Some common mistakes made by new entrepreneurs.


To be an entrepreneur isn’t that easy as it looks, it takes a lot of hard work, passion and determination. The job profile of an entrepreneur is very difficult, as one has to bear all the responsibility on his own, the failure and losses. However, one makes mistakes in initial stage of any work. But he has to get over it very soon.

Here are some mistakes that entrepreneur generally do in the initial stage of business.

1) Assuming there is no competition

Many startups shut down very early because the entrepreneur has completely new idea and all other has to develop that idea. Entrepreneur thinks that his idea ks unique, so there isn’t any competition for him in the market. This is the biggest mistake they usually do As the others might have different USP which your product might lacks into.

2) Not having a clear vision

Entrepreneurs usually starts developing a business based on a their unique ideas not knowing about how the future outcomes will be. This is one of the biggest problem they create for themselves, Entrepreneur must have a long term vision for their company as without a long term plan you’ll be in dilemma about what your next step is.

3) Hiring the wrong people

Startups might be considered as One-Man show but actually it isn’t. As you cant do everything on your own. You’ve to hire people for in a startup there isn’t just one kind of work. Also, you’ve to hire to right people that must be experienced & skilled in their work field. If you hire wrong people that don’t fit in your work field, you’ll be in bad situation.

4) Not accepting guidance

As an entrepreneur, you must listen to the guidance and advice of the people who are highly experienced in your work-field as to move your business to a better position into the market. But if you don’t listen to them and chooses to do all by your own, you’re wasting a golden chance by yourself and it’ll probably land you in some unnecessary problems related to your work.

5) No business plan

As an entrepreneur, you must have a business plan and future ready ideas to make your business a huge success, but if you don’t have any then no investors and customers will show interest in your products and services and it’ll lead to absolute chaos and eventually in startup failure.
Shubhangi

writter

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