Entrepreneurs are smart enough to grow their business on their own as well as foolish enough to destroy their business on their own. it’s a matter of your attitude, how do you keep yourself focused and consistent towards your work throughout your entrepreneurial journey.
Smart entrepreneurs are those who avoid the Common Mistakes Made by Entrepreneurs and work efficiently in their respective domains.
Being a young entrepreneur, when you step up into the market, things usually go wrong from your end and you often make some mistakes and those mistakes act as a hurdle in scaling up your business.
I will be mentioning some Most Common Mistakes Made by Entrepreneurs in this article which can help you avoid them in your journey.
As per my experience in entrepreneurship, there are some common mistakes made by entrepreneurs but the best entrepreneurs are those who learn from their mistakes and try not to repeat them.
No one in this world is perfect, even the most successful entrepreneurs made several mistakes in their career. According to Adam Osborne;
“the most valuable thing you can make is a mistake–you can’t learn anything from being perfect”
TOP 10 COMMON MISTAKES MADE BY ENTREPRENEURS:
Running a business is not an easy task. Being an entrepreneur, you have to be careful regarding so many things with startup mistakes to avoid, you have to sacrifice so many things to scale up your business.
You have to do the things that you love along with the things that you don’t love to do. This is exactly the moment where some deadly mistakes are made by entrepreneurs when starting a business.
Let’s have a detailed look 10 deadly mistakes of entrepreneurship at each of these:
One of the Common Mistakes Made by Entrepreneurs is that they become overexcited and overconfident regarding their business idea and underestimate their competitors easily.
Confidence leads to success but overconfidence in yourself leads to downfall. This is one of the most deadly mistakes that an entrepreneur makes and assumes that they can do it all alone.
You never know what luck holds for you. No matter how brilliant you are, there come few things in your business that can never be done alone so try not to overestimate yourself and underestimating others.
One of the biggest flaws of overestimating yourself is that you start underestimating the people around you. You stop considering the advice given by the people.
This is exactly the mistake that entrepreneurs make which not only hinders many opportunities from you but also decreases your worth in society.
It is said;
“Over confidence can make
a winner — a looser”
Expecting Immediate Results:
Patience is the key to a successful business. 30% of the businesses do not survive because of expecting immediate results for very little hard work. Some entrepreneurs adopt shortcuts to get big rewards but these are the Common Mistakes Made by Entrepreneurs. Expecting immediate results mostly disappoints you and you may lose hope.
This is one of the most common mistakes that is almost found in all entrepreneurs due to the reason that entrepreneurs are desperate and passionate to see the rewards but you should keep in mind that it requires patience and hard work to get fruitful results.
It is said;
“don’t be upset about the results you didn’t get from the work, you didn’t do”
They Don’t Research properly:
Successful entrepreneurs are those whose work is backed by research and this is exactly the point which so many entrepreneurs lack and smart things to do with your money.
Research not only includes searching for the work you do. An entrepreneur must research for their target market, their competitors (direct & indirect both) and so many other things.
Skipping the part of the research is stupidity which so many entrepreneurs do and hence end up having an ambiguous idea.
Lack of research results in the misinterpretation of so many things so before execute your business idea, you must research hard to check whether it is going to work or not.
It is said;
“Working without research is like driving with your eyes closes”
One of the Most Common Mistakes Made by Entrepreneurs is that they set un-achievable goals that prove as a hurdle in their path of success.
You can not achieve something worthy if you have no goals. This is one of the common mistakes found in entrepreneurs in today’s world. You must be disciplined enough to set the goals.
If being an entrepreneur, you do not set the goals, you will never know who you are and what you are supposed to do. You and your business can never progress if you do not set goals.
But there do come those entrepreneurs who do set goals but unfortunately, the goals are not achievable and attainable. So being an entrepreneur, you must set smart goals to scale up your business.
It is said;
“if you want to be successful, set a goal that commands your thoughts, liberates your energy and inspires your hopes”
You might have heard Time is Money…
The quote ultimately means that time is one of the most valuable and profitable resources that you can invest in your business.
This is one of the most Common Mistakes made by Entrepreneurs is that they do not value their time and hence not able to grab any opportunity due to mismanagement of time.
Being an entrepreneur, not valuing your own time, and not doing smart things to do with your money is like giving a chance to your competitors to take over you.
You must be rigid enough in regard to time if you want your business to grow more because if you can not value your time well, you can not manage anything well.
it is said;
“if you don’t value your time, neither will others”
A famous saying— Learning Never Stops
Do you know? Common Mistakes Made by Entrepreneurs is that they do not focus on polishing the skills that they have.
This is one of the most common mistakes business owners make usually do which not only stops your business growth but personal growth as well.
When you stop learning, you stop growing. Being an entrepreneur, you should never limit yourself to the business only, you should learn as much as you can. You can have a clearer vision of your business by learning more and more.
In order to cope up with failures and challenges, you must be capable enough to deal with them and keep your business growing.
When you stop learning new things that your business demands, this is exactly the moment that you give an advantage to your competitors.
