5 Mistakes Successful Entrepreneurs Never Make (detailed).

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Are you an entrepreneur? Do you know the 5 things that successful entrepreneurs never do?

So we are going to share with you the 5 things that successful entrepreneurs never do...

(LETS START 😉)

1. Successful entrepreneurs never micro-manage.

Now, imagine when you were starting your business, you are doing everything. You were the one man or one-woman show. You were selling, closing, doing the invoice, doing the marketing, meeting with people, taking a phone call, dealing. So, you had to micromanage. But after a certain point that behavior stays.

So, when you want to go to the next level, you have to let go. Now you can no longer manage.

So as entrepreneurs, you must learn macro thinking.

What you need to do as an entrepreneur is:

1. Figure out exactly where you are going. What's your vision?

2. Hire talents who can help you to execute that vision.

3. Allocate the resources, the capital to execute that vision.

2. Successful entrepreneurs don't say yes to everything.

At the beginning of your entrepreneurial career, you had to say yes to everything. Because you are still growing and building. But when you get to a certain size and a certain point you have to learn how to say no. As an entrepreneur, you must realize that you have a finite amount of time, resources, the capital. So as the CEO, you must learn to prioritize. Prioritize the task and give them value accordingly.

3 They never stop listening to the ideal customers.

As entrepreneurs what do we do? We solve other people's problems and fulfill other people's needs and make a profit in the process and we cannot fulfill other people's needs if we don't understand what our ideal customers need. So, you don't have to be a marketing genius, your customer is the marketing genius. Most entrepreneurs spend too much time working on the thing and making their thing better, but they don't spend enough time listening to the customers.

Now you might say, ”Then what about Henry Ford when he invented the car Ford motors? What about back then, if I was to ask what my customers want back then, everyone would say faster horses.

Well, that is an exception. If you are selling and offering some kind of new technology, that's a different story. Because then you're solving the needs of the marketplace and you are essentially creating your own market. I'm not talking about that. That's a very small percentage of the entrepreneurs. For most entrepreneurs, we are tapping more into existing needs. So that means that you have a lot of competition, and if you want to survive you have to give your customer value. You need to understand what your customer like and dislike about your company and you have to evolve accordingly. Otherwise, your competitor will eat you.

4. Smart entrepreneurs focus on profits, not just revenue.

(The difference between profit and revenue)

One of the biggest mistakes that people make in their career is in they focus so much on revenue. They think revenue would solve all problems. They think they just need to generate more revenue and that’s it. But that is simply not true. Because you don't go to the bank and deposit revenue do deposit the profit.

So how much profit are you actually making? What's your take-home pay? how much cash do you have in reserve?

So, profit is not an event it is a habit. And if you're not making a lot of profit, when you're growing then you are not doing a great job.

Because entrepreneurs sometimes get overly optimistic that they just spend money and try to bring in more revenue and you could have a great month of revenue and then you look at the profit and saw you are actually making less money. Because maybe you did more marketing or maybe now you have more infrastructure, you have hired a lot of new people so your cost ate your revenue and now you don’t have many profits.

So, if you don't look at profits, it is a very very dangerous habit. So smart entrepreneurs focus on profit, not just revenue.

5 Smart entrepreneurs never stop learning.

They are very dedicated students. They are just as dedicated to learning as they were many years ago. No matter where they are, they never stop learning. When they are working out, they are listening to some kind of podcast with successful entrepreneurs. When they are working they have some kind of educational programs playing in the background because they know it's not just how much they know, It is about how fast they learned. In order to compete, you need to learn, you need to grow, you cannot stop.

So that was it! Thank you very much for reading the blog and being with us! We hope that this blog was able to provide you value. And, this blog was inspired by a YouTube video of Dan Lok. He is an amazing personality. If you want to learn from him then click THIS link and visit his channel.