A few minutes with entrepreneurs who have successfully built amazing products over the years and one thing is clear, the beginning of a business just like any other venture, is not always glamorous.
While some mistakes you make as an entrepreneur teaches you a lesson or two about running the business, others can mar your success. To avoid some of these mistakes, below are the 5 things you should pay attention to when starting as an entrepreneur;
1. Lack of goals and objectives; the excitement of starting out leaves new entrepreneurs with ideas and no clearly defined goal(s). Having an idea is great but until you are able to put it down into actionable plans, it will always remain an idea and from experience, no one builds a billion-dollar company from just ideas. Set your business goals, make them visible, and run with it.
2. Ignoring competition; Regardless of how amazing your business idea is, best believe there is someone doing the same business, and probably doing it well. It would be a big mistake on your part as an entrepreneur not to carry out research in the industry to find out who your competitors are.
3. Spending too much money; research shows that most new entrepreneurs spend more money buying fancy equipment, hiring staff when they should be spending more time validating the business idea, getting feedback, survey and more.
4. Doing everything yourself; no matter how prepared you are, you cannot do everything yourself, you need help. Don’t be afraid to ask for help, delegate or outsource on some part of the project, all these are part of building your dream company.
5. Choosing the wrong business partner, you need to be sure who you are going into business with, who you are confiding in, who is watching your back and more. Do not be in a haste to get a business partner without being sure your values and goals are aligned.
These are rookie mistakes you should avoid as a new entrepreneur; make sure to do your research to avoid these pitfalls.
