Nick The Poet recently started a new business. In this video he shares five common business mistakes that new owners make so you don’t have to make them too! Hint: he may have made some of these mistakes!
Nick the poet shares the five most common mistakes made when starting a business. Nick recently opened a creative consulting firm. If you haven't checked out Dan Cuttingham's livestream on organization yet, please do that.
If you're thinking about starting a business, avoid these five mistakes. Not doing your research is one of them. Not having enough capital is another mistake. A lot of businesses fail because they don't have a clear plan.
Another mistake is trying to do everything by yourself. We need to delegate, to elevate. Number five is not being flexible. If we stick within our strategy while still allowing that room for flexibility, I think that's the secret sauce.
Hi, folks. How are you? Nick the poet here. Welcome to my live stream. m. Central time. Hope you're having an awesome day wherever you're at. I'm certainly having a good day here and just wanted to share the five most common mistakes made when starting a business. So in addition to being a poet, I'm also a businessman and I've recently opened a creative consulting firm. We have some awesome clients that we're working with and I'm learning a lot in the process. So when it comes to. Hey, Dan Cuttingham, thank you.
So great to see you. And if you haven't checked out Dan's livestream on organization yet, please do that. Dan, I may need to reach out to you too because I could certainly use some organization help myself. Thanks so much for, for hopping on. I'm just talking about starting a business and some, you know, pitfalls that we can avoid that can trip us up. Everything from not having enough capital to not having a clear plan. And while every business is different, there are some mistakes that are more common than others.
So if you're thinking about starting a business, avoid these five mistakes. Thank you, dad. Not doing your research is one of them. So before you launch a business, it's important to do your research and make sure there's a market for what you're selling. There's no use in starting a business if there's no one out there who wants or needs what you're offering now. At the same time, I think it's important not to get stuck in the research phase for too long. Because if we research for years and years and years, but never actually start the business, start the thing that we want to start, then you know we're never going to get there.
So do that research. Do that due diligence. And if research isn't your bag, hire somebody who can do that, who is really effective at researching and make sure that you're in the correct niche. In the long run, it could save you a lot of time and money. So number two is not having enough capital. This is another mistake. Capital is the lifeblood of any business. And without enough money to fund your operations, you're quickly going to find yourself struggling. So make sure you have a solid financial foundation before you launch your business.
Number three is not having a clear plan. A lot of businesses fail because they don't have a clear plan. Now, without a roadmap to follow, it's easy to get lost and end up veering way off course. So before you sit, you start your business, sit down and map out exactly what you want to achieve and how you're going to get there. I highly recommend this thing called the entrepreneurial operating system, EOS. It's based off of a book called Traction by Gino Wickman, and it can help you really get your business set up with smart goals and also set a mission, vision and values, and your core values.
And so I think this is extremely important in the business book, good to great Jim Collins says that we. It doesn't matter what the core values are. It just matters that a company has them and that everyone there is exhibiting those core values. Now, it's important that all of the employees know this and everybody's on the same page, and that's going to add so much to cohesion. As Luke from Cadre says, culture eats strategy for breakfast. And I think that's very true. And so if we mix that culture and the strategic systems that the entrepreneurial operating system can help us with, you know, we have a super powered rocket ship that the business could turn into.
Right. So another, another thing, and I think we can all relate to this, another mistake is trying to do everything by yourself. Right. We need to delegate, to elevate. Now, early on in the process, we may not be able to, you know, do that. We may have to wear all the hats. But as we grow and as we expand, we need to delegate, to elevate. com. And you can hire amazing people to do anything from social media management to graphic design, emails, all this kind of stuff. There's so many amazing resources out there.
You don't need to be a technological guru. And there's also tremendous AI software, you know, that you don't have to be, you know, a computer junkie to learn. You just need to kind of take these simple steps. And that leads me to the fifth mistake. Dan, you love Fiverr, too. Okay. We'll have to talk more offline about that. Fiverr is great. If you're looking for great background music, artlist, IO is awesome. I've got so many resources and tools. I think I'm going to have to do another video on that also.
Okay. I won't go down the rabbit hole of awesome different programs to use. I will save that. I will stay on task. So number five is not being flexible. Right. And so we want to be able to adapt quickly, especially in the modern digital age. There's so many different things happening. We need to be able to adapt very quickly, and it doesn't mean we want to start going here and there. And that's something that the EOS system has helped me with because I tend to have that flight of fancy. Okay, look at this shiny object over here.
Let's see what that is. You know, see if we can make something happen there. But if we stick within our strategy while still allowing that room for flexibility, I think that's the secret sauce. Easier said than done. But, yeah, those are kind of the five mistakes that I could see happening that I've certainly made. And I would love for you to email me, you know, nhansen, n h a n s e nadre IO. Let me know how this video, you know, affected you. Let me know if you have any other business ideas. Let me know if you're thinking about starting a business.
Right. Because that's the other thing, is if we. If you stay together and get great mentors, and as one of my mentors, David Meltzer, says, we need to ask for help. Right? How can I help you? How can you help me? But if we don't ask for that help and be willing to receive it, then it's not going to happen. So that's what I've got for you today. My name's Nick the poet. This is Cadre. Stay tuned for some other amazing live streams this week from Evan Lieberman, Doctor Carrie Mankey, Reese Acostas, and our very own Alec Dewitt will be going live on boundaries.
I believe that's tomorrow as well. So that's what I have for you today. I'm signing off peace, prosperity, and positivity to you while acknowledging we all have a lot of work to do together. Okay, bye.
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