Latest / "Doing the Do" in Business with Ms. June / 7 Mistakes New Entrepreneurs Make

Transcript

7 Mistakes New Entrepreneurs Make · "Doing the Do" in Business with Ms. June

0:00
SPEAKER_01: Welcome, welcome, welcome to another edition of Doing the Do in Business with Miss June.
0:08
SPEAKER_01: This show is designed exclusively to educate, empower, encourage, and equip.
0:15
SPEAKER_01: Look at that, I just came up with four E's to equip uh business owners, dreamers, and even our side hustlers.
0:22
SPEAKER_01: I know a lot of people don't like the word hustler, but hey, it is what it is.
0:26
SPEAKER_01: And of course, we know that one day everyone is going to be a future CEO.
0:31
SPEAKER_01: So we come here to give you some practical tools for success.
0:36
SPEAKER_01: I'm your host, Miss June.
0:38
SPEAKER_01: You already know that.
0:39
SPEAKER_01: And I am so excited that you've chosen to spend this time here today.
0:44
SPEAKER_01: Whether you're driving to work, operating your business, or better yet, you could be sitting in your home or your office, maybe listening from your mobile device or dreaming about starting your first business.
0:57
SPEAKER_01: If that's the case, today's show is especially for you.
1:03
SPEAKER_01: One of the biggest misconceptions about um entrepreneurship is that for some reason people think that successful business owners have a secret formula that's going to guarantee success.
1:18
SPEAKER_01: And wrong answer.
1:20
SPEAKER_01: The truth is that most successful entrepreneurs they've made a lot of mistakes.
1:28
SPEAKER_01: Some have uh lost money, some have launched products and services that failed, some have even hired the wrong people, and then you have some entrepreneurs that have almost closed their doors before they finally find success.
1:47
SPEAKER_01: Well, when it really boils down, what separates successful entrepreneurs from unsuccessful entrepreneurs, it's not the absence of mistakes, it's the willingness to learn from the mistakes and then to keep moving forward.
2:04
SPEAKER_01: You know, learn from your mistakes, don't repeat it, and just keep going.
2:08
SPEAKER_01: Now, if you look at some data from the United States Bureau of Labor Statistics, a significant percentage of businesses fail within their first several years.
2:21
SPEAKER_01: Now, while every business is different, many failures can actually be traced back to a handful of what I like to call, let's call them common errors.
2:33
SPEAKER_01: But the good news is that some of these mistakes with these common errors are avoidable, for lack of a better word.
2:40
SPEAKER_01: So today let's explore, let's say, seven, okay?
2:45
SPEAKER_01: Let's just say seven of the most common mistakes that new entrepreneurs make.
2:50
SPEAKER_01: Let's take a look at some real-world examples per se.
2:55
SPEAKER_01: Let's take a look at some lessons from major companies, and then along the way, I'll do something different today.
3:03
SPEAKER_01: I'll actually give some book recommendations that entrepreneurs can read to kind of you know bone up on their craft, you know, and get a little stronger and just read because reading is fundamental not only in life but also in business.
3:20
SPEAKER_01: And I'll also see if I can shoot you some practical strategies that you will be able to immediately apply.
3:27
SPEAKER_01: So if you haven't done this already, go ahead and get your notebook ready because today's show could possibly save you thousands of dollars, hundreds of hours, and years of frustration.
3:42
SPEAKER_01: If you've just joined us, this portion of the show is brought to you by Miss June's Gumbo and Greens and also brought to you by Show Nubs Premium House Blend Seasoning.
3:52
SPEAKER_01: We're gonna take a quick break and then when we come back, we're going to come in and we're going to start going through some of these top seven mistakes that new entrepreneurs make.
4:02
SPEAKER_01: So don't touch that dial, we'll be right back.
4:05
SPEAKER_11: Hey Dad, how do airplanes fly?
4:07
SPEAKER_11: What's in this box?
4:09
SPEAKER_11: Is this tree good for climbing?
4:11
SPEAKER_11: How are the babies made?
4:13
SPEAKER_11: What does this thing do?
4:15
SPEAKER_12: Kids are curious about everything, including guns.
4:18
SPEAKER_12: Talking to them about gun safety in your home is a good first step, but you can do more.
