It is never wrong to make mistakes , I would say If you are not making any mistake then you are doing something wrong in your life but not learning from them is an actual mistake.
But here we are not talking about the operational mistakes, we are talking and highlighting mistakes which you must avoid while starting up the business.
Entrepreneurs are always keen to learn from there own mistakes and they always observe others too. Below are the 7 Mistakes that the entrepreneurs make in the first years of business (Must focus on last one) :
TAKING ADVICE FROM EVERYBODY
It is never bad to take advice from people but take advice from the people who are already in business and doing great. 🙂
The best advice you could take from a person is who started the business and failed. But never ask a person who never tried to do a business. Hope , you got the point when I say STOP TAKING ADVICE FROM 1 DOLLAR PEOPLE; WHO NEVER TRIED NEITHER WANT ANYBODY TO ATTEMPT.
LIVING THE DREAM TOO EARLY
You must spend your early year developing your business. Instead of spending to show-off and having the lifestyle that you’ve dreamed about for many years by spending money on clothes, hotels, cars.
SELLING TOO MANY PRODUCTS
Pick up a few products, focus on them. Strive to narrow down your choice as much as possible.
Remember , how amazon started by focusing on selling books. They worked hard to build a narrative that you can find any book on the worlds biggest book selling portal “AMAZON”. That is the basic of any start up to create a solution end to end.
THINKING THEY KNOW EVERYTHING
It’s not true. Having said, talk as much you could with the people you follow. Join forums, chats, and seminars of your niche. Be RATIONAL.
PARTYING TOO HARD
Admittedly, having fun is not bad. But if start having fun in your work. I always believe on a famous quote :
Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
UNDERESTIMATING A BUSINESS PLAN
It’s not about a 100-page book with intimidating text and formulas. The business plan must have a clear understanding of the problem for which you are providing solution. Be very specific about each and every step of your working and responsibilities (KRAs). You must include your Goals, Skills to Master, Work Habits for your self and your employees.
It is the most important thing you should focus but people always forget the morals while thinking of a business. Define the morals of your business in your self that will pass on to your employees, clients , so on.