The Poor Mistakes We make as First Time Entrepreneurs
….A business is not a business if you do not have anyone to buy your product or services.
Starting out a new venture is one of the hardest things to do. The brainstorming of ideas can either be the starting point or downfall to success. Here, we seek to address few of the common mistakes we make as entrepreneurs…
• Thinking too big – If you are thinking of waiting with illusions of grandeur, you may never start your business. Most people think of getting it perfect the first time and have the whole picture of over projected sales or overestimate of resources, and dismiss the idea of starting small and then reshape the focus gradually. Instead, take advantage of the moment, of the idea and focus of starting where you are, start small and the vision will get clearer and better every day.
• Focus on product, not the client – You may love your product and understand your product to the max, but if you are not connected with, the needs of your clients, then you have already lost almost 90% of your business success. Most young entrepreneurs create a product that they themselves will not buy. The mistake is starting a business just to sell, but nobody to buy. However, you need to be able to put more focus on the sales and marketing of your product, you will need to get into the head of your prospective clients, understand their requirements and have a passion for this. When your sales and marketing are on board, so will your clients.
• No Trust – As an upcoming entrepreneur, it may be difficult to trust individuals with your ideas or individuals that will have the passion as you do and handle your business properly as you would. So how do we deal with this? I remember when I started out my company – Golden Aisle Weddings, and honestly, it will be difficult working alongside with the right individuals. However, you will need to start out by consciously building trust in individual members you can trust to some extent, and assign them responsibilities that will give you a better judgement of their proven ability.
• Been Cheap and not enough investment – An adage goes ‘It takes money to make money’ and this is true. In growing a business, you want quality and good recognition of performance. Therefore investing in marketing and learning are one of the ways of growing your business. You get the people that will help you get your business to the next level, this doesn’t mean you need to spend so much money, but remember that it is a highly competitive marketplace. For example, you are considering hiring the right people, but because it will cost you a bit of money, you alternatively go for the poor performance individuals. However, remember it will only cost you more time and resources to replace poor performance or rebuild the reputation of the business.
• Doing it all yourself – If you are always stressed, always busy, always on the move, always doing all the tasks by yourself, then this approach does not necessarily call for a badge of honor. The best approach is when you are able to lead a team of individuals and train and equipped them to be able to perform at their best – this is otherwise known as leadership. Think of it can a football game, not ever player can play defense, however everyone has their position in the game and are all working towards the same goal – to win.