4:22
SPEAKER_12: Always keep your guns locked and unloaded and stored separately from ammunition.
4:26
SPEAKER_12: Save gun storage saves lives.
4:28
SPEAKER_12: Learn how to make your home safer at nfamilyfire.org.
4:31
SPEAKER_12: That's nfamilyfire.org brought to you by nfamilyfire, Brady and the eye council.
4:37
SPEAKER_05: Hear that?
4:40
SPEAKER_05: The sound of your life.
4:42
SPEAKER_05: Perfectly imperfect.
4:45
SPEAKER_05: Beating and rhythm to the world you've created.
4:49
SPEAKER_05: But every time you drive after drinking, the music gets drowned out.
4:57
SPEAKER_05: Your life sounds pretty great.
4:58
SPEAKER_05: Don't let a buzz ruin it.
5:00
SPEAKER_05: Buzz driving is drunk driving.
5:02
SPEAKER_05: Don't drive buzzed.
5:03
SPEAKER_05: A message from NITSIN the Ad Council.
5:05
SPEAKER_01: Welcome back to another edition of Doing the Do in Business with Mitch June.
5:11
SPEAKER_01: I am your host, and if you've just joined us before the break, we're talking about some of the top seven mistakes that new entrepreneurs make.
5:39
SPEAKER_01: Excuse me, and opportunities to share your entrepreneurial journey with the broader audience.
5:45
SPEAKER_01: Small Black Business International Magazine is helping entrepreneurs connect, grow, and inspire communities around the world.
5:54
SPEAKER_01: We're also sponsored by Mitch June's Gumbo Greens, bringing together delicious southern traditions, authentic flavors, family recipes, and culinary creativity.
6:06
SPEAKER_01: Whether you're an experienced cook or just learning your way around the kitchen, Miss June's Gumbo Greens is serving up flavor and inspiration, one wonderful recipe at a time.
6:18
SPEAKER_01: And I also want to take a special moment and say thank you to the Unknown Black Inventors Coloring Book.
6:25
SPEAKER_01: This is an educational resource that introduces children and adults to remarkable black inventors whose innovations changed America and the world.
6:35
SPEAKER_01: It's not only history but also education, creativity, and inspiration all wrapped into one engaging coloring experience.
6:45
SPEAKER_01: So, with our topic today, with these top seven mistakes, let's take a look at one of the first ones.
6:51
SPEAKER_01: Excuse me.
6:52
SPEAKER_01: One of the first mistakes that new entrepreneurs make is um waiting for perfection.
7:00
SPEAKER_01: The first mistake is one that stops so many businesses before they ever, ever begin.
7:07
SPEAKER_01: Waiting for that perfection.
7:10
SPEAKER_01: Have you um ever heard someone say, I'm almost ready, I'm still working on the website, I'm waiting until everything is perfect, and then the next thing you know, those days turn into weeks, weeks turn into months, months turn into years, and those years turn into missed opportunities.
7:35
SPEAKER_01: Then someone else launches the same idea with fewer resources, less experience, and an imperfect product or service, and they succeed.
7:48
SPEAKER_01: Please understand that perfection is one of the most expensive forms of procrastination.
7:56
SPEAKER_01: Many entrepreneurs spend so much time planning that they never begin.
8:01
SPEAKER_01: Now, here's a good example for you.
8:03
SPEAKER_01: Uh let's take a look at Airbnb.
8:06
SPEAKER_01: Now, the founders of Airbnb did not launch with a sophisticated billion-dollar platform.
8:12
SPEAKER_01: They started by renting air mattresses in their apartment during a conference when all the local hotels were full.
8:20
SPEAKER_01: It was not glamorous, it was not perfect, but it was a start.
8:25
SPEAKER_01: And so now that simple idea became a global company worth billions.
8:30
SPEAKER_01: Now, if there was a lesson in Airbnb and how they got started, it would be uh customers they don't need perfection, they are looking for solutions.
8:40
SPEAKER_01: So take a take the time out and ask yourself, what have I delayed because I'm waiting for perfect conditions?
8:48
SPEAKER_01: Have I waited, you know, to launch, or maybe I've procrastinated trying to test things?
