How To
Mistakes Entrepreneurs Should Avoid Making
They say practice makes a man perfect and the more mistakes you make, the more you learn. However, when it comes to being an entrepreneur and running your own business, there are certain mistakes you can make which could otherwise be easily avoided. Check out these mistakes entrepreneurs usually do but can actually avoid making:
1. Only talking and not acting
One of the major mistakes entrepreneurs make is, they only talk about the grand plans they have. While talking is enough to get your team together, it is not enough to run your business. For example, if you tell your team while hiring them that they are going to get a certain salary by the end of the first three months but don’t see the promise through even six months later, you have failed to keep your word. Not only does this leave behind a disgruntled team, it also results in your employees losing their confidence in you as a leader. To avoid this, make sure you don’t over promise and when you say something, you always see it through.
2. Multitasking
While doing nothing can be a bane, doing too many things at the same time can be just as much of a problem. Figure out the skills which set you apart from the crowd and focus on your niche areas and work on building them. Another disadvantage of trying to do too many things at the same time is, your chances of burning out increase. Focus on your skill set, do those things at which you are great and outsource individuals with skills at which you aren’t good.
3. Hiring the wrong type of people
When you start a new business, you may end up hiring people quickly without doing a background check because you need them. While these people have great skill sets on paper, you start realising very soon they are all talk and no great value. What usually goes wrong when you are hiring people is, you don’t look at the overall development of the individual but look at only individual parts. Hire people by getting a clear understanding of their strengths and weaknesses. Give them challenges you think they might encounter while working for you and test them as to how they plan to overcome the said challenges. By doing this, you not only understand how they work as an individual, but understand how they work with other people as well!
4. Expanding too soon
Another mistake entrepreneurs should avoid making is expanding their business too quickly. It is common to think just because one part of your idea is doing well, everything else will as well. However, what people don’t realise is, when you expand too soon, the chances of your business failing are much higher. Don’t push yourself to expand till you are absolutely sure of where you are going. Have your plan in place, have your nest egg in order and only when you are sure the expansion will boost your business and not lead to losses, expand!
5. Not believing in yourself
Another extremely common mistake most entrepreneurs make is to not believe in themselves. While it may feel like a good thing to constantly ask for advice and get opinions about what you should do in life, it really doesn’t take you far. Why not? Because it makes you second guess yourself and lose faith in your ideas. To avoid this, start with having trust in your company and brand and once you make other people realise how passionate you are, the rest will just follow.
They say people learn from their mistakes, but if you avoid these, then you leave room to grow better, bigger and faster. If you think we missed mentioning any other mistakes entrepreneurs can avoid, comment and let us know!
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