Lack of experience can undoubtedly lead to a few mistakes new entrepreneurs make. Mistakes are all part of the invaluable learning experiences on the path to success
Starting a business is simultaneously exciting and challenging.
Being an entrepreneur is one of the hardest jobs in the world. We all know the statistics that are often talked about on how many startups fail. While no one ever wants to believe it could be them, the environment for startups is undoubtedly harsh and unforgiving.
There are undoubtedly a lot of pitfalls along the way.
Read on to find out a bit more on a few of these..
You’re getting into it for the wrong reasons
If you’ve just lost your job, take time to properly assess your strengths and weaknesses before putting your money and energy into a new venture. Get rich quick schemes don’t exist. As the old adage says, “If it sounds too good to be true, it probably is.”
On the other hand, if it is something you have been wanting to do for years and you have done all the research you can do, have a business plan and a thorough evaluation of the pros and cons, then go ahead and follow your dream ” with your eyes wide open.
Not fully validating the market
It seems logical that if we provide something that solves a problem, everyone with that problem will automatically want to buy from us.
When people ask questions like, ‘how do you know?’, The answer generally is, ‘because it just makes sense’. However, the assumptions we rely on are the biggest threat to the success of our business.
In fact, you might just come to realise that you are solving the wrong problem, or not solving it in a way that customers want to buy into.
Hiring your best buds.
Don’t just hire a friend because you feel sorry for them or because you like hanging out with them. Hire a friend if they have a relevant skill set and qualifications, that will help grow your business. An important point to remember is that everyone within the office — including you — must be able to work together effectively and accept constructive criticism, without it being conceived as a personal attack.
Failing to focus.
You need to have a clear set of goals and objectives — and stick to them. Some ideas, even if they sound great, might need to be put on the back burner to prevent you from losing your focus. Avoid chasing “shiny objects” and stay on course. If something doesn’t help you achieve one of the goals and objectives on your list, learn to then just say no.
Not looking after your health!
In situations of stress, we tend to drop our health quickly to a very low level of priority. We start skipping meals because we think our time is more productively spent working, or we stay up late, because deadlines need to be met and quotes and other need to be sent out in time.
You have to find a way to keep yourself healthy while maintaining a high-pressure, high-performance lifestyle.
You think you can do everything yourself
Instead of trying to wear 10 different hats a good entrepreneur must eventually know when to call on professionals to take on some administrative and operational tasks, while he/she handles the other issues and big picture of the company.
Prosperity is EARNed!
Joshua C Ngoma