8:55
SPEAKER_01: You know, maybe it's just time for you to begin.
8:58
SPEAKER_01: And if you would like a good resource, there's a book called The Lean Startup by Eric Rees, R-I-E-S.
9:07
SPEAKER_01: And this book teaches entrepreneurs how to build, test, learn, and improve without waiting for perfection.
9:17
SPEAKER_01: So there you are.
9:18
SPEAKER_01: Mistake number one, waiting for perfection.
9:21
SPEAKER_01: Now, here's mistake number two of the seven mistakes that new entrepreneurs make.
9:26
SPEAKER_01: This is a big one.
9:28
SPEAKER_01: Not knowing your customer.
9:31
SPEAKER_01: You know, the second mistake is failing to understand who your customer really is.
9:36
SPEAKER_01: I mean, okay, entrepreneurs that get so excited about their product or service, they forget to study the market, the industry, or the people they're trying to serve.
9:49
SPEAKER_01: Now, here's a tick here's a key.
9:52
SPEAKER_01: Business is not about what you like, it's about what the customers are going to value.
9:59
SPEAKER_01: Think about this customer's preference matters.
10:03
SPEAKER_01: A clothing designer may love just all these wonderful bold colors, but if customers prefer neutral tones, those preferences matter.
10:13
SPEAKER_01: Now, one of the most famous examples about preference was new Coke.
10:19
SPEAKER_01: Now, if you remember the Coca-Cola Company, they spent millions of dollars developing a new formula.
10:26
SPEAKER_01: The market testing seemed promising, but when customers discovered that their original beloved formula was disappearing, oh man, you want to talk about a rise up, they revolted because the company underestimated the emotional connection that consumers had developed with the brand.
10:46
SPEAKER_01: Oh, it was really bad.
10:48
SPEAKER_01: And the lesson is you have to understand, customers don't always buy products, they often buy based upon feelings, memories, experiences.
11:00
SPEAKER_01: Let's take it a step further.
11:01
SPEAKER_01: What's convenient?
11:03
SPEAKER_01: Uh, what's going to provide a solution, what's going to give them status, or even what's going to give them confidence.
11:09
SPEAKER_01: The most successful entrepreneurs are going to spend time listening, they're going to survey their customers, they're going to read the reviews, conduct interviews, and certainly observe behavior.
11:23
SPEAKER_01: And then, most importantly, as a new entrepreneur, you definitely want to ask questions because when it boils down, the better you understand your customer, is the better you can serve them.
11:37
SPEAKER_01: You're listening to Doing the Doing Business, a reminder that Small Black Business International magazine is dedicated to highlighting entrepreneurs, innovators, and business leaders who are making an impact in their communities and beyond.
11:51
SPEAKER_01: And don't forget the Unknown Black Inventors Coloring Book.
11:54
SPEAKER_01: This is a wonderful educational resource for schools, churches, youth groups, libraries, or families simply seeking to preserve and celebrate history.
12:05
SPEAKER_01: Don't touch that dial, we'll be right back.
12:10
SPEAKER_14: Wouldn't it be great if life came with a remote control?
12:14
SPEAKER_14: You know, you could hit pause when you needed to, or hit rewind.
12:18
SPEAKER_14: Like that time you knocked down that wasp's nest.
12:22
SPEAKER_14: Or that time you forgot to roll up your windows in the car wash.
12:27
SPEAKER_12: Fantastic.
12:28
SPEAKER_14: Yeah, a remote control would have come in handy then.
12:31
SPEAKER_14: Well, life doesn't always give you time to change the outcome.
12:34
SPEAKER_14: But pre-diabetes does.
12:36
SPEAKER_14: With early diagnosis and a few healthy changes like managing your weight, getting active, stopping smoking, and eating healthier, you can stop prediabetes before it leads to type 2 diabetes.
12:47
SPEAKER_14: It's easy to learn your risk.
12:49
SPEAKER_14: Take the one-minute test today at doihaveprediabetes.org.
12:53
SPEAKER_14: Life doesn't come with a remote control.
12:57
SPEAKER_14: So you're on your own with the wasps.
13:00
SPEAKER_14: You have the power to take control of pre-diabetes.
13:02
SPEAKER_14: Visit doIHAPrediabetes.org today.
