10 Mistakes That I Made As An Entrepreneur
There is no golden rulebook to being a successful entrepreneur for a number of pitfalls that greet us on our way to excellence. We take action, we risk, and the worst thing that can happen is that we will make mistakes. But, as rightly said by the famous American poet and writer, Nikki Giovanni, ‘Mistakes are a fact of life. It is the response to error that counts.’ Hence, on our journey to making it big, we learn valuable lessons from it, stumble along the way, grow and move on.
However, I would rather opt to discuss these few such mistakes in advance before they become serious problems that might cripple your ‘baby.’ Without further ado, sharing with you my book of failures i.e. my set of 10 mistakes that I made as an entrepreneur and how each has helped shape who I am and where my business stands today:
- The Solo Game
When I started out, I wanted to do everything myself. While I knew my business plan inside out, and even when I was definitely the most passionate one about making it a success, I realized it was still in my best interest to clearly stick to my core competencies. It’s important to delegate tasks and build a team of experienced and knowledgeable minds. It saves you an ample amount of time, energy and prevents those nasty burnouts!
- My ‘Baby’ is ‘undercover!’
My inhibitions kept me from discussing my business plan with others until it occurred to me that it could metamorphose, simply, if and when I allow it to grow. When it was shared with my trusted bunch of people, a set of varied views, perspectives, or values helped me enhance. The fears of plagiarism, or your concept being vague, shall only hold you back. Figure out ways to protect your idea – buying the copyright to it can be one. Rise above people’s judgments, attain clarity, strengthen your abilities, and achieve your dream.
- No expert advice? Bad Idea!
Investing in a team of experts and mentors is always worthy of every investment. It took me some time to let this sink in but trust me, sooner the better. Having the right people in suitable roles helps you run the business effortlessly. Make sure that the people you prefer on your team have the required skillsets, vision, and temperament to assist you through strenuous and significant times.
- Research BUT the adequate amount
When one isn’t confident about one’s idea, it so happens that one keeps on researching and forming numerous business plans to back it up. I sailed in the same boat and it just muddled me all the more. The correct amount of groundwork is always necessary to start your venture, however, you should know where to draw the boundaries. This is one side of the story. The other side can be when your enthusiasm about having an idea just makes you plunge forward without devising a fool-proof plan in case of any setbacks.
To improve your odds, conducting surveys and market research to identify the unfulfilled needs of the people can be real assets. Equipped with this kind of data, you can deliver a better product and perfect your business.
- Reluctant to Admit Mistakes
As I mentioned earlier, it is one thing to make a mistake, it is another thing to admit it, correct it and learn from it. That’s how I got through during my journey. One major mistake young entrepreneurs tend to make these days is that they are unwilling to admit their wrongdoings; and place their business, ideas, and other activities above others’ advice or views. Turning deaf ears will never let you make accurate decisions. Always lend your ears to the learned and the wise.
- Mirroring a Successful Idea
It goes without saying that you’re going to have competition unless you place yourself in a unique market. Instead of underestimating the psyche of your competitors or copying their product or service, try focusing on shaping your original idea that does not provide a highly similar user experience. Providing a qualitative good or service is important but you got to base the same on reasons why potential customers shall choose you over the others. In short, there can be ‘no next Amazon’ or likewise ‘no next Facebook,’ etc. The principle of the survival of the fittest shall prevail.
- Profile Your Customers
While you are nurturing your idea into a fruitful business of your own, you need to identify your customers and their needs. So to get there, the road you should choose involves profiling your customers instead of judging them by their respective spending capacities.
Categorize your customers in order to group them for advertising and marketing purposes. Target advertising to a specific market segment based on an array of factors like your current customer base, analysis of your product/service, competition, etc. results in better sales. The entire process largely increases your profits.
- Ignoring Your Customers
Trust me on this when I say that your customers have to be of the utmost importance to you. How would you ever know that the problems related to your product affect your customer and on what scale? The answer to it is pretty much very straight – by listening to them and gaining feedback. Not attending to them can prove detrimental to your setup and the repercussions shall not go easy on you.
Pay attention to everything that they have to say, and model and remodel your business plans, products or marketing campaigns. To be able to know what they want to invest in or their likes and dislikes, their each and every word holds significance.
- Awaiting the ‘Perfect Launch’ of a ‘Perfect Product’
There is never a time too perfect to launch your business nor there is a perfect product. Every product shall evolve eventually. Change and evolution form the essence of life. The longer the delay to enter the concerned market, the more you get distanced from your original business plan resulting in a fatal loss of revenue.
Channelise your resources, time, and intelligence to get out there and accomplish what you have always planned to.
- Living in a Fantasy Land
The procedure for starting a new business is never smooth. It does not just require financial investment but meticulous planning, extra hours of work, and exceptional teamwork. If you are expecting overnight success, you sure shot need a raincheck. As an entrepreneur, your mental strength shall be tested countless times.
It’s never going to be easy being a new entrepreneur. But, do not lose hope in stressful times of failures for they shall only show you a realistic picture. Pull yourself together to get things in order for you are the showrunner!
Be a part of my failures, share yours!
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