7 mistakes an entrepreneur must avoid
Entrepreneurship, at
its best, is synonymous with learning. Starting an business
begins with filling a need and building credibility, but the factors that go
into making your business a smashing
success don’t stop there. A
big part of starting a business is having a plan then having the
discipline to act on it. While the barriers for setting up a company
aint low, but the majority of people starting an business fail largely due to
mistakes that seem obvious in hindsight.
Today I would like to
share with you those few common mistakes that an young entrepreneur makes.
Avoid these and you are right on the track:-
Being over confident on an idea rather than validating the
same
Your business idea may
seem like a profitable niche, but without validation you may be setting yourself up for failure. Before you invest
any time or money into your idea, spend time testing it. Consult with experts
from the start-up community and get your product idea in front of potential
customers so that you can learn--and adapt--based on their feedback.
Zero Planning
You don’t need to have a
formal business plan -- but you still need a plan. Businesses
who are most successful with managing their finances have developed
short- and long-term plans.
I Can Do It Myself
It’s common
to think that no one can do the job as well as you can. You know your products
inside out, and are the only one who truly has the passion to make the business
succeed. But to truly get your business of your feet you need who are
more efficient than you. In the words of Robert T. Kiyosaki, “As an
entrepreneur, if you are the most efficient person in the team, then, you are
in deep trouble.”
Taking advice is good, but an overdose can make you sick
Intelligent
input can make or break your business. Ignoring it or not soliciting it means
you're flying blind--and your odds of success are low. On the other hand, too
much feedback has its own dangers. Develop relationships with a few experienced
entrepreneurs who've both built and sold businesses within your industry. Find
mentors who can help you in each specific section of the enterprise rather than
guiding you on your overall business.
The ever influencing question of “what if’s.”
Starting a new
business is scary, and isn’t for the faint-hearted. Being scared of failure and
rejection is understandable, but letting yourself become incapacitated by this
fear can significantly hinder your progress. Always remember ‘FEAR’ is a
false entity that portrays itself to be real.
Never under/overvalue the
price of the product.
Cynthia
Salim, the founder and CEO of Citizen’s Mark, a
line of ethically-sourced professional blazers for women, set the starting
price for her product at $425 after considering the labor and material costs
for her line. “The price is what it needs to be,” Salim says.
The price
should always be what it needs to be.
Putting profits
before customer satisfaction
It doesn't matter how
amazing you think your product, service, or concept is; if it's not on par with
what your customers want, they're not going to buy and you're never going to
make a profit. You already know you need customer feedback before your launch.
But don't forget about continuing to talk to customers after launch.
It’s not easy being a new entrepreneur,
and mistakes will be an inevitable part of the process. But that doesn’t mean
you need to repeat everybody else’s!
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