Entrepreneurs are on the rise. They look for something that they can enjoy, and most jobs are not fun. Employers only want their employees to work to make them money. They want to get as much out of them as possible. While they might be paying well, skilled people don’t just work for money. They also want to enjoy their work and life. They spend most of their time on work, if they are not enjoying it, they won’t be happy with their lives
While they are motivated to become an entrepreneur and start a business of their own, they lack experience and, sometimes, skills. They make some mistakes that can be hard to recover from. You can fight a few mistakes, but one fatal mistake can end your career as an entrepreneur. Here I’ve shared some of the common mistakes made by young entrepreneurs.
Choosing the Wrong Partner
We feel more motivated when we have a business partner. We tend to look for someone that can handle part of the business, such as arranging investments. The mistake we make is choosing someone who is a friend or family.
While there is nothing about working with them, we tend to let our guard down. We don’t take anything in writing and blindly trust each other. Even if both of you are good people, misunderstandings can happen, especially when there is money involved. Some might try to fool you and some might make mistakes but won’t admit their mistake. Either way, your business suffers.
Lack of Focus
An entrepreneur has to be very focused. You can get the job of weeks done in days when you are fully focused, and you really need this skill at the beginning of your startup. You must learn the art of focusing. Make sure you are not distracted by anything when you are working on something.
If you are not focused, you will end up wasting a lot of time. Many things rely on you as the leader of the company. To ensure you don’t lose focus, you should try to work on something that you enjoy.
Becoming a Boss too Soon
It is understandable that you became a boss so you don’t have to work 9 to 5. You would want to become a boss and order others around to work. Unfortunately, that’s now how business works. You can do that after you have retired.
You will actually have to work harder and be involved in everything. Instead of working 8 hours a day, you will have to work 16 hours a day to ensure the success of your business. Bobby Chacko is a great example for the world when it comes to making good and bad decisions.
Working with Wrong Investors
Every business needs money from the start. The amount is usually so big that you will need the help of a Venture Capitalist to fund you. We usually go with anyone who is willing to pay us at the start. They might give you very strict goals and conditions, but you will agree because you are getting money.
You should wait if you have to but don’t go with the wrong people. You become obligated when you take their money. They will get their money one way or another, but you won’t get another chance. It wouldn’t be the first time an investor took over the company and kicked out its founders.
Most new startups ignore marketing. They have a short budget and marketing requires investment. They usually find a client and start the company based on the work he provides. New entrepreneurs try to build a good team before they can start marketing. While this is a smart choice, they can’t rely on just one person. Marketing is not just about getting sales.
It’s about making a name to attract both clients and skilled employees. Even if little, you should start investing in marketing. Digital marketing has made this a lot easier and cheaper. You can start for as little as $5. You should focus on letting the industry that you are now operating and offering a great service. Start spreading brand awareness instead of focusing on getting sales.