Common mistakes entrepreneurs make7 years ago Shalini B
“Failure is the stepping stone of success”
We have been listening to this quote since our childhood. We have always been taught that the more we fall, the more we learn.
In the process of learning, making unintentional mistakes are acceptable. What is not acceptable in the journey of entrepreneurship is not learning out of those mistakes. Anyone who has their own enterprises will tell you all about how he started and succeeded, but not everybody will narrate to you the mistake that they had made. Every entrepreneur has their own set of mistakes and their own ways of rectifying them.
Here are 7 most common mistakes that entrepreneurs usually tend to make –
#1: Lack of proper research
You have an idea which you think will click in the market and boom! You start your company. But have you actually gone down into the market to see whether your service/ product is actually needed by the customers? Have you done a proper research – as to even if your product is closing the gap, is your product or service having the right features that is needed?
Research and proper research are two different things. Make sure you do a proper research before investing in a company.
#2: Taking the competitors for granted
We know you believe in your service/ product. But it’s not very wise to underestimate your competitors. The fact that they are existing in the market before you, makes it very evident that they are also doing well.
#3: Improper planning of finances
Where to invest, how much to invest and who will invest? These are very important questions that one must ask himself before putting in money in any stake. Financial planning doesn’t only include investments, but also takes care of operational and day to day monetary needs.
#4: Lack of focus
It is important for you to stay focused on one plan at a time. Don’t fall into the trap of planning to execute multiple ideas at a time. The best way to stay focused is to make a note of all your short term and long term goals separately. It’ll be even better if you link the long term goals with the short term ones, so that by working on short term goals, the long ones will fall into place eventually.
#5: Slow response time
Do you have multiple unread emails in your inbox and lot of messages that yet have to be read and responded back? Well, this is a very common mistake that most of budding founders and CEOs make. We understand you are busy setting up your enterprise, but responding to stake holders quickly is a sign of being alert and giving importance to them. If you want the customers and investors to have faith in you, be in touch with them not only when you need them, but also when they communicate to you.
#6: Not networking
It is not important for you to know everybody – what’s more important is that who knows you! No doubt that you have back to back meetings and your calendar is booked with travels and meeting with investors and other stake holders. But is this networking enough for you to spread a word about you and your startup? Not really. You need to be visible to your customers. This will mark the first step of networking. It is not necessary for you to attend every small or big event, party to network. Do it at your convenience, but make sure you are in the eyes of the people for all the right things.
#7: Trying to work alone
How far will you go if you wish to handle everything single handedly? Not very far. At some point or the other you will need a supporting hand maybe physically, financially or emotionally. So come out of the myth that you can set it up all by your own. Have a co-founder or an efficient team with you to help you make the entire thing a lot more easier.
“To err is human”
Who doesn’t make mistakes? Mistakes are an inevitable part of a successful journey. So, don’t give up when things go wrong. Get up, stay focused and rectify your mistake and bounce back bigger and better than before.