Entrepreneurship is tough! Because it is so tough everyone makes similar mistakes in their entrepreneurial journey! Just steer clear of these 6 goofs!
Entrepreneurship is an enticing gig: You get autonomy, power, prestige, excitement, and, if you are lucky, excessive wealth. But, being an entrepreneur isn’t just planting the seeds of business and watching them sprout into a money tree. The world is filled with hopeful entrepreneurs just like you, which means you must do everything right to find success.
Unfortunately, you probably won’t do everything right. Still, you will probably survive a few blunders ― unless they are any of the following devastating mistakes that will end your entrepreneurial career before it even begins.
1. Assuming All Responsibilities
You have a startup, not a corporation, which means your few employees are going to be assuming a few more responsibilities than they would in larger businesses. Whether you want to save money or you have trouble relinquishing control, you might be tempted to do everything from marketing to accounting without anyone’s help. But, you must trust your team; you don’t have the experience (or energy) to do everything. You must learn to delegate ― or you’ll die trying.
2. Winging It
What is a business plan? Where do you find funding? How do you organize and motivate your workers? Who is your target audience? Why will (or won’t) your product sell? You need a firm grasp on the basics of business before you can confidently strike out on your own, and that usually requires at least a few years of experience as well as advanced training. If you look into affordable MBA programs online, you can further your knowledge while also gaining practical work experience at the same time, bringing you closer to your entrepreneurial goals.
3. Being Inflexible
The market changes fast and furiously, and inflexible businesses are bound to fail. If your business plan requires a peculiar environment to flourish, it probably never will. Instead, you need to be adaptable in nearly every way you approach your entrepreneurial endeavors: Test multiple products, try uncommon marketing strategies, make new partnerships, and look for new locations. You should go with what works while keeping your eyes peeled for the next opportunity to change.
4. Expecting Success
Entrepreneurs usually share more than a few traits, chief among them optimism. It is nearly impossible to begin a business ― one of the riskiest actions ― without a healthy helping of hope. But, you must be careful to prevent that enthusiasm from developing into hubris.
Being realistic in your business expectations is key to achieving true success. You can dream all you want about your feature article in The Economist, but you must remember that those dreams only come through hard work. You probably won’t see any real profits in your first year, and you might have business-related debts for another 10. But, if you can set realistic goals for your business and reach them one-by-one, you might just see your face on the cover of your favorite business mag one day.
5. Succumbing to Fear
You could fail; by all counts, you are likely to fail. Forbes claims that 90 percent of startups crash and burn in their first five years. It is important to know such statistics, but it is also important to know that you don’t have to be one of them. Fear only serves to heighten your awareness of the risks. If you give in to fear, you will never get back up. Success comes slowly, but to those entrepreneurs with great ideas, great timing, and great determination, success does come.
6. Forgetting About Passion
Earning money is only a small benefit of being an entrepreneur; the true value is in directly guiding your career. If you steer your career toward boring, unfulfilling paths, it will probably sink before you get anywhere good. It feels cliché to write that passion is important in business, but the fact remains that doing something you love is much easier than doing anything else. Though entrepreneurship is and always will be serious work, you have the opportunity to have fun, too, when you move into a field you feel passionate about.
All entrepreneurs fail. However, some of those entrepreneurs learn from their failures and go on to become famous successes. The mistakes listed above are sure to discourage any budding entrepreneur beyond hope. Thus, as you begin you career in entrepreneurship, you must learn from others’ failures first.
Did we miss any mistakes out from the list? Let us know in the comments section...