Your Best Teacher Is Your Last Mistake
“Nobody made a greater mistake than he who did nothing because he could do a little.”
The major segment of starting a business is having a plan and religiously sticking by it with discipline. Pioneering a start up is not a bed of roses, it requires giving your all and submitting yourself to the process until it is stable.
There is no golden bullet or clear blueprint to being a successful entrepreneur. Just like in life generally, the road to a successful business will be fraught with many challenges and mistakes which sometimes are too costly. However, thanks to the entrepreneurs before us, we can learn from their mistakes and make all the difference between failure and success. Here are a few of the mistakes you should watch out for and avoid.
HAVING NO SENCE OF DIRECTION.
Here we are talking about having no goals or having goals that are unrealistic or having no business plan. It is like starting a journey without knowing where you are going or starting a construction without a plan. This is the most vital mistake many startups make.
As a young entrepreneur you should have clear goals. Know what you want to achieve and most importantly give yourself a time frame. Also ensure you make your goals and plans known to those working with you so that you can move forward together which makes the growing process easier and faster.
NOT KNOWING YOUR INDUSTRY
Do not assume you know everything by just conducting a marketing research. Learn all you can from the people who have been on the industry for some time. A great entrepreneur once said “If you have an idea you like, great, get a job in that field working for someone else, learn what it actually takes to be there, as well as what works and what doesn’t. Then open your shop.” Need I say more?
SPENDING TOO MUCH OR TOO LITTLE
Spend the start up cash wisely. This does not mean you become “stingy” on things that are important and necessary like a good team or quality products. Like if you want to set up a website, do not go looking for free domains and hosting, this will disappoint you in the long run. Also, do not go buying the most expensive ones yet you could get an affordable one serving absolutely the same purpose.
THINKING YOU CAN DO IT ON YOUR OWN
Carrying everything on your back is more likely to kill you than build you. You might feel that no one can do your job better than you simple because you know your product inside out. However, two heads are better than one. A good team will push you further than you would yourself with better ideas, simpler way of doing thing and faster ways or achieving your goals.
On the other hand, be keen on getting a good team. A team that will focus on spearheading your business rather than sit and wait for a word from the busy you.
This is also one deadly mistake young entrepreneurs make. They talk, talk and talk and not listen. What young entrepreneurs do not know is that listening earns them respect and keeps them away from unnecessary problems. Wise people talk less and listen more. Before you say anything think carefully.