Liz Goodgold is a longtime Hera Hub member and Founder of Red Fire Branding. She is an international branding coach, author, and speaker.As I proudly celebrate 17 years of entrepreneurship, I recognize all of the many mistakes I’ve made. Yikes!

7 Deadly Sins of Entrepreneurship

1. Naming The Business After Yourself – If your company is Jane Smith & Associates, I assume there aren’t any associates! And, how can you sell your business without you? Or, how does succession planning work?

7deadlysins.jpg2. Avoiding Contracts – As much as you hate it, contracts are essential; they spell out your obligations and their obligations; they don’t have to be complicated, but they do have to cover the bases.

3. Not Diversifying Your Revenue – Oy! I remember when virtually all of my revenue came from speaking. And, then came the recession of 2007 and I was knocked flat. Today, money rolls in front speaking, training, consulting, coaching, books, webinars, affiliates…..

4. Spending Too Much Too Fast – I often see clients with spiffy websites and shopping carts when they don’t have any traffic yet to justify the expense! Revenues before expenses is a great mantra.

5. Forgetting the Power of a Coach or Mentor – Why spend your time making foolish mistakes or inhaling your own fumes? You need outside advice, critiques, and recommendations. I spent $10,000 with my first coach and the ROI was paid back with one speech! Perform your due (duh!) diligence to ensure you know the results you’re seeking. It’s OK to ask for help.

6. Dismissing the Relationship Between Health, Self & Wealth – As I now know too well, when you’re distraught, it’s hard to keep your balance between work, sleep, exercise, and good health. They all play a role in keeping you on solid ground. Try for balance and recognize when you need a break.

7. Overlooking the Power of Media – I used to think only celebrities got on TV, but you turn yourself into a celebrity by your media appearances! Tune into The Kennedy Files beginning on November 10 where I provide branding expertise throughout the 10-part TV series.

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Liz Goodgold is a branding author, consultant, coach, and motivational “speecher” who gets entrepreneurs and corporations to brand out, stand out, and cash in on their business. Download her free Confessions of an Entrepreneur: 99 Indispensable Lessons to Build Your Brand and Business at www.redfirebranding.com or connect with her at Liz@RedFireBranding.com

Twitter: @LizGoodgold