Young entrepreneurs make 10 mistakes (you must avoid)
There are no restrictions for those who want to be successful entrepreneurs, you do not necessarily need exceptional work experience, Young entrepreneurs make 10 mistakes (you must avoid)
starting with a college diploma, bank ownership or something that can be a hugely successful body.
But it requires strong planning and motivation.
But according to the US Bureau of Labor Statistics, 20% of “startup” startups failed in the first two years, and almost half of all companies did not last more than five years!
So how can you run it successfully?
We compile the most common mistakes made by entrepreneurs and novice owners so that you can avoid them when you start your business and you can also find me daily and links to topics that will help you overcome these mistakes.
Let’s start at the beginning.
1. Young entrepreneurs Exaggerated fear of failure
One of the most common mistakes made by entrepreneurs is the fear of failure; failure, love, is the key to success,
to succeed without experience, you must put your fears aside and move towards the future.
Failure is the only lesson we can teach that we will never forget, and in the business world, big success is always based on a series of failed attempts.
So as an entrepreneur striving for success, you must be bold, the fear of failure can be too much hesitation and wasting time, or missed opportunities to be repeated.
2. Lack of action plan mistake
A large number of business events begin without a plan, which unfortunately often leads to the failure of these events, as the plan is a critical element of any business or business success.
If you don’t plan, basically the plan fails, you should make a plan for yourself,
even if it’s just a document with the main tasks, operating costs, sales prospects, who will buy your product and why.
Simple planning; Starting, continuing and developing enterprises, anticipating their problems and developing solutions,
is a thoughtful and systematic willingness to practice that we can cut off with the word “systematic work.”
As an entrepreneur struggling for success, you should work systematically, not randomly, because courses and systems give you success and more randomness.
You also need a detailed marketing strategy that includes acquiring early users,
turning them into paying customers and making these customers happy with your products to help you distribute your products and get more users.
Underestimating capital needs is also a common mistake due to a lack of proper planning. Most people, especially entrepreneurs, think they can do more with less money and try to reduce capital.
Entrepreneurial leaders tend to plan for the best, but that never happens, so I suggest you use your money properly.
You should know that putting good money into bad use, and trying to give everything away, rather than focusing on specialization, is the right way to spend time and money – the lifeblood of any startup. “
3. Lack of understanding of the market and target audience.
One common mistake that young entrepreneurs make is not spending enough time understanding the market and target customers.
For the founders of speculation and expectations, it may be easier than talking to customers, but if you are constantly getting feedback from existing or potential customers,
there is no way to find out if you are on the way.
You should also use existing tools and methodological methods to understand the market, measure demand, and understand potential customers.
It is important to understand that creating an excellent product will not turn into a successful business. So first you need to understand the market.
Before you get started, here are a few points to help you understand your market and potential customers.
Use a keyword search tool such as Google Planner.
Understand the number of competitors, their strengths, their weaknesses, the size of the market they dominate, and their relationships with customers. Research competitors.
Available surveys, surveys, and research coverage for the market and target consumers.
Here are some things that will help you understand your customer after you start your business:
Ask them through your social media.
Do a poll to get your opinion.
Contact them to see if they are satisfied with the products and services received through you.
Young entrepreneurs make 10 mistakes (you must avoid)
4. Lack of order
One of the most destructive mistakes entrepreneurs make is to work without a clear system.
Once you attract customers, ensure that systems and processes such as payment terms,
contracts and communications are in place and your marketing strategy remains.
Internal processes must be rigorous before starting a transaction with a customer.
If not, the loopholes will be obvious and will appear unprofessional.
Organizations are the key to success in every business, and as an entrepreneur, you should also be able to organize and manage your time and priorities.
You should always remember that operating a business is the same as being on a secret line, so many things happen at the same moment,
so it is important to have a list of things to do every day, and you should prioritize it.
It looks simple, but it works and increases productivity.
It’s also important to have a robust accounting and accounting system.
The idea of bookkeeping helps you make better business decisions, identify opportunities early, and prevent problems before they become unmanageable.
Bookkeeping will also help you understand your finances and keep your financial business well.
The bookkeeping practice also allows you to recognize problems such as tax payments and insurance that can later cause problems for your company.
Young entrepreneurs make 10 mistakes (you must avoid)
5. Do not carry out legal procedures for business activities
One of the biggest mistakes entrepreneurs make is not registering their business or choosing the right business entity to protect their intellectual property.
Legal matters are required to function properly. If you forget or ignore these things, it will be a lot of time and money.
As an entrepreneur, you should remember that no matter how strong the relationship is, it may suddenly stop when regulations and contracts are not placed in place from scratch.
Therefore, if you have a partner or shareholder, you must create an agreement that will clarify the partnership scheme to ensure that it is legal in the event of a dispute.
Young entrepreneurs make 10 mistakes (you must avoid)
6. Try to do everything
Working with a dictatorship and not surrounded by wise advisers, thinking alone will also expose you to many problems.
My friends, be prepared to discuss business ideas, strategies, challenges, and progress by finding an experienced and trusted partner, rather than managing a new project yourself.
Wisdom and strength can be found in a variety of consultations.
To minimize mistakes, we encourage 4-6 employees to join as consultants to receive continuous feedback.
Remember to empower your people, eliminate all the work that others in your company can do well, and focus on thinking, planning, and development.
Read also: How to professionally and thoughtfully prepare for a job interview
7. Employment mistakes
You need to combine different skills and backgrounds depending on the job you want to fill, so at the start,
ensure that you have a diligent and inclusive employee who can perform all the roles you want in your company.
Sometimes a novice entrepreneur makes another common mistake.
They make mistakes, such as hiring full-time employees when part-time work is more reasonable, or hiring employees when subcontractors do the same thing.
Running a small business with irregular employees or self-employed people is very easy and can save you money.
It is worth mentioning that many novice entrepreneurs do not set salaries for themselves for the management functions of projects, and as a result,
they think that their projects achieve much more significant profits than the real gains that they achieve after deducting their salaries.
As a professional entrepreneur, you should set a fixed salary for managing a project, and deduct this from the profit of the project as if you were hiring someone else to manage the project.
8. Wrong price of product or service
Product pricing is one of the most important points for a project or startup’s success, and the right price must be based on the right foundation.
You should not price products too high to achieve the highest level of profit,
or you can just get market share with too low an amount.
9. Extension is too fast
When you start to see success, you can easily assume that growth will continue,
and the best way to get the most out of it is to copy and paste the task formula.
However, if you expand your business quickly, it can have serious consequences,
you may find that your boom period was only temporary and you ended up with a group of new employees,
but there is no work and no money to cover them.
Therefore, it is important to take a slow and steady approach to expansion,
and not act based on preliminary good results.
Also do not stress yourself on the pursuit of revenue, take a large number of small teams and clients.
it is much better in this case that you tell potential clients that you may take charge of their projects in the next month.
Young entrepreneurs make 10 mistakes (you must avoid)
10. Neglected the need for labour
The biggest mistake an entrepreneur makes is to downplay the needs of the business. Documentaries and startup blogs make people feel optimistic.
This is because the information available does not stress the difficulty of starting a business
That’s why people think of the launch as easy and fun, drink coffee every day in their favourite places,
and go home the opposite way.
Companies and startups take up most of their time and money, and sometimes they can ruin relationships.
After all, you must understand that a successful project or startup is not created by one person,
so as an entrepreneur you must surround yourself with professional and professional mentors you can rely on and learn from.
Even if you have a lot of startup errors you want to avoid when creating your business,
you can’t avoid random mistakes, so manage your expectations accordingly and never give up.
