Common Mistakes Among Entrepreneurs
If you’ve just got your feet wet in the entrepreneurship world, you’re in for a special surprise. While being new to entrepreneurship is exciting and comes with lots of perks, it’s certainly not a bed of roses. Just like starting out on a career, the road to success in entrepreneurship is riddled with ups and downs – and you’re likely to make some mistakes down that road.
Lucky for you, many people have gone down the entrepreneurship path and made plenty of errors we can learn from. Watch out for the following 6 common mistakes entrepreneurs make so you can save yourself some trouble of having to go through them yourself.
Mistake #1: Trying to do It Alone
This is perhaps one of a handful of mistakes most new entrepreneurs make during their first few months. You cannot juggle everything on your own and expect your business venture to take off without a hitch. The bitter truth is that you alone cannot pull off a successful business even if you’ve rockstar abilities.
Mistake #2: Not Understanding your Industry
One piece of advice: know your industry first and foremost. Just doing market research is not enough to kick-start an enterprise. You may want to actually work a little in the industry so you can learn the ropes as well as know what works and what doesn’t.
Mistake #3: Thinking You’re Alone in the Niche
Thinking that you’ve no direct competition is a surefire recipe for failure. Sure, you’ve whipped a new product that consumers absolutely love, but you are never alone in a niche. On the same but lighter note, some entrepreneurs make a mistake of thinking that their products or services are far ahead of those of their close rivals.
It is only in extraordinarily rare cases that a business has no direct competitors. There’s always someone inkling to outperform your products.
Mistake #4: Stop Learning
There’s a steep learning curve when it comes to entrepreneurship, and learning continually is your best bet if want to stay ahead of the curve. What’s more — the business landscape is ever-evolving, and those who fail to adapt can find themselves between a rock and hard place. Turns out some of the most successful entrepreneurs are those who maintain a steady “student mentality”
Mistake #5: Not Firing Fast Enough
New entrepreneurs are likely to maintain a team for several years. However, if a team player is no longer contributing to the bottom-line of your business, you need to act immediately. Not firing an unfit employee can cost you not only money but also customers and credibility in the long run.
Mistake #6: Not Hiring when Funds are Scarce
High performers are the pillars of a budding business. However, most new entrepreneurs tend to hire according to cost, and often skim of new hires when money is tight. While that makes budget sense in the short-term, not having enough innovators can push your young business into a slump.