3 Entrepreneurial Mistakes That Can Cost Your Business Time, Money & Customers!

by Priya Jain Business Consultant

Summary: Time is one of the biggest assets of all. And, if used constructively, entrepreneurs can achieve more than what they have anticipated. All they have to do is buy time from others!

Entrepreneurship is a calling that is not meant for everyone. For those who do, they reap awards and achievements. However, with each opportunity for success, also come the risks of failure and downfall and easily avoidable mistakes that can have a huge impact on startups.

Many entrepreneurs who start their business based on a money-making idea make choices completely unaware of the fact that wrong decisions taken today can have negative consequences on their organization.

So how can entrepreneurs ensure that major errors don`t go unnoticed? Simply by identifying and rectifying them.  Here are some of the most costly mistakes and solutions, which entrepreneurs must avoid:

1. No Dedicated Time-Slots

Entrepreneurs tend to wear multiple hats at the same time. This mistake results in most of the time being taken by minor tasks and errands that leave no place for significant tasks. Without having dedicated time slots, these simple tasks get sporadic and disorganized. For instance, have a look at your drafted emails that are still waiting for you to hit send because you answered a text or a meeting with your clients because you got busy helping your partner with something.

Ultimately, you will end up having a list of undone tasks that can leave you with a sense of un-achievement. So what is the solution? Time Mapping.

Time Mapping is a very helpful technique that allows entrepreneurs to enjoy balance and achieve all their goals on regular basis. It gives a detailed view of where most of your time is getting spent. To use this technique create a spreadsheet of your day broken into 15-minute intervals. Spend 30 minutes in the morning mapping out your entire day.

You can then spend the rest of the time executing it. You can color-code your tasks according to their priorities and nature.

You can also get professional help from a business coach who can help you to organize days with his expertise.  

2. Too Many Meetings & Phone Calls

Meetings and phone calls in today`s world are some of the biggest challenges that people are facing in this modern world. Why? One-hour phone calls could have been a short e-mail or that zoom meeting where 15 other participants are sitting quietly could have spent their time elsewhere. And yes, many meetings are nothing but a colossal misuse of time and energy.

For entrepreneurs, their clients must know them, like them, and trust them before doing business with them. Hence, the sole purpose of a Zoom call or a Google meeting should be to check these boxes off as fast as possible.

If a team is feeling demotivated or clients are upset it can get resolved through a call or a virtual meeting. Otherwise, everything else can be answered by email or organized by a CRM.

3.  Not Hiring a Personal Assistant

While many entrepreneurs, especially the young ones believe that they can handle everything on their own. Many others are on an extremely tight budget to hire additional help. This can lead to a situation where everything is disorganized and ineffective.

Ask the best corporate trainer in India, and he or she will reply in unison that it is very important for entrepreneurs to learn the value of their time. And by hiring a personal assistant, entrepreneurs can become more accountable. A personal assistant can provide genuine feedback and suggestions to help you grow. So, even if you don`t think you can afford an assistant, hire one anyway.

Many great ideas stay stuck inside an entrepreneur`s head but never come out because of lack of time. By applying the above-mentioned techniques, entrepreneurs can achieve much more within 24 Hours by avoiding some of the most common mistakes that can prove costly to their business.

Obstacles, doubts, mistakes- when you face failure, change your strategy, not the Goal! No matter what your goal is, anything is possible with determination, hard work, and Bada Business- where you can find all the key fundamentals of business explained in easy to understand language.

Access everything you need right on your phone with step-by-step instructions. Find solutions from high-quality content for your business problems anytime, anywhere with our business coaching program.

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Created on Nov 9th 2021 01:39. Viewed 291 times.

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