7 Common Blunders New Entrepreneurs Should Evade to Achieve Success
Launched a business is very exciting, but there are plenty of challenges too. Many new entrepreneurs find themselves falling into the same traps that lead to delayed progress or failure of their business. If you better understand the mistakes that come along the way, your venture can miss those mistakes. To avoid mistakes described below are 7 significant mistakes new entrepreneurs need to avoid:
1. Ignoring the Business Plan
It is a common mistake that many new entrepreneurs (including myself) jump in without a business plan. A business plan defines your vision, goals, target market, budget, and road map for implementing your goals. If you are not going to take the time to plan it out, you might as well be driving without a map! Always plan prior to starting!
2. Underestimating Startup Costs
Many new entrepreneurs are completely unaware of how much money they will actually need to start and operate the business. It leads to cashflow problems. Be realistic in your budget and always budget for a financial buffer to accommodate the unexpected.
3. Believing You Need to Do Everything Yourself
Many new business owners feel that they cannot trust anyone to do anything when they first start. And while leadership is an important part of success, successful businesses seldom do everything without help or assistance. There are business coaches, mentors, advisors and, most importantly, teams. Don't underestimate the power of asking for help. If you cannot ask for help, you should delegate or hire someone to do the things you do not have the expertise to do!
4. Ignoring Marketing
Some entrepreneurs believe that if the product or service is great, it will sell on its own. However, this rarely ever happens. You need a good marketing plan and strategy to increase brand recognition, grow your audience, gain customers, and compete in your marketplace.
5. Ignoring Customer Input
Your customers are your best asset. Disregarding what your customers have told you or ignoring what they have told you in the way of complaints, will damage your reputation. Therefore it is best to listen, that is really listen, to your customers and make changes to build their trust.
6. Poor Time Management
Time is one of the most valuable resources any entrepreneur has. New business owners generally spend too much time on minutiae of running a business and not enough time on the strategic, important business activities. Prioritize what is actually important.
7. Not Conducting Market Research
Starting a business without understanding the market, competition, and customer behaviour is a big risk. Always do market research for the demand of what you are offering.
Conclusion:
Achieving success in entrepreneurship is less about not making mistakes or being perfect than learning quickly from a mistake and recovering and moving on. Mistakes are part of the learning curve. In the early days of building a business, it may feel like it is too much; however, by gaining awareness of the seven prior mistakes, young entrepreneurs will avoid dangers and have solid foundations for growth. Whether the error is poor planning, estimating costs too low, or marketing the company, each of the mistakes can be avoided by being aware and forward thinking in planning. Be open to feedback, learn time management, and learn as much as you can about the market you are in. The road to entrepreneurship success, while not always easy, is achievable with some work, awareness, and consistent learning. Just keep pushing forward and don't be afraid to learn!
0 Comments