Top Entrepreneurs Mistakes
Get Entrepreneurial:
1. Not Having a Clear Plan or Vision
‘The biggest mistake people make is not looking far enough ahead in your market. So many businesses are losing ground to new technologies as example, so think ahead on how to better utilize these new technologies. With the current recession, how many planned for it? Every business will go through cycles of growth and market demize, just as we are all now seeing, so again, think ahead, have vision beyond today is one of the keys to success.’
2. Surrounding Yourself With People Who Don’t Believe In Your Idea
‘Another mistake would be surrounding yourselves with people (whether by accident or because they’re family etc) who don’t believe in your idea. You need to be around positive feedback all the time.’
3. Not Having Enough Money
‘I think this is big for those businesses that have the incentive to only reap the benefits and not focus on the longevity of your venture. Taking out $10k now may prevent making $100k in a few months. Mindsets should not be ‘Yeah I own a buiness I make this much’ but rather ‘Yeah I own a business, we invested in XYZ and were able to afford this new service/expand here/etc.’ Also, too many people plan on the basic expenses of starting up, and don’t think about the increased expense that come with a more successful, growing, developing business.’
4. Doing It All Alone
‘Lots of CEO personalities think they have to be the answer to all problems, and this is not the case. Their pride and mindset of ‘I must live up to this role’ is skewed and they may fail to tap the most important and valuable resources that surround them in their management team and affiliates.’
5. Not Seeking Mentors
‘I think having a mentor – a much more experienced entrepreneur that can give you some valuable advice is so IMPORTANT… especially when you are a young and overly ambitious… and with so many challenges to meet on the way to success.’
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Hi,nice article..
Very good article on all of the key aspects to building out a plan of action.
Yes, rightly so. We think most of us aware of these mistakes but we keep doing it again and again especially when it involves planning and research. We love to jump into any new biz that comes when opportunity arise. Littlle does we wonder about the consequences. And we failed, we can only regret for not thinking carefully before we go.
great article and awesome blog! you are absolutely on point with these mistakes. tell me, do you currently manage an online startup or anything?