Having had a strong desire to pursue entrepreneurship from a young age, JP Maroney, Founder of Harbor City Capital, a multinational enterprise, began his journey immediately after graduating from high school. Today, he is known for building profitable companies through digital marketing and lead generation.
Though his story is one of success, the road to victory is a long one with plenty of roadblocks along the way. Over the years and through the course of his career, Maroney has learned some valuable lessons about entrepreneurship.
Whether you’re just starting out, you’ve been building a business for many years or you’re somewhere in between, Maroney’s hope is that you can avoid mistakes that can be both emotionally and financially taxing.
Here, JP Maroney of Harbor City Capital reviews the biggest mistakes business owners make.
Not investing in customers:
One of the biggest mistakes business owners make is not investing enough money in advertising and marketing. If your efforts result in new clients or customers, that means you will see an increased return on your investment.
According to JP Maroney, client acquisition is the biggest investment that you can make and is “comparable to putting money in a bucket, dropping that bucket in a well, and then it comes back with more money inside.”
Building a business for the wrong reasons:
Although entrepreneurship may seem enticing, it’s not for everyone. JP Maroney, of Harbor City Capital, reviews that starting a business based on a clever idea instead of filling a void in the market is like firing arrows all day and never hitting your target. That’s why it’s best to create a product or service that people actually need or want to buy.
Sometimes, the most successful products or services are things that seem unexciting. JP Maroney writes: “I know this incredibly wealthy family down in South Florida whose entire business is making nuts and bolts. It’s that simple, literally nuts and bolts! Another guy I know is successful from renting out storage containers and railroad car storage containers. Some of the most successful business ideas may not be the most exciting or the best conversation starter.”
Not being able to shift gears when an idea is not working:
Another costly mistake business owners and entrepreneurs make is they fail to admit when something isn’t working. Sure, it’s okay to give things time to gain momentum, but at some point entrepreneurs must be willing to shift gears and try something else. Harbor City Capital’s Maroney notes that business owners have to constantly be willing to make changes, even if they are afraid of feeling embarrassed when their idea doesn’t work.
Maroney writes, “A lot of times ego is the culprit. You’ve already told everyone your product or service is the greatest thing since sliced bread. Now you’re afraid of feeling embarrassed when your idea doesn’t work. Still, you have to be willing to admit to yourself and then to others when your assumptions are wrong.”
Not speaking the market’s language:
Not knowing your target market can cost a business owner everything. This is especially true when they go to create a marketing strategy that will resonate with their audience. JP Maroney of Harbor City Capital reviews ways that entrepreneurs can combat this issue. He suggests that they ask some questions like: What is it your audience says to themselves? How do they talk to other people about their problem or frustration? Which words do they use? He says your marketing will become much more effective if you use the answers to these questions in your strategy.
Thinking you can do it all:
The saying ‘there’s no I in team’ cannot be truer, especially when it comes to running a successful business. If you don’t surround yourself with people who can offset your weakness, you could be setting yourself up for failure. Sometimes, it can be challenging to let go of control, but if you find people who are more capable and skilled in areas that you lack, you will likely help set your business up for long term success.
As an entrepreneur, there is no greater fulfillment than watching something you built thrive. Avoid these aforementioned mistakes and you, like the thousands of entrepreneurs before you, can make your vision happen, too.