13:05
SPEAKER_14: That's doihaveprediabetes.org.
13:08
SPEAKER_14: Brought to you by the ad council and its pre-diabetes awareness partners.
13:12
SPEAKER_04: The more you listen to your kids, the closer you'll be.
13:15
SPEAKER_04: So we asked kids, what do you want your parents to hear?
13:20
SPEAKER_07: I feel sometimes that I'm not listened to.
13:22
SPEAKER_07: I would just want you to listen to me more often and evaluate situations with me and lead me towards success.
13:29
SPEAKER_10: We're not adults, so just just be there and like listen.
13:34
SPEAKER_10: I just want someone to yack to.
13:36
SPEAKER_10: And I just feel like I'll be fine, like, if someone just hears me talk and talk and talk and talk and talk and talk and talk.
13:42
SPEAKER_10: You're doing a really good job.
13:44
SPEAKER_02: And I don't think I tell you that enough.
13:46
SPEAKER_02: And I know sometimes we get into it.
13:49
SPEAKER_02: It's just hard on both of us.
13:52
SPEAKER_02: But I'm trying to understand me more.
13:55
SPEAKER_04: And I'll try to do the same.
13:57
SPEAKER_04: Listening is a form of love.
13:59
SPEAKER_04: Find resources to help you support your kids and their emotional well-being at sounditoutogether.org.
14:06
SPEAKER_04: That's sounditouttogether.org.
14:08
SPEAKER_04: Brought to you by the ad council and pivotal.
14:11
SPEAKER_01: Welcome back.
14:11
SPEAKER_01: And if you've just joined us, you're inside doing the do in business with Miss June.
14:17
SPEAKER_01: And this is your source for entrepreneurs to get educated, empowered, and encouraged.
14:24
SPEAKER_01: And also any dreamers, business owners, or side hustlers, or any future CEOs who are looking for some general practical tools for success.
14:34
SPEAKER_01: Today, having a brief discussion about seven mistakes that new entrepreneurs make.
14:38
SPEAKER_01: We just touch based really quickly on the first one, which was waiting for perfection.
14:44
SPEAKER_01: The second one, not knowing your customer.
14:48
SPEAKER_01: So now let's take another look at another um problem that can be you know an issue for new entrepreneurs.
14:57
SPEAKER_01: We just picked seven.
14:58
SPEAKER_01: There's quite a few along the way, but these just really stood out.
15:01
SPEAKER_01: So let's talk about underpricing your product or your services.
15:07
SPEAKER_01: In other words, let's talk about money.
15:10
SPEAKER_01: One of the biggest mistakes entrepreneurs make is charging too little.
15:14
SPEAKER_01: Let me say that again so that the people in the back can hear it.
15:18
SPEAKER_01: One of the biggest mistakes entrepreneurs make is charging too little.
15:23
SPEAKER_01: Many new business owners they fear rejection.
15:26
SPEAKER_01: They actually think that lowering their prices will attract more customers.
15:31
SPEAKER_01: Unfortunately, low pricing often attracts customers who are loyal to discounts, not to your business.
15:42
SPEAKER_01: Because, see, here's what happens: you work harder, you sell more, you become busier, but somehow your bank account is not growing.
15:52
SPEAKER_01: Why?
15:53
SPEAKER_01: Because you're generating revenue without generating sufficient profit.
16:00
SPEAKER_01: Every business owner must understand costs, your material costs, your labor costs, your marketing costs, and your equipment costs, not to mention your taxes, insurance, technology, your operating expenses.
16:18
SPEAKER_01: If you do not know your numbers, your numbers will eventually control you.
16:25
SPEAKER_01: A profitable business creates freedom.
16:35
SPEAKER_01: So when it comes to setting your pricing for your product, your business, or your services, you need to charge based on value versus fear.
16:47
SPEAKER_01: So that was mistake number three, underpricing your products.
16:51
SPEAKER_01: Now take a let's take a look at another mistake.
16:54
SPEAKER_01: Let's call this number four, ignoring your clap, your cash flow.
17:01
SPEAKER_01: Now let's discuss what many experts call the lifeblood of a business.
17:05
SPEAKER_01: Cash flow.
