5 Mistakes People Make When Starting A New Business

Watch below or check out the transcript 🙂

#1 Not having an ideal day in mind

The first reason is people don’t have a target – or an ideal day or identity of future self. It is important to have an picture in your head of how you want to be/look like, or do in the future. Because otherwise it’s like a ship sailing in the ocean with no rudder.

Imagine the emotions you have going into your ideal day, i.e. when you wake up, what do you want to do? How do you want your morning to look like? Do you have a routine or does it depend on the day? Also what sort of things do you want to be doing during the day? And imagine the look on your face as you go through these things. Who do you want to impact?

Currently, a lot of the things we do during the day depends on your beliefs, your thoughts and how you see the world

So what beliefs do you need to change/shift in order to achieve your ideal day? The solution is to practice gratitude (this will change how you see the world). If you put a person from a 3rd world country into your shoes, they will be so thankful. Why? Because they have to worry about food, shelter, war, education, etc. We don’t.

#2 Not having a defined path on how to get there.

Essentially, you need to Reverse engineer what you need to do to get there. Once you’ve got your ideal day clear in your head and its something you can visualize daily and with clarity, the next step is to work out how to get there. Often people will focus on the wrong things, and tell themselves a story that they’re doing the right things. But to achieve your desired state, you need to reverse engineer in order to work out what you need to do. For example, if one of your desires is that you see yourself coaching people, then start unravelling the process you need to get there. What skills do you need to work on to become the best version of yourself to coach people? How many people do you want to coach in a week, and what sort of revenue and profit do you want in the month? Based on this, you can start creating models to understand how many leads you want to attract, what their conversion rates are (i.e. lead to paying client), and what your average customer value is. You can then assess what marketing budget you need to meet your initial goals. Bottom line – is to work backwards from your main goal to understand what activities you need to do today.

#3 Not performing the right habits consistently

Number 3 is people are not performing the right habits day to day. Someone once told me – ‘Show me your habits and ill show you your results in 12-24mths’

There are 2 types of habits – one to improve those within your comfort zone, and two – to do things outside your comfort zone. There is always room for improvement within all of us. If you can start doing more of your good habits within your comfort zone, i.e. work on your fitness, or do more reading – you will see improvement in your life. The more difficult one is doing the right things that are outside our comfort zone. This is when you will see a major shift in your life. Such habits include going to events, doing video presentations, public speaking or even just stop procrastinating. Of course some of those things outside our comfort zone will require training to be adept at them, but the best investment you can make is in yourself. In addition, make sure you implement these good habits in your day consistently.

#4 Letting your fears stop you

Number 4 is that people let fear stop them from taking action, and playing a bigger game. My mentor once told me to stop playing the ‘small game’. And this links in with number 3 above. When you can work out what you need to do to grow yourself and your business – no matter how uncomfortable the thing is, think long term – ask yourself “will investing in this thing eventually get me to where I want to be or go?” If the answer is yes, then it makes complete and logical sense to go for it.

#5 Not figuring shit out

Number 5 for reasons why people fail is – Not figuring shit out and working out what needs to be done. Part of the reason I love the community I am part of is that there is an abundance of support on all sorts of online business related things. It may be on your mindset, technical things, your website or general business advice. But there are times when you come across a stumbling block or a challenge, and in order to grow – you just need to work some things out for yourself. That is one of the attributes of being an entrepreneur – to problem-solve. And the more things you work out, the more satisfied you feel, and the more confident you are that you can overcome most things in your business.

So, to recap my 5 reasons why people fail in a new business or venture are; 1) Not having a target, 2) Not having a defined path on how to get there, 3) Not performing the right habits day-to-day, 4) Letting fear stop people from taking action, AND 5) Not figuring shit out.


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