The 7 Mistakes People Make When Starting A Business

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This is Aleksander Vitkin and in today’s video we’re going to cover the seven mistakes people make when they’re starting a business. And we’re going to cover how you can avoid these mistakes so that you’re more successful.

The first mistake is they dabble. They have business models all over the place, so they go on Google, they go on YouTube, they go on Facebook, they click on random ads, webinar funnels, they go everywhere and they get all these ideas just sent to them, even on Instagram these days, and they’re being bombarded with different opinions. And a lot of these opinions, they’re different, and they’re opposites from each other, so let’s say business guru one says something and he says,

“Outsourcing is bad” and business guru two says, “Actually you need to outsource everything, you don’t wanna be an employee in your business”.

Who’s right?

It doesn’t make sense because they’re contradicting each other. So who’s gonna be right? It doesn’t make sense. What do you do as a beginner? Do you choose business guru number one or business guru number two? Who’s lying?

Well in fact, no one’s lying. Both of these statements are completely correct. It just depends what type of business you’re building and what kind of skills are required for your business. If it’s high in skill, in some situations like copyrighting, you will end up doing a lot of the work yourself forever, whereas if it’s a lot of customer support and stuff like that you’re not likely, well those types of tasks in your business.

So, the next mistake that beginners make or even sometimes advanced people, is, they try to figure out everything by themselves. They try to figure out, it’s me, the business is about them. So I’m going to be the person who’s gonna run this business and I’m gonna run every single part of this business, I’m gonna figure out everything. And that’s how I started.

So, I started just kinda messaging people on Facebook in 2008, 2009, and I got some sales from that and that’s how I started my business back in the day, it was me doing lead generation, me doing sales, me doing delivery, me doing everything and figuring out how to do that as well because there’s no material, there’s no coaching or anything like that available.

The solution of course is to get educated on the matter and the best way to do that is to get a mentor, OK? Get a mentor. Someone’s who’s done it before, who can lift you up and allow you to get results faster because he’s done it not very long ago and you can just copy the working stuff that he’s done before.

People, they try to invent a business model. Almost like a disease going around in the business world. People think that you need to have the idea. So it’s the idea, the idea of the idea, right?

So, “Oh, I need to find a good idea that no one ever has come up with and then I need to find investors and then I need to execute on this” And it’s this huge, complicated process and no one really knows how it works, there’s a million variations. At the end of the day if there is no idea then the idea is useless because a beginner who’s just starting out, usually doesn’t have an idea about business.

Business is not about some solution that you need to come up with in the world out there. It’s generally how you execute it. The execution is king here. People try to build a business and they’re not just alone but they’re not even surrounding themselves, they don’t have any friends who are also business owners.

So no peer group. They have friends who have jobs. They have friends who are students, they have friends who are just kinda drug dealers or something like that, they’re not really doing anything with their lives, you are the average of the five people you surround yourself with.

You need to have a peer group of people who actually have businesses. So people think that they can outsource everything. I’ve also told people that you can outsource everything. And as I said before, it’s true, but it’s also not true in a different way.

On one hand, you don’t wanna be an employee in your business and constantly running around forever doing every single thing. That’s definitely a bad idea. You’re definitely not gonna be able to build a successful business like that.

You don’t know how anything works in your business if you don’t know how delivery works,if you don’t know how sales works,how are you going to run a business? It doesn’t work that way.You wanna be a person who knows more in different areas of the business.So a little bit of accounting,a little bit of marketing,a lot of sales and so on.But you wanna have one thing that you’re extremely good at.

Usually it’s marketing or sales. Regardless of what you do in your business, and I assure you this applies to every single successful business owner ever, the number one priority is make sure that it’s proven and market tested. Market tested means don’t invest time and money in things that haven’t been proven, OK?

So this means before even creating anything, before you even have a service, before you even have a product, get pre-sales. Make sure people are buying. And the more people are interested in it the more crazy, rabid fans you can get and faster, the better it is for your business.

Aleksander Vitkin

Aleksander Vitkin has helped over 700 people with a sincere interest in entrepreneurship and contribution, to start profitable businesses and quit their jobs.