If you have been through entrepreneurship, then you will know that it is not an easy task to build your own business. There are wrong decision and mistakes made along shaping you as a successful entrepreneur. Failures rate are relatively high where generally 50%-70% of small business will fails within 18 months time. There are people that barely made it and those who made it normally become a better and strong person. Here are some helpful advices especially to those first timer entrepreneurs on mistakes to avoid.
Entrepreneur Tips – Common Mistakes of First Timer Entrepreneurs #1 – Over Investments
When you just start up, you will need to invest on things such as office renting, utility, equipments and etc. The common mistakes that most first timer entrepreneurs made is they invest too heavily on these things. When you start up, you need to identify what are you needs and desires. There are many fancy things that is nice to have but not needed. Don’t overload yourself with stuff that you don’t need. Don’t invest in these things until you really need to and you need to spend wisely.
Entrepreneur Tips – Common Mistakes of First Timer Entrepreneurs #2 – Partnering the Wrong People
The other common mistakes that first timer entrepreneurs made is not choosing the right partner when starting a new business. Your business partner plays an important role in determining your business growth. Your business faith whether it will be success or failure will be very much depending on the people that you choose as your partner. You need to find a person that you can work along. Be aware of your own skills and wisely choose someone who will be able to complement those skills.
Entrepreneur Tips – Common Mistakes of First Timer Entrepreneurs #3 – Facing Your Failure
You need to know that not all your ideas or planning will workout as what you expected. There are chances that the results will not come out as what you have planned. Let’s take an example, if you have 10 plans but only 7 worked out and 3 failed. You do not dwell on the failure but instead you should look back and see what went wrong. You need to understand that a person will grow when they make mistakes. Mistakes will form you and makes you a better human.
Entrepreneur Tips – Common Mistakes of First Timer Entrepreneurs #4 – Obsess With Your Competition
I understand that competition will make you improve but over obsess with you competitor might not be the right way. You need to focus on your own product and finding ways on how you can improve it. You can observe your competitor but do not spend all your time catching up on them. If you are spending too much time on them, you might just end up looking like your competition but loose your originality. Make sure you set your own resolution on your product and plan on reaching it.
Entrepreneur Tips – Common Mistakes of First Timer Entrepreneurs #5 – Not Taking Action
This is most deadly mistakes that the entrepreneurs tend to make. There could be lot of idea in your head but thinking is not enough. You must take action. There are many people who just think and never take action. When the opportunity has passed or even someone has taken their ideas, all they will do is mourn. You need to take action and avoid disappointment. Even your idea does not materialize, the least is that you have tried your very best and stand proud.
These are the entrepreneur tips of the common mistakes especially for the first timer entrepreneur commit. If you are starting entrepreneurship, then you need to take note of the above mistakes and avoiding it at all cost.
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