Are you planned or running a startup and wanted to avoid some common entrepreneur mistake in order to reach your goal?
Starting a business isn’t easy always. You should make a wise decision at right time.
New entrepreneurs may end up in doing a common mistake due to their pressure.
To help all budding entrepreneur we have collected and listed down all common mistake that you should avoid
Keep reading …
1. Failing to plan is planning to fail :
The most common startup mistake is failing to plan. As your business plan is the blueprint for your business it is important to write down your business plan.
Your business plan will vary as your business grows. So, it is important to revise your business plan as your objective varies.
A business plan will make your marketing and budgeting process smoother.
Yes, we understand that writing a business plan is a time-consuming task but it is important to be a successful entrepreneur.
Do you have your business plan ready?
If not this is the right time to write your business plan.
But to make your business plan, you should have your business objective.
2. Business Objective :
Yes, getting more business and earning more money will be the ultimate objective of every business.
But Do you have a SMART goal for your business?
The moment you focus on a goal, your goal becomes a magnet, pulling you and your resources toward it
SMART Goal can help you to improve your ability to reach them by encouraging you to define your objectives and set a completion date.
Now you have your goal and plan. But to implement your plan and to reach your business objective you should have enough finance.
Yes the next big mistake that you should avoid is lack of financial management
3. Lack of financial management :
Most of the entrepreneur fails to do financial management. Before implementing your plan you should first plan your finance.
Underspending :
Yes, sometimes entrepreneur who underspend also end up in failure. You should invest in something which helps you to get more clients and sales.
Not investing in your business may limit your potential for success.
Overspending :
Remember you should start from scratch, never try to scale up your business faster. Never drain your money for unwanted things.
You should avoid spendings like decorating your office, hiring wrong people and so on.
When it comes to a start-up business, it is important to handle the money properly.
Now you have objective and plan but it is equally important to understand the customer needs and market.
Yes, the next biggest mistake you should avoid is not doing proper market research.
4. Lack of proper research
There are a few questions that you should ask :
- Who are your potential customer
- Who is your competitor?
- What is your customer need?
- Which part of your city your startup can thrive?
By doing proper research you can avoid doing wrong marketing and wrong location that can help you to be a successful entrepreneur.
5. Hiring wrong people or hiring too soon :
Hiring wrong people or hiring too soon can lead your business in the wrong way.
Hiring is a tedious process for all startup. The wrong hiring process can ruin your business. It is really required to hire a full-timer when you really required a part-timer.
There may be the season when you really need a person urgently. Make sure to check a candidate\’s skill before you hire someone.
As many of the entrepreneur afraid in the hiring process, they may end up in doing everything by themselves.
6. Doing all task by themself :
This is the major mistake that all the startup owners should avoid. You should delegate the person for all specific task so that you can free up yourself and spend some time to enhance your business.
If you wanted to do all task you yourself, you may fail to meet targets.
7. Don\’t overpromise or underdeliver :
Plan your work properly and make sure to think about the plan before you give any commitment to your client. If you extend your self too much you may fail to meet the targets or that may damage your work quality.
You can avoid this kind of mistake by simply being organized.
8. Be organized :
Yes, it is important for all entrepreneur to maintain things organized as they may involve in multiple things at the time.
Maintain your to-do list and prioritize your things to make your day more productive.
9. Fear of failure :
Don’t get afraid of failure. Many entrepreneurs fail to implement a good idea as they fear failure.
It’s okay to fail but test multiple ideas, accept the feedback and learn from the mistake.
But listening to too many feedback also may lead to loss of confidence.
Yes, another big mistake the most of the entrepreneur do is listening to too many feedbacks
10. Losing confidence :
I agree that listening feedback is important but you should know to whom you should listen to whom you shouldn’t.
Sometimes too many unwanted feedback may push to take wrong decision and may result in losing your confidence.
Listen to everyone’s feedback but the final decision should be yours. You shouldn’t get influenced by other feedback.
Losing your confidence may lead to undervaluing your service.
Undervaluing the service or product is the another biggest mistake that all entrepreneur to avoid.
11. Undervaluing your service :
Never underestimate your service or product. Many entrepreneurs price their business too high or too less. Never do it for free.
How To Create A Strong USP For Your Business
12. Don’t partner with the wrong investor :
The investor is not only for financial backer but they can make or break your business. So it is important to partner with the right investor.
Bottom line
Above are some of the common mistake that all entrepreneur should avoid.
It is suggested to plan your things, test many ideas without fear to be successful.