8 Common Mistakes New Entrepreneurs Make
Mistake #01: Not having a plan
If you don’ have a plan then you fall into a category called as ‘Accidental Entrepreneurs’. The only problem with the entrepreneurs staring of from here is that their success might be accidental but their failure will not come as a surprise.
Mistake #02: Looking for shortcuts
There are no shortcuts when you are trying to establish a brand name. It takes a lot of hard work, patience and persistence. And the amount of time and effort you are willing to put into your business depends on how passionate you are about it.
Mistake #03: Investing way more than its required
Common misconception new entrepreneurs have is that the success of the business is directly proportional to the amount of money they invest in it. And because of this the end up investing a lot more then it is required, in the beginning. Many successful businesses had a humble start and managing your finances from day 1 can steer you clear of any future debts.
Mistake #04: Doing things randomly
You can’t make random decisions and hope that things will fall in place at the end. Every decision you take, about your business, should align with your long term goal. If things don’t add up in the beginning, it’s ok! As long as you know why you are taking a certain decision and how will it benefit your business down the road.
Mistake #05: Resistant to change
Sure, persistence is required in setting up a business but at the same time you should not be resistant to change. One of the best advices I was ever given was, ‘to not stick to a mistake because you spent a long time making it.’ Observe which strategies are working for you and which aren’t and then be proactive in changing the ones that aren’t.
Mistake #06: Trying to become a Jack of all trades
If you are trying to do everything at once, there is a high probability of messing things up. Instead focus on the things you are good at and do them perfectly. As Jack Dorsey, Co-founder of Twitter puts it, “Make every detail perfect, but most importantly, limit the details to perfect”.
Mistake #07: Having a competitor-based approach
If you have a competitor based approach then you’re going to operate out of a place of fear. Fear of losing to your competitor. You should opt for a customer-based approach instead, because at the end of the day it is your customers who are helping your business grow. Therefore, you should be aware about their needs and requirements first.