It is said;
“never stop learning, for when we stop learning, we stop growing”
Lack of Tolerance for Negative Feedback and Advice:
Being an entrepreneur, if you do not shape your business according to the advice and feedback are given by the people, then this is one of the biggest mistakes you can ever make in your entrepreneurial journey.
Being an entrepreneur, this is your first and foremost responsibility to put people first and their advice and feedback on top priority. Remember, there are things regarding your business that you don’t know.
So try to consider each and every feedback given by the people and then shape your business in accordance with that feedback because people need and love what they want not what you offer.
It is said;
“good feedback is the key to improvements”
They offer what they Love not what people Need:
One of the Common Mistakes Made by Entrepreneurs is that they fall in love with what they develop. Almost 70% of startups fail in their initial years because they fall in love with their idea and do not consider the customer demand.
Being an entrepreneur, if you do not consider the need of your target market, your business can never grow and this is one of the most deadly mistakes that an entrepreneur makes.
When you don’t focus on what people need, you can never implement the positive strategies that you have in your mind.
Because when people don’t consider what you are offering, it gives rise to a negative mindset. So with a negative mindset, positive strategies are impossible to implement and with the passage of time, you will find yourself very low in the market if you do not work according to smart things to do with your money.
A successful entrepreneur is one who keeps changing and updating his/her idea according to the demands of their target market.
According to Scott Cook;
“Instead of focusing on the competition, focus on the customer”
Less Involvement of Technology:
Technology has countless contributions in almost all fields, especially in business. Technology has made business processes easy enough. One of the common mistakes made by entrepreneurs is that they do not consider the value of updated technology in their domains.
Being an entrepreneur, if you do not involve technology in your business, you are foolish enough.
With the help of technology, you can digitize your business and can easily identify their target audience and make their product or service visible exactly to their target market. You can use different social media platforms to create brand awareness among your target market.
It is said;
“technology provides business opportunities that produces high return on investment”
Neglecting Legal Requirements:
Last but not the least, if being an entrepreneur, you haven’t plan to secure your business then you and your business are surely at risk.
This is one of the most Common Mistakes Made by Entrepreneurs that is usually done by our young entrepreneurs who do not want themselves to engage in such legal formalities and thus end up having big problems that they are not even capable of encountering.
But the reality is that you must be legally very strong enough to counter problems that you might face in the future.
You never know what your competitors are planning. So in order to protect yourself, try to fulfill the legal requirements of your business at its earliest stages.
If you want to read more about legal issues faced by startups, click here.
It is said;
“i’ve always thought legal addictions are a great way to create a business”
Entrepreneur mission and vision:
Every Successful Entrepreneur has Story with Strong Missions and Visions and doing smart things with Investing money in business, that’s why they have a Strong Grip in the market.
The mainly Common Mistakes Made by Entrepreneurs are not working with Startup missions and visions properly. They didn’t follow their Right Path for a Successful journey according to the entrepreneur’s mission and vision.
So keep in mind, If you do not focus entrepreneur’s mission and vision with time, So you will be not included in the Entrepreneurs list and also you don’t know about the best characteristics of entrepreneurship.
According to my experience, this is the most Common Mistakes Made by Entrepreneurs and also this is not a mistake but unfortunately, this is the loss of your time as well as money which was an investment in the business.
Entrepreneurial failure examples:
Common mistakes entrepreneurs make include ( THE WRONG PARTNERSHIP ), Those who are new with the market and people, they really do some Common Mistakes Made by Entrepreneurs. In business, if you really don’t know which Individual partner is best and which one is bad for your business, so you are going to be destroyed one day with one collapse.
I will share Steve Griggs’s career failure Experience with you who was the founder and CEO. Once when he Start a new business with builds custom residential backyards and design along with a partner who has the same skills as him.
Steve thinks that we will manage Workload together to form the best results in the market but unfortunately this was the Common Mistakes Made by him as an Entrepreneur.
This is human nature that every person thinks that I a doing more work done by the other person in the field and the same thing happened with Steve’s Partner. He thinks that I am doing more work than Steve,
so I will charge more money from you and unfortunately, they lose money when both started the business without understanding with each other.
So try not to be a partner with a person who has the same abilities as you in the business but search for the person who individual Skills and work done with your planning, which can grow up your business in the market.
So The wrong partnership will plenty you with only loss and also a way to the failure, a good relationship really matters if you found the best partner in your life and that will groom you with a lot of success.
The biggest mistake is not to commit a mistake, it is not to accept your mistake. You can never improve yourself and you can never grow if you do not accept that you are on the mistake. In the article above, I have shared the list of mistakes that entrepreneurs usually do.
If you are an entrepreneur and reading my article, I would love it if you will not repeat the mistakes that many entrepreneurs have already done. I will be sharing more content about the legal mistakes that our entrepreneurs usually do in my upcoming articles.
I would like to end this article by sharing a motivational quote for my readers;
“entrepreneurship is living a few years of your life like most people won’t. so that you can spend the rest of your life like most people can’t”
So keep learning with Tech Baji and share it with your entrepreneur friends. Also, try to admit your mistakes and try to get valuable lessons out of them. As it is said;
“learn to admit your mistakes instantly before someone exaggerates the story”