No matter the size of the business, every entrepreneur seeks to build a foundation that will allow growth to happen. All entrepreneurs dream of success for themselves and their families, and hope to attract employees who will help them grow.

However, there are three common mistakes entrepreneurs make with their businesses. Certainly, all three can be corrected — if you know what those mistakes are. And the entrepreneur who understands these common mistakes will be ahead of the game — hopefully she or he will not make them in the first place!

First Mistake: Not building a solid foundation for growth

All entrepreneurs start small businesses and frequently use their personal credit cards and bank accounts to finance their operations in the beginning. But when capital begins to run low, the entrepreneur either must figure out how to raise more money — or cut back on their growth plans. Often, cash flow challenges are the entrepreneur’s worst nightmare.

Desperation is never something you want your customers or employees to perceive about your business. Businesses that are not capitalized correctly do not grow past the entrepreneur’s four walls. An entrepreneur who does not build a solid foundation early on is doomed to stay small — and often they merely hope to remain afloat.

Second Mistake: The entrepreneur’s attention is divided

When too many responsibilities are given to one person, there is no longer an entrepreneur at all! The entrepreneur can and should make the primary decisions. However, there are only so many hours in a day and only so much attention one entrepreneur can give to their business.

The entrepreneur must develop a team of professionals with strengths that complement his or her weaknesses. This doesn’t mean you must have a cadre of full-time employees!

Acquire people for your team who are better at the aspects where you need help. For some, that means you hire a part-time or freelance bookkeeper. For others, you may need accomplished sales professionals. Whatever it is for your individual situation, your business gets better when your team gets better. You cannot do it all.

Third Mistake: The entrepreneur is too isolated

Many times, entrepreneurs are guilty of not doing sufficient market research. This mistake often results in the entrepreneur starting a business with little or no customer interest — resulting in wasted time, money, and effort.

It is extremely important for entrepreneurs to have knowledge of their potential customers before they put substantial work into making their product or service available for purchase. It means you put people (customers and team members) ahead of products and services — and you listen to those who work for you and purchase from you.

It is vital to be flexible. There are few things more frustrating for consumers than the entrepreneur who refuses to adapt the product or service after receiving valid customer input. This may mean temporarily shelving a pet project that isn’t moving forward, or adjusting your business model so it better fits your customers’ needs. And remember, what people say matters to you and your business.

• However, a word of warning here: the entrepreneur must be careful not to let a customer’s suggestion change a product or service into something it was never intended to be!

It is vital that entrepreneurs stay focused on what they are trying to accomplish, while also considering what their customers are saying. You should embrace constructive criticism from customers and employees.

However, be careful not to let it take the place of your original vision. There’s likely a compelling reason you chose to do what you’re doing. Most often, feedback helps us make mid-course corrections — but it usually shouldn’t move us to change our destination.

When you take care of these three mistakes, you are well on your way to entrepreneurial success — and creating distinction in a hyper-competitive marketplace!

We discuss this entrepreneurial success in detail – and provide specific strategies for you to enhance your ability to obtain and retain customers – in our Iconic Inner Circle.

I’d love for you to check it out – your first month is FREE! Simply go to: https://IconicInnerCircle.com