Often times as a solopreneur, in your excitement to hit the ground running with your business idea, you tend to overlook common issues which have a high potential of killing your business before it can reach the height of success.
Here are five of the most frequent solopreneur business pitfalls and possible ways to avoid them.
The Solopreneur Tends to Go at it Entirely Alone
The independence of being a solopreneur can be liberating.
No boss demanding that you report into work at a certain time.
You’re able to set your own schedule.
You can be as creative as you like, and you’re allowed to make daring decisions about your future.
Nevertheless, there are certain downsides to it, as well.
There are many different aspects to running a solopreneur business—accounting, marketing, business management, product/service development, etc.
And chances are you will not be able to handle everything on your own.
It’s important to hire the right people to fill your skills gaps.
Otherwise, you will eventually fail due to your own personal blindspots.
In his bestselling book “The 7 Habits of Highly Effective People”, Stephen R. Covey emphasizes how collaboration is key to any long-term success.
As a solopreneur, it is imperative you bring the right people on board as quickly as possible.
Even if you’ve ventured on the path of entrepreneurship alone, your solopreneur business cannot thrive without smart, competent people supporting you.
Refusing to Examine Your Weaknesses
Solopreneurs can fall prey to the idea that they are invincible.
This is not true.
Make sure you honestly self-assess your personal weaknesses as regularly as possible.
This will help you grow as an entrepreneur and determine what needs to be rectified.
Having a self-critical mindset is better for a solopreneur than having a self-laudatory one.
The self-critical mindset always wants to improve itself. The self-laudatory mindset pushes over others to get what it wants.
Blindly Replicating What Your Peers Are Doing
Warren Buffett identifies acting opposite his peers as crucial to his success as a billionaire.
As a solopreneur, it is tempting to imitate the people around you.
To take the easy route, and stay in the same mindset as theirs.
Building on your competitors’ strategies may be a good way to gain visibility when you’ve just started out.
But it will definitely not get you to the top.
As your business matures, you should strive to find new pathways of growing your business.
You’ll also want to uncover new ways of reaching your audience.
Remember: If you want to reach the top, innovation is key.
Expecting an Ideal Situation
If you try to get the exact thing you want in your life, you will sell yourself short.
This is because there are billions of others humans doing the exact same thing.
The most successful individuals compromise and try to find a situation that works.
They do not crush their ideals.
And they do not demand 100 percent self-gratification in everything either.
As a solopreneur, you are doing something most people wish they could do.
Accept the fact that you may have to make compromises to stay financially afloat.
This can include compromising on your car, house, expenses, income, and leisure time.
Not Creating Demand in Your Market
Many people who try to do it alone are doing so because working with people exhausts them.
The sober fact is the market is comprised of people.
If you do not get your market interested in what you are selling, they will not buy it.
Spend some time getting to know the people in your market.
They will be the ones buying your product or service.
Catalin Zorzini identifies long-term relationships as a key factor in the highest grossing companies’ marketing model.
Apple tries to make its customers have an adoring desire to purchase every new product they produce.
Make your market interested in whatever you are offering.
There are many other mistakes that a solopreneur can make.
But thankfully, there is a lot of literature out there from people who have come before you.
If you read their advice, it can help you avoid the same mistakes.