The success stories of Entrepreneurs, Start-ups, and businesses, etc., are all that we read from the day we think about being an entrepreneur. How their business grew, business plan, business strategy, what major decision did give them that big break, are all major things that we go through. But we completely ignore the fact that these people had major struggles in becoming what they are today. Almost every one of them would have a past tag line of “a failed entrepreneur” along with them. Making mistakes, learning from them and continuously evolving, is something that makes a successful entrepreneur. Being an entrepreneur means, you will have to learn from both the success and the failure side of an entrepreneur. But few common mistakes happen to be a part of every business start-up. So here, we are discussing 5 most common Entrepreneurial mistakes and solutions.
Be ready to fail greatly if you wish to achieve greatness. The fear of failure is something that holds back people from doing everything they wish to. When it comes to starting a business, it is not a place for the faint-hearted.
Lack of realistic business plan
“Yes, I am going to be a millionaire within a year” is not a pretty good plan for any business to grow. Many different factors play a key role in your business growth and keeping Realistic Goals and plans are definitely the most important. Setting up short term goals which will eventually lead to long term target help you in continuously evaluating the growth of your company. Short term goals also help in correcting and adapting according to the demand of the situations, both positive and negative which arrive in your path.
Manage business spending
Running a start-up in its budding state, proper financial backup tends to be the primary concern of every entrepreneur. So, even slight mismanagement in the very little of the fund we find may lead to huge mishaps or even closing of the business.In the world of technology, it’s said that you may not even need a place to run a company. So spending a huge amount in your office space, is not something necessary. At the same time not spending enough on things necessary, such as a good consultant, proper tools for working, etc. also would lead to difficulties. So make sure you have a proper planning with guidance from people experienced when deciding what, where and when to spend your money. Make sure you spent enough according to your necessities.
Hiring strategies
Another major mistake in business happens when making hiring decisions. Entrepreneurs, initially when they are running in low funds, tend to hire at a low cost. This usually happens when you have not properly planned the expense of your business and spends more on unnecessary things. When you hire someone for a low cost, you eventually end up paying more in the long run. Low-cost employees might be inexperienced and not skilled enough, which will, in the long run, make things difficult. Making a proper list of things you require in your employees, and people should be hired only after properly analyzing their skill set.
Competitors and market trends
Until the moment you design and develop a completely new product, you have a competitor. And the moment you showcase your product to the world, you will have an infinite number of competitors trying to get a share in the market.
The excitement of building a product makes us think we do not have direct competitors, or we think that our product is qualitatively better than competitors. This usually happens when we do not do a proper market study before starting our business. The market study has to be done from a customer point of view, competitor’s point of view, and even the employees of your competitors in some cases. The last category is pretty much difficult and important because they can help you in finding the differences you can make in your product.
Market study also helps you in determining trends in the market. Imagine spending a huge time of your life in making a product which belongs to the previous generation. The market is continuously evolving and continuously changing. If your product or service cannot stand with the current trend or doesn’t play a part in making a new trend, you will be rejected immediately.
Fear of fail
Be ready to fail greatly if you wish to achieve greatness. The fear of failure is something that holds back people from doing everything they wish to. When it comes to starting a business, it is not a place for the faint-hearted. You should be ready to face the most difficult negative situations, even if you have done all the proper planning necessary. Running out of money, the introduction of a better product to the market and many such factors affects any business. Failure, rejection, etc. are all things you should expect when you start your journey to be an entrepreneur. You should be someone who embraces these difficulties, learn from them, work past them, and grow above those fears to be a Successful Entrepreneur.
Life, being an entrepreneur is never easy. You will have to continuously struggle, work hard, never be satisfied, and do many more, more than others. Avoid making these common mistakes, learn from them, grow with them. And why not! You may be reading this article now because you are Destined to be a LEADER!
