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3 Biggest Mistakes New Entrepreneurs Make


3 Biggest Mistakes New Entrepreneurs' Make


Everybody makes mistakes (especially entrepreneurs) and you need to know that if you are a new entrepreneur, you have entered a long learning process. I am talking about a process that will last a lifetime as you will face details that you will always need to add new things on and always wonder.

Of course, in this process you will make many mistakes; How I did not think about it?, How I did this? and so on. However, you may have already made a few preparations by seeing a few of the previous mistakes.

Unrealistic Expectations


When setting up a new Business, many people calculate how much money they will earn, how much they can earn, and the average expected income.

As an example: "If I sell 2 x 500 USD per day, I get 200 USD with 40% profit margin, 400 USD per day, 30 x 400 USD per month and 12000 USD".

We all wish that this would be true in reality.

In real life, however, these plans will not work. What we should do about it is to measure how realistic this projection is, how much investment and effort should be spent to reach this average, what will be the fixed costs (tax, rent, employee fees, electricity, and water).



I can be Successful in any Business (Multitasking)

You are just starting and trying to do everything yourself to cut down the costs. Of course, you are right about thinking like that. At first, you can think that you can do anything but it is not impossible to be good in every subject.

There are dozens of works that need to done in a daily operation of a company depending on the subjects such as marketing, sales, logistics, accounting.

When you try to do everything on your own, it means you can not do any work at all and you can face big mistakes like losing customers and / or material and moral damages.

Of course, do not just set up a big team and start a business, but spend the money you earn first to build the right team until you get a certain system.

Do not forget that you will spend the right amount of money and it is highly probable that you will take back the money more than once.


(Not) Being Serious About the Job

A low-responsibility, non-employee, newly established firm may not be able to give serious consideration to serious business while dreaming up a big business because of lack of customer/operation.

It is difficult to earn money in a short time and making it keep going. Do not give up quickly if you do not get a response from your customer searching. If you are a quitter you will not be able to reach those customers you are looking for for a long time.

Take every step of your business seriously (from sales to accountancy or to product development) and run all of your negotiations professionally.


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3 Biggest Mistakes New Entrepreneurs Make

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