As many are taking things into their own hands and becoming entrepreneurs!!

Entrepreneurship has become a big trend!!especially since past 8 to 10 years !

From the onset life of entrepreneurs looks glamorous with cars, houses, jewelry, watches etc.. Behind the scene, It’s hard work, consistency, sacrifice and dedication, difficult to establish as a good brand (with loyal followers)

It has become more easier to start and run a business than in the past.. Thanks to technology that has made this possible And also it would be wrong without addressing the issue that it has become more competitive!!

Age is no barrier to start a business, kids, young teens, people in their 30s 40s are starting a businesses!!

Here are few mistakes entrepreneurs make and how you can learn this and avoid the common mistakes

1.Doing all work yourself
In order to keep the cost low many entrepreneurs try to do all the work or most of the work themselves. This not only decrease productivity and efficiency but the creative task which entrepreneurs should be doing also gets hampered.. Hiring the right talent is costly but what early stage startups can do is outsource work to freelancer to keep cost low and get work done by competent professionals

2. Not finding the right partner
This is so very important as it affects the success or failure of startup. Thinking 2 or more people is better than 1 and partnering with any person is the bad choice
Finding business partner who has similar values and beliefs is the key. Business Partner with complimentary skills will be the best bet!
Ex:Apple’s Steve Jobs and Steve wozniak, Steve Wozniak was a engineer and looked after software and hardware while Steve Jobs was looking after running of the business, sales, marketing, raising capital etc

3. Not spending money on marketing and not marketing well enough
Many first time entrepreneurs think or assume that if the product is good customer will come.. This is true to some extent but as popularly said well marketed product with less features and benefits will sell better than good product with many feature which is not marketed well.. So spending wisely on social media marketing and others forms of marketing must be taken into account

4.Poor financial management
Spending lavishly on big office or hiring talents with fat payroll, spending too much on marketing, getting a big website initially at the start of business etc on the other hand not spending required amount of money on thing which is needed etc.. This poor financial management may prove costly to startup! Entrepreneurs should cautiously make decisions after taking the minimum cost that has to be incurred and revenue that company is going to make and balance well.

5. Not listening to customers complaints or feedback
After the initial validation, entrepreneur assuming their products and services are best and keep pushing them to customers without listening to their complaints and feedback.. This is a costly mistake to make since their is no authenticity or genuine interest to solve customer problems.. People get to know you are doing it only for the money

6. Too much planning and too little action
It is said 1 hour of focused action on the key things is better than 1 week of planning.. Entrepreneurs get caught up in planning too much(overthinking) and take less action.. Entrepreneurs must balance between planning and taking action and measure the progress, take corrective steps and repeat the same!!

7. Not focusing on competition or too much focus on competition
After first few sales entrepreneurs assume their products or services are the best and ignore what their competitors are upto.. Their(competitors) products strategy, new marketing campaigns, pricing strategy, new feature or benefits etc.. On the other hand some entrepreneurs without focusing on their business they end up thinking only about their competitors which hampers the growth or poor time management(wrong focus)

8.Expecting quick success
As we are in digital age.. Where everything from groceries to clothes to electronics items are delivered at your door steps by the touch of a button… It’s natural for entrepreneurs to expect fast results..
It is said that hard work, perseverance, patience for 10 years looks like overnight success
Ex: One of my relatives started clothing store with huge investment.. Expecting to get rich quickly.. But after running it for several months they were only make small amount of profits.. (this may not be the case for everyone)

Conclusion:As said above these are some of the list of mistake entrepreneurs make. “Mistakes are part of life” .. Try not to beat yourself up.. Learn from them and get ahead!