When I started my first business, I made a lot of mistakes (everyone does). While mistakes are unavoidable, you can use the lessons learned by others to prevent them from taking you down and helping you to avoid Entrepreneurial Mistakes.
Here are the top rookie business mistakes that entrepreneurs make and how to avoid them.
Let’s understand what are those 8 common entrepreneurial mistake to avoid in 2020:
"A person who never made a mistake never tried anything new." - Albert Einstein
Common Entrepreneurial Mistake to Avoid in 2020
1. Choosing Right Co-founder
Choosing the wrong business partner is probably one of the worst business mistakes you can make. Trust me, I know and at the same time, having a good business partnership can be very lucrative.It’s a huge business decision, and you want to make sure that you do it the right way.
Get the person on the bases of his/her integrity, values and interest for the common vision and mission …
2. Saving Money on Coaches or Consultants
Speaking from experience, trust me when I say this: there is NOTHING more expensive than a cheap consultants, lawyers or business coaches! When starting out, often we try to cut corners to save cost. Which can be good in some cases, but not when it comes to professional advice.
Get a best business coach for yourself…(Important to hire the one who understand your country dynamics, people, culture and with whom you connect)
3. Making Business Strategy & Goals
A common business mistake that I see in even folks who’ve had businesses for years is not setting the right business strategy and goals. Set business strategy so you can make a plan for action with your core team and have regular checks in the system, it can be quarterly review meets or monthly review meet.
Your business need a clear path to grow let’s do strategy meet for your business and align your core team now..
4. Get your Core Team Right & Aligned
You can’t do it alone for any business to grow you need solid team or core team. The potential of each member to give their best is missing in 95% of companies and that is the reason why only 5% dominate the market.
Get your core team right and aligned, so they can put their best like you are putting to make your business a huge success
5. Obsessed with your own product
When you create a product, you obviously have a bias towards it. You probably think it’s the best in the market. While that’s probably great for your ego, it’s important to not lose sight of all the work that could be done to improve the product. At the same point, it’s crucial that you do not fall in the trap of perfection, finding a healthy balance between knowing when perfection is not needed and good will do can go long ways in your career.
Get your product right and up to date so it delivers the best solutions and always stay ahead in the competition
6. Being Cheap about Branding/ Marketing
Marketing is very integral part of your business it can’t be in your low priority list. But it is important to understand that marketing will get you SALES more MONEY in your business. Always keep a good budget for marketing, specially when you’re a new business. This starts with proper tracking and reporting. If you know your audience and numbers, then it becomes easy to acquire new customers.
After you know your product and target persona start marketing to that persona then geographical area then market to get more SALES
7. Doing Everything Yourself
This is a common business mistake that many struggle with (both new and veterans) — trust me, I still struggle with it, but I’m getting better. The sooner you learn to delegate, the better it will be for your business and mental health.
While it’s tempting to design your own logo, do your own bookkeeping, run your own payroll, it’s usually a bad idea. Just because you can do it, doesn’t mean you’re good at it. And that’s not an insult. Even if you’re good at it, you have to determine whether that’s the best use of your time.
You are business owners for a reason let’s focus on the bigger pie of the game not the routine tasks
8. Empower your Employees
Treat your employees like your own family empower them with new technologies, workshops, training so they can grow in life and produce best quality work for your business aswell…align them for one common vision and mission by various engagement activities, meet them once in a month if not every day, call for employee annual week, communicate with them oftenly etc. because when they grow we grow better.
Empower your employees so they grow and treat them so well so they stay with you for your vision..
It's not easy to be an entrepreneur also these are the few common mistakes that ever entrepreneur must have faced during their journey of entrepreneurship. Entrepreneurship is a learning process and we evolve during the course of action but we can definitely improve ourselves by learning from the experts and keep growing.