Common Mistakes Entrepreneurs Make

6 Common Mistakes Entrepreneurs Make
Part 1

I’ve been around entrepreneurship my entire professional life. I’ve seen great success in all manner of industries – but more importantly, I’ve seen a lot of businesses struggle and even fail.

For this reason, I’ve put together this list to act as a check so that you can avoid making the same mistakes that many other businesses have.

Mistake 1: The business doesn’t start with the end in mind.
From day one, you need some sort of a plan. It doesn’t have to be complicated, it doesn’t have to be long and detailed and it doesn’t even have to be permanent. What it does need to do is exist. You can change it as much as you want later, but initially, how you want to end says a lot about how to plan your direction.

Do you want to sell the business? Then you need to keep close track of all of your financial documents and filings from day one. Do you want to pass on the business to a family member? Then you’re going to want to get that family member involved as soon as possible to foster familiarity. Do you want this to be temporary or long term? This will influence how you conduct your day to day operations. All of these factors need to be considered when putting together your plan.

Mistake 2: New businesses don’t make clear WHY they do what they do.
So why did you decide to start your company? There are an almost infinite amount of reasons to start a business. Whereas some are better than others, it’s still important to know at the core why you’re deciding to do this. Do you think that you can improve upon a product or system? Do you genuinely think that there is a market or space that you can occupy that isn’t already occupied? Or if it is, is your concept disruptive enough to carve out your own space?

Even a distaste for a former employer can be a good reason to start your own business – and many people have started businesses for just this reason – only make sure that you are able to answer the above questions so you don’t dig yourself into a hole you can’t get out of.

Mistake 3: The business either has no plan or its plan is too rigid.
Without a basic roadmap, you will have no way to gauge your progress. Are you accomplishing your goals in a timely manner? Should you be pushing harder or are you already pushing too fast?

Along with this plan comes a budget. A budget allows you to set up your expected spending and then you can assess if it’s too little, too much or just right.

The real benefit to both of these concepts is that you can review your actual performance against your goals. It also helps you to see what you can and can’t eliminate in order to be more efficient. One of the biggest and most important reasons to have and stick to a budget is that if you ever wish to sell your company, you will need every single piece of your financial background to show.

These are three of the more basic mistakes that many entrepreneurs make. Don’t let yourself get bogged down in minutiae, but make sure that you do your due diligence in keeping your books, making a plan and sticking to it. Hopefully, we can all learn from these common mistakes.

Stay tuned for part 2 of this list to come out soon!

Have you had to learn any lessons the hard way? Leave a comment below and let us know about your own successes and failures.

Running Successful Events 101 part 2

4 Ways to Keep Events Interesting

 

In terms of making events successful, they MUST be interesting and appealing to the customer. Whereas this seems obvious, it is shocking to see how many event planners do not pay enough attention to the customer’s desires need and wants – especially if they take customers for granted after repeated success.

 

The Cardinal Rule

Just because something worked last year or the past few years does not mean that it will continue to work in the future. This really cannot be overstated and this can often be the albatross around the neck of many successful events. For some reason they have successful attendance for a year or two, but then people lose interest and stop coming.

 

Do not deviate from what works just to be “different”, but definitely evaluate the various components of your event at regular intervals to verify that what you are doing is still relevant.

 

Pivots Are Not Easy, But Sometimes They Are Necessary

If you identify something that is holding your event back, make sure that you attack it with vigor. Brainstorm fixes and solutions and test the ideas with some of your more steady clientele. This can even work to add a layer of exclusivity to your more loyal attendees and make them feel more like insiders.

 

But make sure your ideas are actionable and then make sure they are implemented. Nothing kills a good idea like bad execution. For an idea to work, a team needs to be fully on-board and committed to making it happen. Without team’s buy-in, you are pushing up the creek without ores.

 

What Makes Events Interesting?

When it comes to running successful events, it goes without saying that they absolutely must be interesting. But what are the factors which increase the interest among attendees?

 

  1. Number of Registrants

For one, it is about size. Even small or medium sized enterprises are capable of drawing 50 or 100 people. Thus, to make an event that will be truly tantalizing to the attendees so that they have something in your event that they genuinely cannot get anywhere else, you need to have high quality attendance and high volume (unless, of course, exclusivity is part of your event in which case there would be an increased premium for attendance).

 

  1. Topics Covered

Another aspect which contributes to the interest of an event is the concept. So, for instance, in the United States there is somewhat of an over-saturation in regard to comic book conventions. They pull a great deal of attendees and sell an incredible number of tickets and booths, but trying to create a new event to compete in that space is extremely difficult. Just make sure that your idea is interesting and that the market is not already too saturated. Or, if the market is already oversaturated, ask yourself if your concept is disruptive enough to make your event competitive.

 

  1. Big Name Presence

Does your event have someone who will draw a crowd? Who is an essential player in the industry? These are factors which can dramatically affect turnout. The opportunity to interact with a special guest is an enormous draw with any kind of event.

 

  1. Networking Opportunities

It is really important that you have the right amount of official and unofficial networking opportunities built in. This includes coffee breaks, meals and appropriate cocktail receptions. This is an enormous opportunity where in some cases professionals can take their businesses to the next level over a simple networking conversation.

