entrecode Blog


The five killer mistakes you need to avoid as an entrepreneur

  1. Trying to do everything yourself.  You cannot be good at everything so learn to delegate things you are not good at.  The reality is that the more you delegate the more you control.
  2. Not managing cashflow.  Cash is king in business so hang on to it as long as you can. Ensure cash flow is measured and monitored, then you can sleep at night.
  3. Diversify away from problems.  Some entrepreneurs try to solve their business problems by diversifying into another field and hoping the problems in their existing business will disappear.  They won’t, so deal with them and don’t bury your head in the sand.
  4. Not looking after and caring for customers.  70% of entrepreneurs lose customers because of an attitude of indifference towards them.  Don’t make that mistake. If you really do the opposite and delight customers you will find you get high levels of repeat business, new business from referrals from delighted customers and a lowering of sensitivity to price.  Worth having!
  5. Leaving strategy and culture to chance.  Being too busy working in the business and not spending enough time working on it in order to develop it.  You get strategy and culture either by design (one you want) or by default (one you usually don’t want), so spend time developing your strategy, WHAT we do and your culture, HOW we do it.