17:07
SPEAKER_01: A business can be profitable on paper and can still fail left and right because of cash flow problems.
17:15
SPEAKER_01: Think of cash flow like oxygen.
17:18
SPEAKER_01: Without it, survival becomes difficult.
17:22
SPEAKER_01: Many businesses focus exclusively on sales.
17:26
SPEAKER_01: Now don't get me wrong, sales matter, but cash management matters just as much.
17:32
SPEAKER_01: Let me give you an example.
17:33
SPEAKER_01: Let's take a look at Toys R Us.
17:36
SPEAKER_01: Toys R Us, they remained uh recognizable worldwide.
17:41
SPEAKER_01: However, their financial obligations and their debt, it created so many challenges for them.
17:48
SPEAKER_01: So when it boils down, the lesson is simple.
17:50
SPEAKER_01: Track your money and review your financial reports.
17:54
SPEAKER_01: Next thing you know, you look up Toys R Us is going out of business everywhere.
17:57
SPEAKER_01: That's crazy.
17:58
SPEAKER_01: So in order to be successful, not only do you have to know what's coming in, but you also want to know what's going out.
18:08
SPEAKER_01: You want to create reserves, you want to prepare for emergencies.
18:13
SPEAKER_01: Because, see, unexpected expenses, let's just call it like it is, unexpected expenses are not going to be considered a possibility, they are a certainty, and it's going to happen.
18:25
SPEAKER_01: If you've just joined us, you're inside doing the do in business with Miss June.
18:28
SPEAKER_01: I am your host, and today just having a brief discussion about seven mistakes that new entrepreneurs make.
18:35
SPEAKER_01: We did start at the top with mistake number one, waiting for perfection.
18:40
SPEAKER_01: You need to go ahead and get started because somebody will come behind you and will launch your same idea or concept with fewer um ref with fewer resources, less experience, and they may have an imperfect product and they'll succeed all around you because they're not trying to strive for perfection.
19:00
SPEAKER_01: Then we have mistake number two.
19:03
SPEAKER_01: This was a big one.
19:05
SPEAKER_01: Mistake number two is not knowing your customer, and you have to understand that customers spend their money based upon experiences, memories, convenience, confidence, etc.
19:16
SPEAKER_01: So you have to know your customer.
19:18
SPEAKER_01: Mistake number three, we mentioned was underpricing your products.
19:22
SPEAKER_01: You don't want to charge too little.
19:26
SPEAKER_01: Who cares if you fear rejection?
19:28
SPEAKER_01: You need to get your money for your product or your service.
19:31
SPEAKER_01: And then number four, ignoring the cash flow.
19:35
SPEAKER_01: You need to know what's coming in, what's coming in, and you need to know what is going out.
19:43
SPEAKER_01: So don't touch that dial.
19:45
SPEAKER_01: We will be right back with more on seven reasons that new entrepreneurs fail.
19:51
SPEAKER_01: Don't touch that dial.
19:54
SPEAKER_08: Don't let biased algorithms or degree screens or exclusive professional networks or stereotypes.
20:04
SPEAKER_08: Don't let anything keep you from discovering the half of the workforce for stars.
20:08
SPEAKER_08: Workers killed for alternative rocks rather than a bachelor's degree.
20:12
SPEAKER_08: It's time to tear the paper ceiling and see the stars beyond it.
20:16
SPEAKER_08: Find out how you can make stars part of your talent strategy at tear the papercealing.org.
20:21
SPEAKER_08: Brought to you by Opportunity at Work in the Ad Council.
20:24
SPEAKER_03: What I know about courage, I learned from my adoptive mom.
20:27
SPEAKER_03: She said sometimes you just gotta hold on, and know we'll get through this.
20:32
SPEAKER_03: Mom, we are so high up.
20:34
SPEAKER_03: Hold my hand.
20:36
SPEAKER_03: No, you hold my hand.
20:38
SPEAKER_03: Here we go.
20:42
SPEAKER_09: Learn about adopting a team from foster care.
20:45
SPEAKER_09: You can't imagine the reward.
20:46
SPEAKER_09: Visit adoptuskids.org to find out more.
20:52
SPEAKER_09: I learned patience from my adoptive dad.
20:56
SPEAKER_13: All he had to say was.
