To err is human but to turn around that err is entrepreneur. Entrepreneurship is a metonym of learning and learning is all about knowing how to get up even at the face of a great fall.
Mistakes are inevitable but caution is imperative. There is a bounty treasure of knowledge tucked in the stories of entrepreneurs – in the tales of mighty rise and drastic disasters. Learning from their experiences you can surely avoid making these 8 common mistakes that have dug more graves than a stock market crash.
8 deadly mistakes that young entrepreneurs make.
1. Lacking clear vision
Vision is like the headlight of your car, without it you are sure to smash. Pen down your vision and carve out clear goals for your business. This not only helps you stay in the right track but also lets your employees know what you expect from them.
2. Skipping the sketch
Sketching a well-thought business plan is of paramount importance that many entrepreneurs fail to see. Planning makes things simpler and organized. It not only helps you pass the pits but also equips you to save finances, make better decisions and make optimum utilization of resources.
3. Perishing perseverance
Try and try again until success comes knocking at your door. This is an old saying that most entrepreneurs fail to understand. There is no such thing like an overnight success, every success story has a back story of relentless efforts and unshakable determination.
4. The deaf ear
Entrepreneurs often turn a deaf ear to the critics and connoisseurs. They just talk, talk and talk about the big ideas and their great ideals. Listening is an art and it is very essential for entrepreneurs to absorb well for creating things that really sell.
5. Flying far from reality
Young entrepreneurs are big dreamers, they dream of denting the universe to become the next Mark Zuckerberg or Jeff Bezos in no time, thus flying far from reality. While dreams are a boon but illusion is definitely a bane for the young entrepreneurs. Start small, be reasonable, live in present and then dream about the future.
6. Doing it all alone
It’s a common sight to see enthusiast entrepreneurs juggle with a sprawling list of tasks making futile attempts to erect an empire all alone. To grow a successful business, you have to allow it to flow beyond you.
7. Missing on marketing
This is one blunder that many entrepreneurs commit and they end up paying a hefty price. Cutting down on marketing to save budget is just like not wearing a watch to save time. Many entrepreneurs turn a blind eye to marketing and brand positioning keeping their product from reaching the target audience.
8. No back-up plan
Being is business is like sailing in an ocean of unpredictability and entrepreneurs must have a back-up ready to pass through the hail and storm. The unforeseen losses, changes in policies, shift in customer demand or an unexpected attack anything can shake their sustainability.