DEADLY MISTAKES ENTREPRENEURS MAKE WHEN STARTING OUT

maverik

UF Member

That excitement of starting a business or company is usually exhilarating. You almost feel like you have everything mapped out, that nothing can possibly go wrong. You are bursting with enthusiasm, you want to be the next nation/world icon, you want to change the world.

All these are perfectly normal feelings and rightly so, and could probably become reality. It’s reasonably okay to have big dreams and no one should tell you otherwise.
However, with the big dreams comes very daunting mountains to scale. The blunt truth is, it will be ugly, you will definitely be frustrated at some point, and if you have the heart and fortitude to persevere, you may surmount, otherwise, you will inevitably fail.

Research has shown that 50% of start-ups and small businesses/coys fail during their first five years. Many things contribute to this fails, ranging from internal and external factors; could be as a result of a faulty business plan, government regulations, competitiveness of other industry players or perhaps some unexpected happenstance that upset your niche and business.

For you to be in the ring of the other 50% that thrives, that’s where your mental and psychological recesses are tested to deepest depths. Many entrepreneurs fail because they couldn’t anticipate impending calamities so they could have a contingency and be prepared for it. You have to consider some things to be in this league.

  • Be focused, set clear goals and manage time accordingly: This is the more common mistake amongst entrepreneurs. It’s hard to focus on a particular goal or something you want to do with so many distractions in the world background. You want to do it all… and that will be your doom.
  • Mistakes happen, get over it: Mistakes will happen whether you want it or not. They are inevitable but don’t get caught up in them or dwell in the regret that they never should’ve happened; that’s a deadly rabbit hole you don’t want to go to. Learn from the mistakes and move on. No one is a perfectionist in the real sense of the word.
  • Not knowing who your customers really are: Many entrepreneurs often say they will provide services or product to everyone in so and so industry. This is vague and ambiguous and as stated above, not very focused. They have no idea of what an Ideal Client Profile is. It is imperative to have clear, specific understanding of your target customers, they are not everyone; they fall within certain interests… capitalize on that.
  • Being hesitant or afraid to make changes: This fear will kill your business faster than lightning. The only thing that is constant is change. As oxymoronic as that sounds, it is the brutal reality. You have to live and breathe change. Of course, the changes should be in accordance with customers’ dynamic appetite and the ever changing trend of the time.
The best of us often make the greatest mistakes as startup founders. What distinguishes an eventual successful entrepreneurs is the ability to learn from those mistakes, adapt and improvise and keep on going no matter what.
 

Top