Dreaming of being an entrepreneur? Well at some point everyone will dream of being an entrepreneur. To be honest, it’s not easy to startup and even maintaining a business. Especially for new entrepreneurs, there are always hindrances that will get in the way to your business. The most common reason why the new entrepreneurs having a road block is because they are lack of experience which could lead them to lot of confusion, question and doubt thus causing them the downfall of their business. Here are some common startup mistakes to be share and avoid for the new entrepreneurs.
1. No Secondary Backup Plan
Most new entrepreneur fails is due to the reason of NO secondary backup plan for their business. Many new startup entrepreneur has a flying colors management degree which they believe that they have learn everything about business in their college or even university. That’s where their mentality is wrong and that is when you would need a backup plans to sustain and keep you in the race.
Here are some examples of the above case. If you are not getting any sales from your marketing department, what are you next move? Will you be closing down your business to avoid losing? If you have a secondary backup plan, you will start execute and in the above scenario, you can start outsourcing your marketing operation to ensure you are getting the sales.
There must always be a secondary plan as a rescue operation when something goes wrong.
2. Insufficient Emergency Funds
Here is another common mistake that’s made by the new entrepreneur. They do NOT keep any funds for emergencies. This co-relates to point 1, where in order for you to activate your backup plan properly; you will need to have the sufficient fund.
Having an emergency fund is important as this funds might help you to sustain your business if your clients are late for their payment, or losses suffered from damaged or stock missing. This income flow willhelp you to sustain and stabilize your business the the actual funds are here.
3. Too Much Focus on Results
Many entrepreneurs sought to get too carried away with the instant results, rather then setting their business basic right. Most of them are only looking at short term results and they tend to overlook the important facts of running a business successfully.
Whatever type of business you are in, it’s important to have a solid foundation and strategies before start of their business. If you are focusing too much on the results, you might miss out the important elements of your business basic
4. Lack of firm decision to implement a plan
Every entrepreneur will have their own plan and strategies. Entrepreneur will give all in to ensure that the plan/strategies works but when you faces issues, some will change your approach or even some will start giving up. For this you should not be changing your plan too soon but ensue that there is no other method, then only proceed with the plan B. Reason being is that changing too soon will lead confusion to your business and yourself.
Aside from that, changing methods too soon will hamper your business growth because you will need to re-learn everything from the new method that you implement. Here is what you should do, give your approach some time or put more efforts and you might find yourself the results you need.
5. Too many opinions will lead Confusion
All entrepreneurs will face the same problem where they will receive many advice/opinion from your family, friends or even relative. It’s important that you seek out the answer that you need on your own. Too many opinion from too mant people will lead to confusion. If you starts weighing on other opinion, you might end up making second decision and this is not healthy to your business.
If you do have an experienced business partner, whom you can trust, you can take their advice as they will not advice you something that will leads to your company downfall. Else you can consider hiring a consultant to assists and provide professional opinion.
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