Mistakes entrepreneurs make

We learn well from our mistakes but repeating those mistakes again-again leads to failure. In the Business world, many entrepreneurs make some common startup mistakes that lead to business downfall or failure.

This usually happens with the new entrepreneurs, who have entered the business world. To prevent failure from these blunders we will get an insight into the top 10 mistakes entrepreneurs make at startup.

Before moving on with the mistakes entrepreneurs make, knowing a bit about terms associated with it is a must. So, lets read an overview of the entrepreneur and startup first.

An entrepreneur is a person who comes up with a new business in order to achieve growth and success by bearing risk. The entrepreneurs usually launch their venture with new innovative ideas, so the risk associated with them is more as compared to other players in the market. Turning to the startup, which means a new venture which is launched by an entrepreneur or the group of entrepreneurs.

You might know many of the companies that stepped as a startup business and turned into big successful companies. Some of the widely known companies are Whatsapp, Instagram, Uber, etc. People might think that these startups attain heights because of their hard work, well planning, and execution but in-depth truth is that along with the above three parameters, there are many factors that are to be considered for attaining the success of a startup business.

But, don't worry we are here to aware you of the factors that are to be considered along with the top 10 mistakes entrepreneurs make at startup business.

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Top 10 mistakes entrepreneurs make at startup

1. Not planning well or over planning

There are many people who did not plan well and eagerly launch their business without studying or doing market research. Planning is the prime stage before beginning with our venture. So, one should plan well to avoid startup mistakes. The other type of individual is who takes so much time at planning and researching that they lose their opportunity that they can grab.

This instance reminds me of Nokia (mobile phone brand) that did so much planning at its initial days of launching a mobile phone. They planned to launch a phone with a new processor and the planning took about 6 months. And before they could launch their phone, another mobile phone company launched a more upgraded version.

At last, their technology declared outdated and lost their market share.

2. Spending too much without ascertaining risk associated

This is one of the top and the most common mistakes entrepreneurs make and they lost in debts. At the initial stage or after a few months of a business launch the entrepreneurs engaged at spending so much that they lost in debts or their business got to fail.

They did not calculate well about their expenses they are going to bear and the expected revenue that they can earn. Creating a well-balanced calculation would never result in the failure of a startup.

3. Not coping up with the market trends

As we all know that business is very dynamic and we have to modify or transform our startup in order to survive in the business world. Lack of changes in our products or services would lose customer attention.

Customers are very keen on new goods, services or advanced technology. So, to cope up with the market trends doing market research is the prime step and the next step is to launch a business or modify the existing business as per trends in the market.

4. Lack of patience

The new business is not so responsive, it takes time to grow. As our topic is the top 10 mistakes entrepreneurs make at startup. Lack of patience is the biggest mistake that most of the entrepreneurs perform.

They think of becoming billionaires overnight after the first day of business. An ideal businessman sets a timeline for the expected profit from business after a month or year. And judge whether his plans were up to the mark or not.

5. Improper marketing or lack of marketing

In this competitive business environment where there are a large number of businesses with the same niche or domain. Using marketing techniques can give our venture a great advantage over competitors.

There are many free marketing techniques that can work well. Such as- adding business presence online, word of mouth, etc. But the mistakes entrepreneurs make are improper marketing and lack of knowledge about it.

6. Operating everything independently

As we have read above about the entrepreneurs who are involved in spending so much money on expenses but these are totally opposite. Some of them engaged in operating everything independently without hire co-workers or helpers.

And when they got huge work pressure or load, they fail. Working as a group or team is more valuable for a long term perspective. This is one of the biggest startup mistakes that new entrepreneurs perform.

7. Not analyzing the market factors

The startup mistakes that entrepreneurs make is not analyzing the factors that make your business successful. After seeing a well-earning business, they copy it and start serving with similar goods and services. But fail to study certain factors that were working for the business he copied.

One should look into the market location, long term growth, and competition before introducing the business. Not blindly copy it from someone if it working well for him.

8. Diversifying the startup business very quickly

There are many ventures that did very well initially and for generating more revenue they diversify their business quickly. Instead, they should wait for the future opportunity to expand and then diversify their startup business.

We are not saying that expanding our business is a bad decision but seeing it as a crucial decision one should step slowly and steadily. As there were many business players who lost in debts after implementing a quick plan for expansion.

9. Lack of knowledge about the business market

Running a business in a flexible environment is very tough and strenuous. Having the right knowledge about the business world and business tactics is a must.

Lack of knowledge about the market is a part of the top 10 mistakes entrepreneurs make at startup and having a valid grasp over it can be advantageous and beneficial at reducing the risk involved.

10. Team up with incompetent people

The members of the business should be competent enough for running it well without mistakes. Team up with experienced members can lead an edge over others, while incompetent members would take you to losses.

Many entrepreneurs join up with their relatives for saving their costs and at last, they hesitate to call them inexperienced. Eventually, their startup business turns up into failure.

Take away

For making our business startup successful. It is necessary to dodge the factors that lead to failure in the new expansion. So, we come up with the top 10 mistakes entrepreneurs make at startup for preventing business failure. We have advised mistakes entrepreneurs make and some common startup mistakes that give an advantage at tackling risks associated with the business.  

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