Top 10 Mistakes New Entrepreneurs Make – You have decided to take that bold step to start out as an entrepreneur, AFROSAGES says ayekoo.
We can tell you for a fact that entrepreneurship is equal to learning. Don’t be fooled by the overnight success stories of others. You will make mistakes along the way.
We’re saving you the trouble of having to experience the mistakes made by those before you by sharing with you the top 10 mistakes new entrepreneurs make.
A big part of becoming an entrepreneur is having a plan and having the discipline to stick and act on it.
Top 10 Mistakes New Entrepreneurs Make
#1 Have No Plan – What are your attainable goals? You’ll need a solid plan to guide you. Long term and short term plans and determine what steps you need to achieve them.
#2 Spending Too Much Money First – Money is a concern for every new entrepreneur. Making and saving money will take priority over every other thing.
Spend your start-up money wisely.
#3 Trying To Do Everything By Yourself – This is a recipe for burnout. It’s common to think you can do it all by yourself but you’ll need help. Having an experienced and knowledgeable mentor can help you.
#4 Not Thinking About Marketing – Your product isn’t revolutionary so don’t rely only on word of mouth. You’ll need marketing; both free and paid marketing.
#5 Partnering With The Wrong Investors – A business’s success depends on its first set of investors. Investors are more than just financial backings.
Research on a potential investor first.
#6 Not Having Proper Bookkeeping – Having a good bookkeeping habit helps you make smarter business decisions. If you don’t understand your financials how will you keep the pulse of your business’s financial health?
#7 Don’t Launch Too Quickly – One of the biggest mistakes entrepreneurs make is launching before they are ready.
#8 Thinking You Don’t Have Competition – Every business has a competitor. Do due diligence to find out who your competitors are and how you can differentiate your business.
#9 Putting Product First And People Last – When creating a business model, it’s important to have a customer-first mentality. Having satisfied and loyal customers who will buy over the long term is sustainable for business.
#10 Don’t Undervalue Your Product or Service – Don’t price too low and don’t price too high. If you think your product is good, price it like it.
Starting a new business can be exciting and scary as well. You need a certain amount of risk to be able to operate a successful business.
Being a new entrepreneur is daunting and you’ll make mistakes which is normal. It’s not normal if you repeat everybody else’s mistakes.
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