Six Entrepreneurial Mistakes

Being an entrepreneur and starting your own business isn’t quite as glamorous and pristine as some might believe. It is actually one of the hardest jobs one could have and mistakes are unavoidable. Even though you might think you know everything or that you want to learn by doing, why not also take advantage of the wisdom of people who have been in your shoes. Don’t worry, you will still make your own mistakes along the way, these pieces of advice are just here to guide you in your beginnings.

  1. Money, money, money! There are two mindsets trending among the new entrepreneurs, one says that you need to spend money to make money, the other one says that you should spend as little as possible until you have a decent cash flow. As we all know, extremes can be harmful. Spend your cash wisely, but don’t be afraid to invest in good people and quality products, they will pay off in the long run.
  2. I can! Believing that you can do everything by yourself is one of the most common mistakes. Even though it is your idea and your vision, it is important that you work with a group of people who specialize in different fields. Being a single founder is extremely time consuming and, most importantly, no matter how skilled you are, you might not know everything in every department.
  3. My idea will sell itself! Of course, your idea is amazing! And whoever will benefit from it will be lucky. However, unless your product is really, really one of the kind, the odds are that you will have direct competition and the market will already have different versions of your product. To bring your idea to the people you will need marketing. Don’t be afraid to invest in your own brand.
  4. You’re cheap, you’re hired! Starting out, you might want to cut corners and keep your money safely tucked away for a rainy day. When looking to for employees, look for someone that fits your needs and that has the experience needed for the job. Low-cost employees and consultants are low-cost for a reason, they are most likely inexperienced, unskilled or unreliable.
  5. My product is perfect! It really doesn’t matter how much you love your product because if it is not what the customers want, they will not buy so you won’t make any profit. Don’t forget that customer feedback is just as important after the launch as it was before.
  6. I will change the world! As much as that thought sounds awesome, you need to create realistic expectations. One of the reasons why so many start-ups fail early on is because the entrepreneurs believe they will start making a lot of money instantly. They believe that people will line up to get their product right off the gate. Be realistic, be patient and remain flexible to change.

It is clear that managing your own business is no easy task. There will be many moments when things will not go as planned, but try to remember why you started in the first place and to keep the passion for your idea. It is also well known that most start-ups require you to devote all of your time, do however cut yourself some slack every now and again. Everyone needs to rest and recharge.

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