 

Maintain a Customer Focus

At the end of the day, it comes down to how well you know your customers, how well you can anticipate their needs and how effectively you cater to them. Stay in the loop. Ask for their feedback. They are the ones who make your shows possible.

 

Decide on a set of principles for how your customers will be treated and then stick to them. Publish them where potential attendees can find them and give them recourse to contact event staff should they feel that these concerns are not being met.

 

As an events professional, you are a facilitator – that is, you are there to facilitate the needs of buyers and sellers. Excellence in customer service is how you can really stand out.

 

Problems in Canada

One of the most unfortunate things about how local Canadian events chose to operate is that organizers do not disclose who will be at various events.

 

In this age of privacy concerns, I readily admit that maintaining the personal privacy of others is paramount. However, there are plenty of conferences which password protect and secure their attendees’ information, allowing people to reach out to potential contacts and actually schedule informal meetings before they even attend the event in question.

 

This is such an important facet of any conference in the 21st century and is widely done all over the world. In my professional opinion, I think that the positives far outweigh the negatives and that the potential gains that individual attendees stand to receive by being able to reach out to such people outweighs any potential negatives..

 

This is a central facet to providing the absolute best to your customers. Treat them well and positive word of your event will spread quickly.

 

Have you been to an event that was either really good or really bad? Tell us about your experiences in the comments below!

Running Successful Events 101

Successful Events 1: The Basics

Events might seem like a simple and straightforward process – but in truth, they require a lot of thoughtful planning and finesse in order to be successful. Many people make the mistake of thinking that all events are the same or that similar events are run in the same manner, but this is rarely the case. First, though we need to go through the basics before we get into more complicated elements of handling large scale events.

Background
My name is Hifazat Ahmad – or Faz for short. I now live in Canada, but I was born in the UAE and have worked all over the world in a number of capacities. One of my biggest former roles was as the Event Director for The Abu Dhabi International Petroleum Exhibition & Conference(ADIPEC), the largest Oil & Gas show outside of North America. I was responsible for the event overall, overseeing everything from planning and execution to maintaining key relationships with various ministries and national oil companies. ADIPEC brings together over 50,000 visitors – 5,000 of them being VIPs, including royalty and governmental ministers. The event every year houses 1500+ exhibitors from 89 countries and occupies over 33,000 square meters of space.

The Success Equation
A good conference will either help the attendees save cost via fixing a problem, or will help them create more revenue with more opportunities. By keeping this in mind and using it as a basic check, you can do a quick evaluation of what value your event has to offer.

Buyers & Sellers
This is one of the most critical elements of any successful event venture. If you cannot clearly identify who the buyers and sellers are, it will be very difficult for you to plan and successfully execute any sort of event. Knowing how these people fit into their respective groups will help you to ascertain how to best interact with them.

Awards Shows
On the surface, Awards Shows – whether entertainment or business-related – seem straight forward, but they require a great deal of care to set up. The buyers are the attendees. The sellers are any sponsors you might have, or even keynote speakers.

The real trouble with Awards Shows comes down to credibility. No one creates the Academy Awards overnight. These are a couple of factors which help in establishing and maintaining the credibility of such events:

Award Criteria – This is an absolute must, from the awards’ standards to the nominees, all the way to the judges themselves. The more stringent criteria are, the more readily people will be willing to accept them.

Award Nominees – Who you select for your awards is a big deal. If you are able to recognize someone who has some sort of pull in a community, like a celebrity or a well-known and followed executive, each nominee must be beyond reproach in terms of being qualified for the award given.

Without credibility, an Awards Show is destined to flop.

Conferences
These are very common, especially with industries such as medicine and law. The buyers are the attendees and the sellers are those selected to speak. The attendees are all coming to go to various seminars and to connect with a wide variety of people that they otherwise would not likely meet.

For this reason, it’s essential to really know your targets. What do they want to hear? What will help them in their professional lives? What will really encourage them to sign up for your event in droves?

Exhibitions
Hands down some of the biggest and most complicated events, these tend to be industry-related and highly focused, for example in construction or in technology. The buyers are the individual attendees and the sellers are the individuals who will man exhibition booths.

Knowing the customer is of the utmost importance. It doesn’t matter how many exhibits you line up – if they aren’t offering what customers are going to want, you’re going to be out of luck. Make sure that your sellers compliment the overall theme and that they offer something genuinely intriguing to your customer base.

Know Your Industry
Being able to separate the various types of events and identify key factors will enable you to make your own events run more smoothly. For instance, if you are trying to start an Awards Show, but aren’t getting much traction, ask yourself about the process for the awards, who you’re inviting, whether or not the standards pass scrutiny, et cetera. The same goes for deconstructing the other types and will be incredibly important if you wish to get the most out of your events, both monetarily and in terms of attendees.

Only once you can identify the really important parts can you then go in and fine-tune your event to make it great. Good luck and stay tuned – we’ll be going deeper into this topic in the weeks ahead.

Have you had trouble with running or planning an event – or have you had some success? Let us know about your own experiences below