By Max Lukominskyi.
The lack of experience and expertise mixed with great enthusiasm and eagerness to achieve massive wins faster sometimes leads to outstanding results. However, in most cases, such a mixture is a prerequisite for inefficiency and costly mistakes.
First-time entrepreneurs are the vivid example of such an outcome: a huge bunch of mistakes, lowered motivation and poor results. Starting a business at a young age is simultaneously exciting and challenging.
The bad news is errors are inevitable — making mistakes is inherent in all human beings. The good news: you can get prepared in order to make fewer of them.
Here are 7 common mistakes first-time entrepreneurs make. Learn them and try to avoid them while starting up.
- Willingness To Please Everybody. The truth is there will always be people who do not like your product or service. Trying to please them is a waste of time. Moreover, while trying to satisfy their whims, you can actually lose the customers that like your product for what it is. It is easy to get wrapped up in constant feedback and want to tweak things immediately. However, you should resist that urge and keep on doing things that correspond you company’s vision and strategy.
- Waiting For The Perfect Moment. It is a widespread belief that there exists a better moment to start. In fact, this moment will never come. The perfect moment to launch your business is now. By waiting too long to release the product, you merely miss the opportunities that could occur should you have started earlier. The sooner you start the sooner you will enjoy the results of your work.
- Impatience. Everything worth doing takes years. So does building a successful business. Acknowledge from the very start that your project is a long-term investment, which takes time, effort and talent. Nothing worthwhile can be done overnight. Therefore, learn to wait, work hard and persist. Patience is a virtue of long-term success. This is what helps you build great businesses and squeeze extra benefits from each opportunity.
- Lots Of Talking, Doing Nothing. Eternal talks about why your business idea is the best and how you wish to change the world with it will not take you far from the place you are now. Usually, such discussions end up seeing you doing nothing. No matter how great your idea is, your idea is not a business until it has developed. There is no point in you talking about your business when you are not ready to do something about it. Therefore adopt “less talking, more doing” attitude and get down to work.
- Doing It Alone. No one does anything worthwhile alone, and that is why we all need to have a great team. Not understanding you cannot do it all yourself eventually will lead to nothing but frustration and disappointment. Gather a team or burn out. Two heads are truly better than one and you wouldn’t go far doing things on your own, try to get support from others and your business will experience a great leap.
- Lack Of Focus. Instead of trying to do everything and be everywhere, you would rather narrow the focus on the things that do matter for your business. Instead of jumping between “billion-dollar ideas that can change the world” every single day, you had better stick with the plan. Learn to say no to things that do not directly help you achieve one of the goals and objectives on your list. Avoid distraction and concentrate on what matters most.
- Hiring Your Best Friends. Making hiring decisions based on friendship is far from the best business strategy. You need to hire a person for possessing a relevant skill set, but not for being your best bud. It is crucial that everybody in your team can accept constructive criticism, without it being misconstrued as personal. A friendship built on business is better than a business built on friendship.
To avoid mistakes completely while doing business for the very first time seems to be very ambitious, but not workable, though. Nonetheless, there is always a chance to minimize their amount and make them less destructive.