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5 Mistakes Entrepreneurs Are Making

The Lyon Show

Release Date: 02/20/2020

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Today we're going to talk about the five mistakes most entrepreneurs are making and how to fix them. Number one, relationships.

Entrepreneurs are very hard workers and crunching numbers and figuring things out.

Sometimes we have a hard time managing all of our relationships.

I see a lot of entrepreneurs that have a lot of amazing connections.

But they're not responsible with keeping those connections up to date and keeping in touch with all the valuable assets and people that we know in our lives.

When you really have problems, it's important to have other people to talk to.

Also when you're building a business and you don't have enough clients, it's important to have that big list of referrals and other people.

So when I'm working with an entrepreneur that's having a hard time finding new clients.

I usually talk to them about creating a relationship calendar and setting certain times where you reach out to all the business connections that you know and you just have a friendly conversation and not just talk business.

A lot of things that entrepreneurs get stuck into is only talking business and it scares people away.

You must be a real person.

You also must stay on top of your relationships.

Most entrepreneurs are doing this wrong they don't have a set schedule for keeping in contact with either valuable relationships or family and friends.

Those relationships are important for the mental health of the entrepreneur.

It's just incredibly important to just set aside some time every day or every week where you just pick up the phone and you call people, not just for business.

Just to connect and to pick up ideas and talk to people.

So relationships, it's a real big one.

Remember you always get your money from somebody else.

So the more people you know, the more connections the better your business is more likely to do.

The next one is time management.

I know a lots of entrepreneurs who started their business and are working for themselves and they think, Oh, I don't need to set an alarm.

I don't have to have strict deadlines because I work for myself.

And yes, that is true.

But if you are a serious entrepreneur.

You live off your calendar,

You live your life as at least when you're working on a set blocks of time so that you can be the most efficient.

You should be loving your work and you should be wanting to build it and be as effective as humanly possible.

And that's where great time management comes in.

That's when great, great productivity comes in.

And that's when you are truly able to focus.

See, when I'm working with a new entrepreneur and the first thing I try and do is figure out what the best use of their time is.

What's something that fascinates them and motivates them.

And that can keep them working for the rest of their life.

That they can improve on and build and build and build.

And then I teach them how to automate, eliminate and delegate.

And that's what creates a truly productive entrepreneur who is 100% on board with time management because not only does he know that most of his time is going to be spent on his most valuable, most productive, most profitable tasks.

Be fascinated and motivated.

Your time management is start the day before.

So plan out tomorrow today, break it down by hour by hour.

You can even do minute by minute.

Then at the end of the day, go over the set goals that you had and see how you did on your time management for that day.

Instead of thinking about how you did things wrong, think about all the good that you did that day, all the good stuff that you did with your time management that day.

The next mistake is money.

A lot of entrepreneurs, they don't have a steady paycheck, so sometimes they get big chunks of cash and then they just blow it and then they are get hungry again and have to go make a whole bunch of money and they panic.

So they're almost always constantly living in this big up and down.

I call them mountains and valleys.

First just make sure you have a system in place where you write down literally every penny that comes into your business and every penny that goes out of your business.

Then you have to understand how much you're paying to yourself.

How much you're investing in which particular parts of your business so that you can have a real clear identity of where your business.

You can't improve anything if you don't know about everything in your business.

You should be doing the books.

You should be in control of your money and know where it's going.

Be able to fix your money.

So you should be constantly looking over your books and measuring where every penny to see what's your ROI is how much you're spending on marketing, and which step in marketing are you spending the most on?

And then how much does your product actually cost to get to the customer?

How much does it cost to get a customer?

And all these things should be very well documented.

It's just really important that you are on top of your money game if you're trying to be a real entrepreneur.

next mistake most entrepreneurs tracking and reporting.

I know a lot of entrepreneurs also started their business and they don't want to fill out any reports or do paperwork anymore.

That's not done in their business.  

How many people did you actually approach with your offer?

How many said yes and how many said no.

Then out of the ones that did say yes, how much are they going to be paying you?

And then the people that said no, how long until you try and catch up again with them and see if you can get them to say yes.

So track and report almost everything in your business so that you can come down and create a beautiful formula of how to get more customers or get more profits or get more products.

You can really start to get a beautiful picture of what your business is doing.

It's not just people you talked to, but just tracking and reporting.

It's just so important.

 Once you really get down and dirty with it and you have it all set up and kind of automated and you can just plug in the numbers at the end of the day and then you can get a full report every month and then a full report every year.

It just creates this sense of knowing about your business that most entrepreneurs who fail don't have. They don't have the numbers of how much reaching out there doing and they have no idea why there not successful.

They don't have the report about how much time their employees are wasting on the job or how much time you're wasting on the job.

It’s important to create systems where you can track and report everything that you're doing.

The Final mistake entrepreneurs are strength and confidence.

Most entrepreneurs aren't constantly working on their strengths and confidence.

They are mostly getting confident in the beginning and then turning into a little baby as their business keeps growing and they're just scared children.

Whereas if you are a real entrepreneur, you're going to keep building on your strengths.

You're going to reinforce who you are and that you belong in the market and you belong in this industry. Keep on building your confidence day in and day out so that whenever a situation comes up and it's going to happen.

You're going to be strong enough to overcome that obstacle instead of falling to the wayside or giving up.

You have to work on your confidence.

The real problem with confidence and people is that they think that confidence is something that has to happen on the outside so that they can feel confident on the inside when in reality, confidence has to come from the inside and then have to come into the real world so that it can have an impact and it can show who you are, let you are and how confident you are and what you're doing.

Confidence is a real key and being a successful entrepreneur.

So those were the five mistakes that most entrepreneurs are making.

If you want an entrepreneur coach, click the link evergreentactics.com/entrepreneur-coach

I'm here for you on a real person. You can reach out and we can talk. All right, take care.