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What are the most common errors made by entrepreneurs at the first time?
Some of the common mistakes entrepreneurs fall in are as follows:
1. They run their business as a self-employed job.
2. They don't build a system
3. They like to stay center of attention inside their own business where all decisions are made through them
4. They tend to jump on many opportunities and over-invest in their business instead of focusing on few growth strategies and applying them well.
5. They tend not learn from similar ventures so they like to re-invent the wheel
1. Stick to overload certain clients2. Create a product in a vacuum 3. Equal partnerships4. price reduction5. Capital inadequate6. Focus outside the duty cycle7. Crazy first-class and luxury furniture8. Stick to perfection9. No clear return on investment10. Non-recognition of a fault
Thanks for the invitation
I agree with the answer by Mr.Nuridin Islam Diab
New businesses require skills in a wide variety of disciplines: from accounting and strategy, to marketing and legal; from human resources to product/service design. And as businesses grow in people and resources, company founders gain the ability to delegate some of these roles
To avoid those mistakes for any new entrepreneur competing against these odds, nothing is more critical than shortening the learning curve and getting your business on solid financial footing , and here are the most mistakes
They fall too in love
They lack support
They don’t know money
They think in now
They have plans for “perfect
They forget to ask, Will people pay
Most of the points have all been listed here and I agree with them. However, one reason I did not see or missed seeing is the over ambitious drive in a lot of entrepreneurs who work and exhaust a lot of energy and resources on seeing instant results/returns. Of course when we put in effort and money behind something we expect to see the results a little unrealistically soon. But unfortunately the markets dont function that way- depending on the idea, the target segment, the sector, the utility factor- every business needs its own time to mature and start delivering returns. So patience or the lack of it is a critical factor too.
1. Picking the wrong co-founder.
Consider to find the right partner or do a "one man show"
2. Not understanding the skills needed to be CEO.
Assure to have the right skills for starting a company; probably you will be responsible for more than one department
3. Trying to make a product for everyone.
Focus on a unique and specific product. Do not approach everyone.
4. Obsessing over the competition.
Differentiate your product from your competitiors.
5. Not learning every side of the business.
You must learn the business from A-Z, that means be familiar with all departments and understand their needs.
6. Running out of cash.
Be the ministry of finance, guard your cash!
7. Getting too emotionally attached.
If an idea is supposed to be not working properly, do not lose objectivity.
8. Hire the right people and let the wrong ones go
9. Not getting feedback from your customers.
Focus on your customers and ask for feedback.
10. Not taking advantage of every opportunity to network
It is not only who you know, it is about who knows you. It is essential to see and to be seen.
- Do not anticipate the problems started,
- Do not take a comprehensive strategic demarche
- Do not ensure the consistency of his plan during the elaboration of the business plan
- Under estimation of startup capital (insufficient working capital) causing swelling of the short-term, very expensive,
Not taken into consideration:
- Unforeseen administrative difficulties (authorizations)
- The difficulties of launching the first series, first orders,
- Technical difficulties (startup problems, technical problems)
- Commercial difficulties (customer requirements, difficulties prospecting)
- Human problems (difficulties finding skilled workers, conflicts between partners)
Avoid optimism, assume that you will be running your project amid intensively competitive market and you will be running your business with negative profit for a while
Fully agree with Nuridin Islam Diab answer.
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Thanks for the invite I agree with the answers relevant experts
