To be prepared means everything when it comes to entrepreneurship. You are betting your time, money, and effort and you are here to win.
Common Mistakes to Avoid as an Entrepreneur that No One Talks About
To be a startup entrepreneur comes with its own set of responsibilities and challenges. The road is rocky and even for a person with a strong business sense, it is easy to make mistakes. Part of the process of scaling towards a thriving business is avoiding these mistakes as an entrepreneur.
Working with the Wrong Partner
A startup business can be founded by co-founders. Now you may have drafted the most detailed agreement in the world, but should you even be entering into one?
One of the biggest mistakes you can make is signing up to work with someone who does not share the same vision as you. You might want to partner up with an investor who will inject your startup with the capital that it needs, but if your objectives are being neglected, it’s not your project anymore.
Young entrepreneurs often forget to take up space. Whether it is about confronting a co-founder or communicating from the get-go what their expectations are and things that can pose as a deal-breaker. Draw a line, and ensure your business partner respects it.
Skipping the Research
Skimping on market research is like taking out the motor that is meant to drive your startup into the industry post-launch.
42% of startups fail because there was never a need for the product or service they were selling in the market. But that is not all you need research for. Market analysis will help you gauge the competitive landscape, determine your differentiation strategy, and help devise a business plan. As an entrepreneur, you get to make informed decisions with confidence backed by numbers.
Hiring the Wrong People
Choose the people you want to work with wisely. Understand what they expect from you and figure out ways you can feasibly meet them.
One of the common practices of new startups is to hire based on cost and not performance. When are funds not tight for a startup? The problem with this strategy is that you are probably wasting the money that you are spending altogether. Having an unreliable and unskilled employee does more damage than having no employee.
Instead, you should be looking for new people in the industry who are productive and motivated by having their ideas become a part of your business.
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