20:57
SPEAKER_13: Hey, you got this.
20:59
SPEAKER_13: Just breathe.
21:02
SPEAKER_13: Hey.
21:04
SPEAKER_13: We're pretty good.
21:05
SPEAKER_13: Yeah.
21:06
SPEAKER_13: Might have to start a band.
21:08
SPEAKER_07: I got it.
21:09
SPEAKER_13: Learn about adopting a teen for foster care.
21:12
SPEAKER_13: You can't imagine the reward.
21:14
SPEAKER_13: Visit adoptuskids.org to find out more.
21:16
SPEAKER_13: This message is brought to you by Adopt U.S.
21:18
SPEAKER_13: Kids, the U.S.
21:19
SPEAKER_13: Department of Health and Human Services, and the Ad Council.
21:24
SPEAKER_01: Welcome back.
21:25
SPEAKER_01: You're inside doing the do in business with Miss June, and I am your host.
21:29
SPEAKER_01: And today, just having a really quick little business conversation.
21:33
SPEAKER_01: Just a few little pointers about seven reasons that new entrepreneurs fail.
21:39
SPEAKER_01: Before we went to break, we were talking about I want to say we were able to hit uh one through four.
21:45
SPEAKER_01: And if you just joined us, number one was waiting for perfection, number two was not knowing your customer, number three was underpricing your products, and number four was it uh Ignoring your cash flow.
22:01
SPEAKER_01: So now let's go ahead and get into it in regards to some other reasons.
22:05
SPEAKER_01: Let's take a look at mistake number five.
22:08
SPEAKER_01: Now this is a big one because as an entrepreneur, your business, your project, or your service-that's your baby, that's your that's your livelihood.
22:17
SPEAKER_01: Number five is trying to do everything yourself.
22:22
SPEAKER_01: It's understood that entrepreneurs are often ambitious.
22:26
SPEAKER_01: That is a major strength.
22:28
SPEAKER_01: But sometimes that strength becomes a weakness.
22:32
SPEAKER_01: Many entrepreneurs believe that they absolutely positively personally have to handle every task.
22:39
SPEAKER_01: And then they become trapped in such exhaustion to the point where some entrepreneurs are still trying to answer emails at midnight.
22:49
SPEAKER_01: Then they're trying to manage social media at 2 a.m.
22:54
SPEAKER_01: Then they're trying to do bookkeeping on the weekends, then trying to deliver products during lunch breaks.
23:02
SPEAKER_01: And all of this becomes a recipe for something called burnout.
23:08
SPEAKER_01: Here's the reality: in order to grow a small business, you have to have delegation.
23:17
SPEAKER_01: Even the largest of the largest companies rely on teams.
23:23
SPEAKER_01: No CEO is out there succeeding alone.
23:28
SPEAKER_01: Your goal should not be to do everything.
23:32
SPEAKER_01: However, your goal should be to ensure that everything gets done.
23:39
SPEAKER_01: In other words, you have to learn how to delegate, you have to learn how to outsource, and you have to learn to trust qualified people.
23:50
SPEAKER_01: I know there used to be this little small joke of the industry about Bill Gates, about how he was so good at surrounding himself with people that were smarter than he.
24:04
SPEAKER_01: So that way more work was getting done and he was really delegating and relying on professionals.
24:10
SPEAKER_01: So that's just something you know, you can find that on the internet or you can Google it, but that is something that's really known in regards to Bill Gates and the Microsoft rise to success and claim to fame.
24:24
SPEAKER_01: Well, as we get close here, um we are getting ready to go into mistake number six.
24:30
SPEAKER_01: But before we go there, let me let you know that this portion of the program is sponsored by Miss June's Gumbo and Greens, celebrating culture, creativity, entrepreneurship, and that unforgettable southern flavor.
24:43
SPEAKER_01: And by the Small Black Business International magazine, where entrepreneurs gain visibility, build credibility, and expand opportunities.
24:52
SPEAKER_01: So now we will continue on with mistake number six, which is failing to market consistently.
25:00
SPEAKER_01: Woo! This is a good one.
25:02
SPEAKER_01: Many businesses disappear not because they lack quality, but because they lack visibility.
