avoiding unnecessary blunders is critical.
In today’s post, I’ll share three dumb mistakes I made that almost broke my business—and how you can avoid them.
1. Failure to Study
Let me say this plainly: If you don’t study, your business will fail.
As a business owner, you need to know more about your market than the average person. Why? Because knowledge is your edge.
I learned this the hard way. I once invested all my money into a business I thought would work, only to realize I hadn’t done enough research. I didn’t understand the demand, my competitors, or even my customers. The result? I lost every pesewa I invested.
Here’s how to avoid this mistake:
- Study your market. Who are your customers? What do they want?
- Learn from others in your industry. What worked for them? What didn’t?
- Constantly educate yourself. Read books, attend seminars, and stay curious.
Remember, the more you know, the better decisions you’ll make.
2. Be Clear With Yourself
Here’s a question you need to ask yourself: Is this business a side hustle, or is it my career?
If you’re treating your business like a side hustle, you’re likely not giving it the attention it deserves. That was my mistake. At the beginning, I treated my business like a casual venture—something to make quick cash.
Because of that mindset, I didn’t take it seriously. I didn’t invest in marketing, I didn’t track my finances properly, and I didn’t push myself to grow. After all, I had a job to fall back on.
It wasn’t until I decided that my business was my career—my main source of income—that things began to change. I started seeing my business as the key to the quality of life I wanted. That shift in perspective made all the difference.
Actionable steps:
- Define the purpose of your business. Is it a temporary hustle, or your long-term career?
- If it’s your career, commit fully. Set clear goals and work towards them relentlessly.
3. Lack of Focus
When I started, I was all over the place. I listened to everyone’s opinion—friends, family, strangers—and tried to act on all their advice.
Guess what? Most of it was trash.
Here’s the truth: talk is cheap. Everyone is an expert until it’s time to execute. That’s when you realize most people have no clue what they’re talking about.
My lack of focus made me jump from one idea to another, wasting time and resources. It wasn’t until I learned to trust myself and focus on one thing that I began to see results.
Avoid this trap by:
- Filtering advice. Listen to feedback, but don’t act on everything you hear.
- Trusting your instincts. You know your business better than anyone else.
- Staying focused on your goals. Don’t get distracted by shiny new ideas.
4. Ignoring the Importance of Marketing
This was probably my biggest mistake. I used to think having a great product was enough to attract customers. Spoiler alert: it’s not.
Marketing is the lifeblood of any business. If people don’t know about your product, they can’t buy it. Simple as that.
I used to sit back and expect customers to find me. That didn’t happen. It wasn’t until I invested in marketing—both online and offline—that I started seeing results.
Here’s what you need to do:
- Create a marketing strategy that works for your business. Whether it’s social media, flyers, or word-of-mouth, find what works and double down on it.
- Be consistent. Marketing isn’t a one-time thing; it’s an ongoing process.
- Track your results. Know what’s working and what isn’t, and adjust accordingly.
Final Thoughts
Your journey as a business owner will be full of challenges, surprises, and lessons. Mistakes are inevitable, but you can avoid the dumb ones if you prepare well.
Here’s the bottom line:
- Study your market.
- Be clear about your goals.
- Stay focused.
- Invest in marketing.
These four steps will save you time, money, and frustration.
If you’re struggling or unsure about any part of this process, feel free to reach out to me. My team and I are here to help you navigate your entrepreneurial journey.
And here’s something exciting: in our next article, we’ll start a business together. Yes, you read that right! Stay tuned.