No one in this world is perfect, even the most successful entrepreneurs made several mistakes in their starting career. Entrepreneurs are smart enough to grow their business on their own and foolish enough to destroy their business on their own as well. It depends on your attitude and consistency towards your work throughout your entrepreneurial journey. You have to do the things that allow your business toward the highest success keeping aside your likes and dislikes.
According to Adam Osborne,
“THE MOST VALUABLE THING YOU CAN MAKE IS A MISTAKE. YOU CAN’T LEARN ANYTHING FROM BEING PERFECT”
Let’s have a detailed look at 10 deadly mistakes of entrepreneurship:
1. OVERCONFIDENCE:
Confidence leads to success but overconfidence in yourself leads to downfall. This is one of the most deadly mistakes that an entrepreneur makes and assumes that they can do it all alone. One of the common mistakes made by entrepreneurs is that they become overexcited and overconfident regarding their business idea and underestimate their competitors easily. You never know what luck holds for you. No matter how brilliant you are, there are a few things in your business that can never be done alone so try not to overestimate yourself and underestimate others.
2. EXPECTING IMMEDIATE RESULTS:
This is one of the most common mistakes that is almost found in all entrepreneurs. The reason, entrepreneurs are desperate and passionate to see the rewards due to that 30% of the businesses do not survive because of expecting immediate results for very little hard work. Some entrepreneurs adopt shortcuts to get big rewards but they forget the famous idiom, “Patience is the key to success” that they should keep in mind because any business requires patience and hard work to get fruitful results.
3. INADEQUATE RESEARCH
Researching and details are two backbone of any successful entrepreneur and this is exactly the point that so many entrepreneurs lack. Research not only includes searching for the work you do but it also clubs their target market, their competitors (direct & indirect both) and so many other things. Lack of research results in the misinterpretation of several things, therefore, you must research hard to check whether it is going to work or not before executing your business idea.
4. TIME WASTAGE
Being an entrepreneur, not valuing your own time, and not doing smart things to do with your money is like giving a chance to your competitors to take over you. Mostly, Entrepreneurs do not value their time and hence are not able to grab any opportunity due to mismanagement of time. You must be rigid enough concerning time if you want your business to grow more because if you can not value your time well, you can not manage anything well. The quote, “Time is Money…” ultimately means that time is one of the most valuable and profitable resources that you can invest in your business.
5. NO LEARNING
Are you aware of the common mistakes of entrepreneurs? Well! let’s know about it. The Common Mistakes Made by Entrepreneurs, do not focus on polishing the skills that they have and stop learning new things that your business demands. This is one of the most common mistakes that business owners usually make. And that mistake crushes their business growth & personal growth as well. At this moment you trigger your business and give an advantage to your competitors. You must be capable enough to deal with them and keep your business growing to cope up with failures and challenges.
A famous saying- Learning Never Stops
6. THEY OFFER WHAT THEY LOVE NOT WHAT PEOPLE NEED
Almost 70% of startups fail in their initial years because they fall in love with their idea and do not consider the customer demand. Being an entrepreneur, if you do not consider the need of your target market, your business can never grow and this is one of the most deadly mistakes that an entrepreneur makes. A successful entrepreneur keeps changing and updating his/her idea according to the demands of their target market.
7. LACK OF TOLERANCE FOR NEGATIVE FEEDBACK AND ADVICE:
Being an entrepreneur, this is your first and foremost responsibility to put people first and their advice and feedback on top priority. This is one of the biggest mistakes you can ever make if you do not shape your business according to the advice and feedback is given by the people in your entrepreneurial journey. So, try to consider one and all feedback that are given by the people and then shape your business according to the feedback because people prefer and love what they want not what you offer.
8. LESS INVOLVEMENT OF TECHNOLOGY:
Technology has countless contributions in almost all fields, especially in business. Technology has made business processes easy enough. One of the common mistakes made by entrepreneurs is not considering the value of updated technology in their domains. Digitizing your business, targeting your audiences, creating clients, making their products or services visible exactly to their target market, and most importantly, creating brand awareness using different social media platforms among your target market, are some major uses of technology in the business world.
9. NEGLECTING LEGAL REQUIREMENTS:
Our young entrepreneurs do not want themselves to engage in such legal formalities and thus end up having big problems that they are not even capable of encountering. But the reality is that you must be legally very strong enough to counter problems that you might face in the future. This is one of the most common mistakes that a young entrepreneur makes nowadays.
Last but not the least, if being an entrepreneur, you haven’t plan to secure your business then you and your business are surely at risk
10. FINAL THOUGHT:
Making a mistake is not never a cause of loss but not accepting your mistakes is the biggest mistake in the business world. You can never improve yourself and you can never grow if you do not accept that you are in the wrong. Here is quoted a very powerful idiom by John Dewey,
“Failure is instructive. The person who really thinks learns quite as much from his failures as from his successes.”