25:10
SPEAKER_01: You can have the best product in the world, but if nobody knows about it, it's going to be difficult to get some really good sales.
25:20
SPEAKER_01: Marketing is not something that you do occasionally.
25:24
SPEAKER_01: Marketing is considered an ongoing conversation with the marketplace.
25:29
SPEAKER_01: People often need multiple exposures before they buy.
25:55
SPEAKER_01: Then they are going to remember you, then they're going to buy.
26:00
SPEAKER_01: Successful businesses understand this principle.
26:13
SPEAKER_01: Consistency is what builds the awareness.
26:17
SPEAKER_01: Awareness builds a familiar territory, and that familiarity is what's going to build trust, and then trust is what's going to build the sales.
26:29
SPEAKER_01: It's all these moving parts.
26:31
SPEAKER_01: It's kind of like a plug and play.
26:33
SPEAKER_01: All these moving parts, they definitely have to plug into each other.
26:37
SPEAKER_01: So if you just joined us, another really quick recap before we get close to the end here.
26:42
SPEAKER_01: We're talking about the top seven new entrepreneur mistakes.
26:45
SPEAKER_01: The first one was waiting for perfection.
26:48
SPEAKER_01: That's when you're saying I'm almost done, I'm almost ready, I'm waiting until everything is perfect.
26:53
SPEAKER_01: But perfection is one of the most expensive forms of procrastination.
26:59
SPEAKER_01: Then we had uh number two was not knowing your customer.
27:05
SPEAKER_01: You know, business is not about what you like, but it's about what the customers are going to value.
27:12
SPEAKER_01: And remember, customers don't always buy products, they're buying feelings, memories, experiences, what's convenient for them.
27:21
SPEAKER_01: Mistake number three of the seven reasons why new entrepreneurs fail is underpricing your product or your service.
27:28
SPEAKER_01: One of the biggest mistakes entrepreneurs make is charging too little.
27:34
SPEAKER_01: Do not allow yourself to operate on uh fear.
27:38
SPEAKER_01: You really have to think about your business, your product, and your service.
27:43
SPEAKER_01: Uh, problem number four, we talked about ignoring your cash flow.
27:48
SPEAKER_01: Yes, sales matter, and you have to know what's coming in and also what is going out.
27:55
SPEAKER_01: Mistake number five, trying to do everything yourself.
27:58
SPEAKER_01: You absolutely have to delegate because the most important thing is you want to ensure that everything gets done.
28:07
SPEAKER_01: Outsource and learn to trust qualified people.
28:11
SPEAKER_01: And number six was failing to market consistently.
28:14
SPEAKER_01: If you think about it, companies like McDonald's, uh Nike, they are constantly advertising, and that's because they are consistently building brand awareness because they know that that builds trust, and then that trust is going to equate to sales.
28:34
SPEAKER_01: So if you've just joined us, you're inside doing the do and business with Miss June, and we have discussed reasons number one through six as far as the seven reasons that entrepreneurs fail.
28:45
SPEAKER_01: So don't touch the doll.
28:46
SPEAKER_01: We'll be right back, and we will come up with reason number seven before we go.
28:51
SPEAKER_01: We'll be right back.
28:54
SPEAKER_00: It's 4 a.m., Monday, and you're literally sucking baby snot through a tube because she's congested.
29:01
SPEAKER_00: Man, that's love.
29:02
SPEAKER_00: And if you love her that much, love her enough to make sure she's buckled in the right car seat.
29:06
SPEAKER_00: To make sure your child's in the right seat for their age and size, visit nhtasa.gov slash the right seat.
29:13
SPEAKER_00: Show 'em you love them.
29:15
SPEAKER_00: Keep them safe.
29:16
SPEAKER_00: Visit nhtsa.gov slash the right seat.
29:19
SPEAKER_00: Brought to you by the National Highway Traffic Safety Administration and the Ad Council.
29:23
SPEAKER_06: Talking to your kids about the dangers of vaping can be hard.
29:26
SPEAKER_06: Getting them to listen to hot gossip is easy.
29:28
SPEAKER_06: So here's some drama you could share with your kid.
29:32
SPEAKER_06: Dude, did you hear about Cassie and Jake?
29:35
SPEAKER_06: No, but did you hear that vaping can cause irreversible lung damage and nicotine affects brain development?
