Five Mistakes Made by Young Entrepreneurs

Starting a business is not an easy road to take. Many young entrepreneurs are coming out with creative and innovative ideas. But being an entrepreneur is not at all a glamorous thing. Successful people didn’t achieve success overnight. There is no blueprint of success guide that can lead your way. Startups and entrepreneurs get failed and lost the trail but what they learned are the mistakes they have done. So that they can avoid those mistakes to start over again.

This post is for those young entrepreneurs who have been dreaming about starting a business. I have mentioned five mistakes made by entrepreneurs as a fact to recognize them as soon as possible and avoid them while taking the entrepreneurial journey.

Five mistakes made by entrepreneurs

1) Unclear Goals

The most deadly mistake made by young entrepreneurs is not sure about goals. Being an entrepreneur takes a lot of effort to achieve. But if you don’t have any clear idea of where you want to be or what it demands to be there, then buddy, you are in loss.

For starting a business, you need to write down a clear goal. Likely, what picture do you see in your mind, either the largest multinational company or setting up a wonderful restaurant? But your goal must be reasonable, that goes with your idea. It shouldn’t be like” I want to make 1 million in a year.” You can also set small goals such as monthly sales target to cover or reaching 100 target audience in a week. Make a crystal clear vision and be determined to achieve it.

2) Always Being Smart

A young entrepreneur always being intellectual and smart in a group of business people. He/she loves to share the ideas, talents,
and everything about himself/herself. But don’t like to listen to those who advise and support them. As it boosts their ego that one can handle everything by pretending that you know it all.

Seriously!! Being smart is all about learning and gaining knowledge. Entrepreneurs must focus on seeking professional help. Having a knowledgable, experienced person or mentor for your business helps you to resolve issues in the long run.

3) Greed for Money

Young entrepreneurs mistake the idea with money. Not focusing on solving the customers’ problem but chasing the money will surely leave your business in the troubles.

“For a successful entrepreneur, it can mean extreme wealth. But with extreme wealth comes extreme responsibility. And the responsibility for me is to invest in creating new businesses, create jobs, employ people, and to put money aside to tackle issues where we can make a difference.” – Richard Branson, founder Virgin Group

Whatever wealth you create, invest in your business. Don’t try to keep all equity but think of raising capital for your organization.

4) Hire People On Talent

Sweet but critical mistake entrepreneurs do. They hire people that seem to us talented. Eventually, it’s not a solid thing. Entrepreneurs must hire people with critical skills over talent. Talent is just a substitute for ” someone I like.” Skill and talent are not synonyms. Skills can develop and learn. It takes time and effort to perfect.
If you look for a ‘talented’ developer, then you will have to send yourself on searching unicorn. But if you look for someone who has taken time and effort to learn programming skills, update himself/herself with new technologies and have strong logical skills, then you’ll be able to find a good software developer.

5) Less focussed on Self-Assessment

Self-Assessment leads to Self-improvement. Successful entrepreneurs always strive to improve them from yesterday and focus on today to work on themselves. While running a business, you’ll lose focus and make another biggest mistake of not learning what you want.

Foremost, many entrepreneurs find themselves hustling: working as hard as possible, as fast as possible, as long as they can work. But it is necessary to take time to review where you are and where you are going.

Self-assessment can lead to success. Here are some questions for them who are planning to be an entrepreneur:
What do you like to do?
What makes you excited to work on, and motivates you to consistently?
How do you define success in your business/career?
What are your specific goals for your personal life?
What are the main goals you want to achieve in one year?
Where do you want to be doing in the next 5 years?
Take a Self-Assessment test now. Lead the track of your goals and aspirations.

Conclusion:

Ignoring such mistakes will create obstacles in becoming a successful entrepreneur. It’s better to learn from these mistakes. Hence, it’s not easy to be an entrepreneur and mistakes will be a certain part of the entrepreneurship. But that doesn’t mean you repeat those mistakes.