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PPMP EP 33: 3 Useless Worries Every Wannabe Entrepreneur Has
Manage episode 310777701 series 3072265
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Every beginner entrepreneur has worries, some of which are warranted others's are not.
This articles looks at the top three unwarranted worries of every beginner entrepreneur
Obsession with Branding
Entrepreneurs often obsess over branding, Logo, marketing strategy etc in the beginning of the business. Building a decent brand imagery and perception from the beginning is important but it doesn't add to revenues from the get go.
Hence obsessively worrying about these things does not impact the business in any way.
Working on logo, website design, brand colors etc looks like busy work, so doing them makes us feel like we’re up to something yet no money is being made.
So if your plan is to sell shoes online and you spend 3 months choosing a logo and setting up a website you need to re-evaluate your business strategy
Business Strategy
Planning and strategizing are important steps for the entrepreneurial journey. But, there comes a time where all the incessant planning and strategizing leads to fatigue and burnout. Drawing a 10-year strategy when you haven’t sold your first product is useless.
What your small business needs is product sales that makes the business viable.
I can’t begin to enlist the number of times wannabe entrepreneurs have spent with me discussing their business ideas and how they plan on rolling out unique products but they stuck in their heads about the process constantly planning and strategizing.
Fear of failure
The fear of failure is warranted given that entrepreneurship in it's nature is risky. There's the possibility of losing your own money and that of others. That is why it's important to be psychologically prepared for the emotional trauma that comes with entrepreneurship.
Most upcoming entrepreneurs second guess themselves and are continuously up in arms about failure of their potential product when it’s not even on the market.
Instead of constantly worrying about your next business venture. You can
- Revisit the drawing board and look at product-market fit
- Do a cheap test run of product on targeted audiences etc.
- Look for quality clients willing to pay a premium for your product/service
These actions amongst others minimizes the risk of failure.
Stop worrying and start doing...
Music Source: Squares
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