Common mistakes entrepreneurs make. How to avoid them.
Creating a company is not an easy task. No matter how much passion and knowledge you have, you know (or you should know!) that you can find problems in every corner. But is this a good reason to stop trying? Of course not! But it is good to be aware that, you will make mistakes, but you will also learn from them.
Although nothing will save you from messing up from time to time, it is good to know what are some of the most common mistakes entrepreneurs make.
If you don’t think well what you’re getting into, then…
It seems like human beings are very emotional. Many people can fall in love with an idea and jump into it without a helmet and without a network.
Do not get confused; falling in love with an idea is not bad. What is actually bad is to focus too much on that love when you should be thinking about putting that idea into action.
Before starting a company, you need to be very clear about its viability. What are you going to sell; do you have enough market? Can you be better than your competitors? Do you have enough money to deal with this type of business? Do you have the necessary knowledge? These are just some of the questions you should ask yourself before starting a business. There are many, many more. So remember, don’t forget to use your brain or you might end up crying like a baby.
“Pulling off a company is such an easy task”
You probably have seen pictures of people like Richard Branson on television and you might want to be like him, you know, travelling by plane and living a great life. It’s true, Richard Branson is cool, but to achieve this, he had to work hard for a long time (and probably will continue to do so). As they said in the television series Fame: “You’ve got big dreams, you want fame. Well fame costs, and right here is where you start paying”.
Thinking about what to create, how to grow and keeping a company running is not an easy task. To achieve this you will need a lot of effort, a lot of work, and probably you will get a lot of headaches. If you do, it is possible that one day the “fame” will arrive, but until then, prepare yourself to pay with sweat and tears…
Not defining well the objectives of the company
Sometimes the most obvious things or the ones that seem easier are the ones we first overlook. By having in mind the goals of the company and by defining how you are going to try to achieve them is something very important. If you have partners, then the challenge is double. Do not assume that you agree on everything; speak it out loud and be clear. And do not forget that having a good business plan is essential.
Believing that you know it all
Do not be a Mr Know it all, and do not be a narcissist! Having confidence in yourself can be very useful for life and for business, but believing that you already know everything can be really bad for you. If you are reading this article, then this is already a good start. Do not stay there. Be aware of your condition as a human being and your limitations. Listen to others, your team, your customers, your competitors, and learn from them all. That will make you better and will give your company more chances of success.
Not choosing well the people who will work with you
It’s okay. Your brother-in-law makes great paellas and is very funny when he tells jokes. But he is a butcher, so he has nothing to do in your artificial intelligence company.
Hiring friends or family can bring serious problems if they are not the right people to do the job well. But it is not the only mistake that you can make when selecting your team. You will have to define well what positions you need to cover and what are the knowledge and faculties that people should have in order to do a good job ,this is just another one of these mistakes entrepreneurs make.
Not knowing when it’s time to delegate
Do you know what a One-man band is? Well lately the figure of the “One-man entrepreneur” has become very trending. Is it something desirable? Well, there are opinions for everyone, but if you want your company to progress and reach an important dimension, you will not be able to do it all by yourself.
For a business to go far, you need to have a good team to support you. If you know well the qualities of each of its members, it will be easier to delegate tasks and responsibilities.
Not being flexible
Not knowing how to recognize the weaknesses of your business and not having the ability to adapt can be really harmful. You may need changes, or you may have to totally transform the company. Remember, again, the head is as important as the heart. This is just another one of these mistakes entrepreneurs make.
Not knowing how to measure the progress of the company
The results at the end of the year are not everything. In order to know if a company is following the correct path, it is necessary to define well which indicators identify this, and see if the objectives are being met. This is just another one of these mistakes entrepreneurs make.
Clients, sales, costs, debt, leads … There are hundreds of indicators, and you must identify the most valuable ones for your business and never lose sight of them. Do you find it very difficult? We told you it wouldn’t be simple. Let’s get to work!
Not choosing the right tools to work
We live in the 21st century. It’s time to keep away that old typing machine that your grandmother gave you on your last birthday. In order for your company and you to work well, you must be up to date and use technological tools that facilitate your work. The opposite would be to try to win a Formula 1 race on a horse. Luckilyand most noteworthy, this is something that has easy solution.
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