Sabotage is a hell of a drug. Not an exact quote but the results are just as much of a threat against the life of your business. So, instead of giving you the ways of getting what has to be done, done. We want to show you those pesky things that could get in the way. The best way? To tell you what NOT to do!
Here’s a transcript from our IGTV nightly show from a few years back that we’re sure you’ll enjoy (over and over again):
Hey, beautiful people, tonight, we’re talking about the ten things you better not do for your business, especially if you’re trying to grow your business in a positive direction.
We’re still moving along with that theme of the week. Is your brand camera-ready or really, really ready? Every entrepreneur understands the stats. At least they know them, and they are grim. Eight out of 10 new businesses fail. But entrepreneurs in that spirit, we do it anyway, believing that our startups will be one of the success stories and they often are. So you can not, however, escape making mistakes while setting up your business. It is just inevitable. The general idea in startup success is that the fewer mistakes you make, the more likely you will succeed.
So here are the ten things that brands better, and do while growing their business. You better watch yourself. If you’re thinking of starting a small business, make sure that you avoid these pitfalls to keep your brand on point, regardless of what goes on in the marketplace.
Now, girl? Sir? you’re just doing too much!
1. What you better not do for your business is overreach (a.k.a. doing too much too soon).
As an entrepreneur, you can easily get excited about new ideas to implement in your business. And these ideas, if they’re given too much priority, can overwhelm you and run your startup into the ground. And you don’t want that. It gets worse and worse. If you started the business as a younger person, you must remember that you are just starting out. And this is not the time to start thinking about building an empire. Your business is just a startup at the moment and nothing more. Keep your idea implementation to a minimum and your success process as simple as possible. And once that is solidified, then you can begin building.
2. Next, what you better not do is ignore the market. Do not underestimate the market. It would be best if you focused on it. That is the entire reason for its existence. It is for you to plan to begin to make sense of some of the things and the patterns that go on in your industry so that you can follow through or be given specific instructions as what not to do when things are going kind of haywire in the markets. And every one of us goes through that.
3. What you better not do is fail to budget. You better not launch without a budget for marketing in place, because 99% of the time you will be in fundraising mode and you will be in a brand awareness campaign. This is why we do what we do is because we want to make sure that our brands are out there in order for our consumers to take advantage of them. One of the biggest mistakes that startups make is trying to spend all of their money or their capital on creating products or businesses without setting aside a budget actually to market and promote their business. You should never, ever, ever depend on word of mouth or free or even paid media to tell your story.
If your story is worth being told, remember this. It is worth every dime that it will take to be advertisers, because every dime that you put out, you should be making at least 50 cents on that dime. And that’s well worth the cost.
4. Don’t fail to adapt. I come from the banking world where the bank that I worked for was through several incarnations and is going through one right now. You have to be able to adapt to the climate no matter what comes your way. Don’t punk out. Don’t be afraid or scared to make changes and to adapt because the changes will come. There are only a few things in this world that are absolutely guaranteed after you’re born. That is change, and taxes aaaand, you’re going to die (should the Lord delay His coming), OK?
If Apple never adapted to adjust and just stuck to making computers, then the release of the iPod that started manufacturing some years ago, including smartphones and tablets that are now releasing its first technology, which is the Apple Watch. And I think this second current incarnation of that then will we be right now? Where would that company be? You have to be innovative and be ready to adapt.
5. Do NOT is split your focus. Do not be greedy. Don’t be greedy. Don’t focus solely on making lots of money even though all of us are in business to do business. Your main priority is to be a solution. OK. Ask yourself, what is your company’s mission? And if your mission is to create the best possible product to a business that fills a gap or need, then the money will automatically come. If you want to become a billionaire, then solve a one hundred million dollar problem. Bonds real easy. Right.
6. Don’t spend like you have lost your dag on the mind! One of the first things that you see a lot of mistakes are first mistakes you see people making that have just come into lucrative businesses is going crazy with the loot. And it doesn’t make any sense. There are many stories of successful entrepreneurs who reward themselves for their hard work by spending their early profits on a dream car, big office etc.
Resist, resist, resist. Do not overextend yourself because you’ll be putting those hard-earned dollars or items back on our auction block. You will. So focus on the things that need to be focused on, like helping others. ]
7. you better not try to do it all yourself. It’s wonderful to go on all in. But don’t go all in all wrong. Micromanaging others is a sin. You know, you have to be able to understand, consider and know that if you’ve put people in positions in order to move, then you have to allow them the leverage and the space to make the mistakes that they’re going to make so that you can correct them together.
8.You better not try promoting to everyone. Amazon has already done that. Thank you very much. Let’s move forward. You have to have a target audience. You must know who your ideal client and customers are so that you can begin to start creating messaging around them because it never is just about your product or the solution. You have to pull your audience into the experience so that they know, consider and understand that you are the right solution for their problems.
9. Now what you ought not to do for your business is tolerate negativity. I know from the firm belief that you know, you stay away from “they” as DJ Khaled WOULD SAY.
I adopted a mindset from Eddie Murphy many, many years ago who said, you know what, I do not accept negativity of any kind. I don’t care who you are or where you came from. You’ve got to take that nonsense over there because, at the end of the day, negativity only breeds itself. It breeds contempt. It is an ugly, nasty feeling. And what it does is it seeps over into people who are primarily positive thinkers, and it begins to put all of the work at risk, getting rid of those negative toxic individuals, deal with it, nip it in the bud immediately. All that yelling and screaming and acting crazy. No, sir. No, ma’am. Get yourself together. Release yourself, and we will replenish afterwards. OK. So remember, do not tolerate negativity of any kind. Those people who are Debbie Downers always telling you how difficult the road may seem. It’s overwhelming, yadda, yadda, yadda. Excuse yourself or excuse them. Remove yourself from that situation. Or them. And let’s focus on what really needs to be focused on. That’s the main thing. Be the main thing.
10. And finally, what’s you better what NOT do is fail to set boundaries, parameters, or disqualifiers. Do not get into the habit of not hiring or abandoning the vetting process while hiring. Don’t get that wrong, rather. OK. This includes hiring too early, hiring too late, hiring the wrong people, or even doing business with the wrong people.
As soon as you see a red flag or you feel it in your gut, pull the plug and move on. Some people are just looking for a leg up. Some people are looking to take advantage of your business negatively. Some are expecting a handout. We don’t give our handouts here. We give out hand-ups and don’t ask us because when we see you perform. That’s what we’re going to do. Because anyone keeps trying and trying and trying, they deserve your attention. And however, you can help them. It would be best if you were more than willing to try.
So finally, that’s it for tonight. Those are the things that you better not do if you think that your business is going to move forward and in a positive direction. Tonight’s offer remains the same, and it will end tomorrow night properly. Convert Your Crowd into Customers. It’s a three and one intensive course, and you get seven free consultations, and the freebie is available as well for 44 content ideas you can bank on right now.
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