29:41
SPEAKER_06: Nah.
29:42
SPEAKER_06: You don't need to gossip if you want to have an open conversation about vaping.
29:46
SPEAKER_06: So if you want to get tips on when and how to talk to your kids, visit talkaboutvaping.org.
29:50
SPEAKER_06: Brought to you by the American Lung Association and the Ad Council.
29:54
SPEAKER_01: Welcome back to doing the do in business, and I am your host, Miss June.
29:59
SPEAKER_01: Today we were talking about the seven mistakes that new entrepreneurs make.
30:04
SPEAKER_01: And just going through one through six really quickly before we close out and give you number seven.
30:09
SPEAKER_01: The number one was, of course, waiting for perfection.
30:12
SPEAKER_01: Number two, not knowing your customer.
30:15
SPEAKER_01: Number three, underpricing your products.
30:18
SPEAKER_01: Number four, ignoring your cash flow.
30:21
SPEAKER_01: Number five, trying to do everything yourself.
30:24
SPEAKER_01: And number six, failing to have consistent marketing.
30:28
SPEAKER_01: Now here's number seven.
30:30
SPEAKER_01: This is the big one, and I saved it for last for a reason.
30:33
SPEAKER_01: Mistake number seven of why new entrepreneurs fail, they quit too soon.
30:39
SPEAKER_01: The final mistake may be the most dangerous of all: quitting too soon.
30:44
SPEAKER_01: Many entrepreneurs underestimate how long success can take.
30:48
SPEAKER_01: Yes, we live in a culture that celebrates overnight success stories, but what we don't see are the years of struggle behind them, the failures and the late night, the setbacks, the disappointments, the failed launches, the no's, the rejected proposals, the financial sacrifices, and financial failures.
31:11
SPEAKER_01: Many successful businesses nearly failed before they became household names.
31:18
SPEAKER_01: The difference in failure and success is persistence.
31:22
SPEAKER_01: It's not stubbornness, it's not denial, it is persistence.
31:27
SPEAKER_01: The willingness to learn, adjust, improve, and to keep moving forward.
31:34
SPEAKER_01: Sometimes success is not one breakthrough.
31:37
SPEAKER_01: Sometimes it's more than one phone call, more than one proposal, more than one presentation, more than one more customer, more than one more day.
31:48
SPEAKER_01: Don't quit simply because success is taking longer than expected.
31:53
SPEAKER_01: Don't do that.
31:54
SPEAKER_01: And as we close, let's quickly review the seven entrepreneur mistakes that we've discussed.
32:00
SPEAKER_01: Number one, waiting for perfection.
32:02
SPEAKER_01: Number two, not knowing your customer, number three, underpricing your products, number four, ignoring your cash flow, number five, trying to do everything yourself.
32:14
SPEAKER_01: Number six, failing to have consistent marketing.
32:17
SPEAKER_01: Number seven, quitting too soon.
32:20
SPEAKER_01: Always remember mistakes do not make you a failure.
32:25
SPEAKER_01: However, refusing to learn from mistakes can create failure.
32:30
SPEAKER_01: Every successful entrepreneur that you admire has truly faced obstacles.
32:36
SPEAKER_01: Every successful entrepreneur has experienced setbacks.
32:41
SPEAKER_01: Every successful entrepreneur has also made mistakes.
32:47
SPEAKER_01: And you have to understand that the question is not whether mistakes will happen.
32:52
SPEAKER_01: The question is what will you do after and when they happen?
32:56
SPEAKER_01: Will you quit or will you learn, adapt, and continue to build?
33:02
SPEAKER_01: Thank you for joining us today for another edition of Doing the Do in Business.
33:06
SPEAKER_01: Special thanks to our sponsors, Small Black Business International Magazine, Miss June's Gumbo and Greens, and the Unknown Black Inventors Coloring Book.
33:16
SPEAKER_01: And until next time, keep believing, keep learning, keep growing, and keep doing the do in business.
33:22
SPEAKER_01: I'm your host.
33:24
SPEAKER_01: Have a wonderful, wonderful, wonderful day, and I look forward to seeing you on the next broadcast.
33:30
SPEAKER_01: And until then, bye now.