The Top Ten Mistakes of Entrepreneurs
Almost every successful business has had hard times and even the most successful entrepreneurs have made mistakes. The mistakes of others can be a powerful lesson to us, we can learn from them what not to do and save ourselves time, energy and heartache.
Here is a list of the top ten mistakes that entrepreneurs have made that could jeopardize a business:
1. Jumping in too early: This is a mistake far too many young entrepreneurs make. In the excitement of getting things off the ground, they sometimes launch the business without a finished product or a clear business plan. Make sure your product is ready and tested and be clear about your key selling points before you get started.
2. Insufficient investment: We need to realize that every new venture requires a financial investment. Trying to launch a business before ensuring that you have enough or money to cover all the essentials, is a recipe for disaster. Do your homework, work out how much each area will cost and make sure you have the required amount before you start
3. Ignoring the competition: Ignoring your competitors or assuming that you have none is not going to work out well for you. It is a rare occasion in today’s day and age that a product is a 100% new and there is always someone with the same or a similar product. Learn about your competitors and find a way to be better or at least different.
4. Forgetting about marketing: Yes, have faith in your product and believe in yourself but also be realistic, your product will most likely not sell itself. You have to do your share of marketing, advertise your product and get the word out
5. Small profit margins: It is possible to dream too small, and undervalue your product and the amount invested. Be sure to set yourself a big enough profit margin when pricing your product to avoid going into loss.
6. Product before customers: Your product is excellent but what if the customer is not satisfied? Do not ignore your customers and defend your product blindly, take time to listen and work on the feedback to improve the product if necessary
7. Being stuck: There is a possibility that nobody wants or needs your product right now, don’t stubbornly keep trying to sell it. Review the situation and modify or even change the product if required
8. Doing it all: You have launched your own business and now you are your own CEO, CFO, COO, and janitor. Give yourself a break or you will burn out. Hire employees or outsource some of the duties for better results.
9. Fear: You have everything ready; a great product, a well-researched business plan, and the right mentors guiding you, but you freeze. Fear can hold you back from launching your business recognize it and work on it to help you move forward.
10. Expecting overnight success: New businesses take time to find their ground. Have patience, do what you need to do to market your product, keep your customers happy and the success will come in. Don’t expect things to happen overnight and be disheartened if they don’t.
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Posted In: Business