As entrepreneurs, we start out intending to build a successful business; however, behind any successful business is a leader who has had at least one failed venture in their past. Although the goal is to succeed, the most valuable lessons come from the ideas that don’t. In fact, there’s a lot to be learned from the shared experiences of people who’ve made a few mistakes and learned from it.
Common mistakes include not taking into account the financial costs involved, not cultivating relationships with customers and forcing a business to grow too rapidly. The biggest mistake entrepreneurs make, by far, is focusing too little on sales and marketing, or abdicating it completely to someone else.
Additionally, they feel they can go it alone and achieve success on their own. The reality is, the most successful people in any industry are able to achieve their goals with the help of a coach.
Business Is a Three-Legged Stool
To build a successful business, it helps to think of your business as a three-legged stool. The three legs are sales and marketing, customer service and financial management.
- Sales and marketing includes promotion, advertising and lead generation.
- Customer service includes creation, production and the fulfillment of the promises you make to your customers.
- Financial management includes your income, expenses and profits.
While all three legs are vital, they are not all equally weighted. For example, sales and marketing is five times more important than the other two legs; however, most people tend to focus their resources on customer service. They may not see themselves as salespeople and don’t want to appear…