Common Mistakes Among Entrepreneurs

The most important part of having a startup is a plan then also having the discipline to act on it. Being part of a startup is not always fun and sometimes it requires all of your energy and time. Failures have to be accepted and there is always something to learn from your success as well as failure. Achieving success in a startup is not about being in the right place at the right time or about having good genes. Startup success can be achieved by following the right procedure. By taking steps that can make your services or products better or avoiding frequently made mistakes is all part of the process. Here are some common mistakes made by entrepreneurs.

  1. Spending not enough money or spending too much money:

Money is one of the biggest concerns an entrepreneur has. Making and saving money is usually a priority over everything. There are mostly two kinds of mindsets one can see among new entrepreneurs. It can be either you have to spend money to make money or I’ll spend as little as I can until I have a decent cash flow. Both of these mindsets when taken to the extreme can be harmful for your startup. Spend your money wisely.

  1. Thinking you don’t have competitors:

When a startup is launching a new product or service they might think that they don’t have a direct competition in the market. This can create some excitement which can diversely affect your startup until competition begins. It is extremely rare to have no direct competitors.

  1. Hiring decisions made on cost:

When the funds are tight, it might look like a good idea to skimp on the cost of the new hires. The main problem with this strategy is you will pay heavily in the long run. Low cost employees are low cost for a reason, they might be inexperienced, unskilled or unreliable. This will cost you in the future of your company diversely.

  1. Not setting goals:

Every new entrepreneur is focusing on the big idea they have in mind but mostly they forget to work with a solid plan. The reality is to set some attainable goals to achieve in a realistic amount of time. Make a point of setting long term as well as short goals and make sure they are very specific. After setting goals, determine what steps are needed to achieve it.

  1. Not thinking about marketing:

Many startups might think that their product is revolutionary enough that they can reply on free PR and word of mouth. But in reality startups need to invest heavily in marketing. That may include different things like SEO, content marketing or paid advertisements. Take notes on where your competitors are investing their marketing money and ask yourself how you can compete with them or how your marketing procedure can be different from what they are offering.