3 Mistakes Made by Entrepreneurs Trying to Do It All

By: ROIntl.com

3 Mistakes Made by Entrepreneurs Trying to Do It All

Trying to do everything is a great way to accomplish nothing in business. There are plenty of stories about failed entrepreneurs who otherwise were onto something but their execution methods were horrifically flawed. Trying to do everything is a great, ambitious idea. It is also impossible. There’s no way an entrepreneur can pull this off with proficiency. At the end of the day, the harried nature of this philosophy finds its way to the customer, and turns them off. Or, it can lead to problems with regulatory authorities – either way, it’s best to avoid doing it all.

Running Afoul of the IRS

Most entrepreneurs are not accountants and therefore are not familiar with the minutiae of tax law. It is quite easy to mess up on accounting and then sending in the wrong payment to the IRS. When this is done, the penalties can pile up. As the penalties pile up, this increases the pressure and eventually results in a person losing the business. The IRS puts out much in the way of helpful information, but it’s complicated and unless an entrepreneur is a tax professional, will take much time to learn. Therefore, it’s wise to have people who know what to do handling the money.

Funding an Inventory

This mistake is made by entrepreneurs who think products will be flying off the shelves the moment the door is opened, so they try to get ahead with inventory management. The reality is storing products either at the business or at an external warehouse means money must be paid upfront to secure the inventory. This means heading into the business, it is already operating at a loss before the doors ever open. Dropshipping options are great for small businesses because they remove inventory costs and the pain of inventory management.

Neglecting Customers

Because entrepreneurs are trying to do it all they are not doing the most important thing – giving undivided attention to customers. When customers feel like they have to ring the bell several times for service or they’ve brought up an issue several times with little action, they are going to look elsewhere. There’s literally no way to pay attention to everything, so customer orders will be messed up. The bottom line is the entrepreneur must focus on the customer and their specific area of expertise and leave everything else to the experts.

Getting help with all the parts of business is not too difficult. The key is getting the right people in the right places, and that’s why getting in touch with an ROI consultant is critical. Find the ROI consultant in your area by clicking here.

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