Everyone makes mistakes and the entrepreneurs are not an exception. Almost all the entrepreneurs have made common mistakes before getting succeeded. If you are a new entrepreneur and wants to avoid these common mistakes then you are in the right place. Below, we have shared the list of top five common mistakes that an entrepreneur make. You can go through these mistakes and try to avoid them.
Yes, mistakes are inevitable but it does not mean you will not try to avoid it. If you are a real entrepreneur, then you should learn from other’s mistakes rather than committing the same.
So, What are we waiting for? Let us discuss these mistakes below.
Thinking Out of Box
This is the biggest mistake that every early entrepreneur make. Instead of focusing on the business, they think only the out of box business will grow. Hence, they spend their complete energy on thinking out of box business ideas.
But do you think? The Famous entrepreneur like Larry Page, Bill Gates and Dhirubhai Ambani have thought out of the box before becoming an entrepreneur.
Of course, No. At an early stage, they have not thought about this. The only thing they have done was identified the consumer needs and tried to fulfill them.
But today, instead of fulfilling the consumer needs, the early entrepreneur only focus on out of box idea. This is wrong. You should focus on your consumers. If your consumers like your business then no one can stop you from getting succeeded.
Still not convinced? Go and do the google search for ‘Dosa Plaza‘. Today, a simple Dosa Seller named ‘Ganapathy’ is making 30 crores per year. Do you really think, making dosa is out of box business? Of course, though his business was not out of the box, still he is making more than 30 crores per year. Don’t you think, Mr. Ganapathy is a great entrepreneur?
Selecting a Partner
The second mistake in the list is ‘Selecting the Partner or Co-Founder’. Think twice before selecting your partner. Trust me, even if a small mistake while selecting the partner can cost your startup to shut down.
Do you know, Who is the owner of your favorite ‘Facebook‘?
You will say what a silly question. Of course, Mark Zuckerberg. Right? But, do you know, there is one more story circulating online.
Do you know, Who is Divya Narendra?
Divya Narendra is an American businessman and the founder of SumZero community.
So What?
Actually, Divya Narendra has sued Mark Zuckerberg saying his idea was stolen by him to create Facebook.
According to the source, Divya Narendra has selected Mark Zuckerberg for completing the unfinished project called ‘HarvardConnection‘. But, Mark Zuckerberg stole the coding and started his own social media networking site called Facebook now.
You can read more on this story over here.
Hence, the moral of the story is to think twice before selecting any co-founder or partner for your startup. Further, refer below article to know how to protect your ideas from being stolen.
How To Protect Business Ideas And Secrets From Being Stolen
Reading too many Books
The next mistake in the list is ‘Reading too many Books‘. Of course, it is good to read and expand your knowledge. Thanks to information technology that today information is available on one single fingertip.
But, it would be more productive if instead of reading too many books you focus more on expanding your network. Ultimately, it is your network which will help you when you will start your own startup.
Further, reading too many autobiographies books may also make you confused. Remember, you can’t become an entrepreneur by simply reading autobiographies. If you really want to become a successful entrepreneur then rather than reading books, believe in taking actions.
In short, reading books to a certain extent is good but to become entrepreneurs it also requires to take the risk and take action. Hence, instead of reading too many books, spend your energy on your startup.
Only thinking of the Numbers
The last but the most important mistake in our list is ‘Only thinking of the Numbers’. Trust me, if you only think about the numbers then your business will not work. Do not focus on numbers but instead focus on your consumers. If your consumers are statisfied then your startup will definetly grow.
Only Profit should not be the motive of any business
Hence your goal should not be ‘Only Profit‘ at the time of starting the business. When Larry Page started the ‘Google’, his plan was not to make profit from it. In fact, he was not aware that one day his product will get so famous. He launched ‘Google’, because he thought there is a need of it and this will fulfill the needs of the consumers.
Becoming Over Confident
The another mistake in our list is Over Confidence. It is okay to be confident but over confidence will not help you.
Remember, you will built it and it will come, it happens only in the movie. But, in real life, the story is something different. In the real life, it may happen that your bank may not beilieve on your idea and reject your offer to extent the loan. Similarly, your employees may resigne within one month of the joining. Do not get over confident here. Instead try to convience them.
Hence, do not believe too much on yourself. If you want to become an entrepreneur then you need to carry them along.
Conclusion
Of course the list of mistakes is too long. But above all the most common mistakes that every new entrepreneur make.
Comitting a mistake is not wrong but if the others are repeating the same mistakes then why don’t you learn it from them?
In a simple words, if you are already aware of the above mistakes then please try to avoid it at the time of starting your own business.Do not repeat this mistakes when you are at the early stage of your entrepreneurship.