These days, a good number of people are eager to become an entrepreneur. Entrepreneurship, according to experts, is not genetically derived or particular quality. Rather, it requires you to learn through experiences and rigorous training. It is quite natural for first-time entrepreneurs to make lots of mistakes. But some mistakes can prove to make or break your confidence level. It also involves the wastage of precious money that is already in small amounts. It is foolish to repeat the mistake. It will be useful to know the Ten deadly mistakes of entrepreneurship and know-how to avoid them.
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Top Ten deadly mistakes of entrepreneurship
- Lacking employee/company core values: Entrepreneurship is neither art nor science. Rather, it is just mere practice. With practice, you develop core principles and values. Your organization and employees should also adopt it. Otherwise, your business will not derive long-term benefits.
- Lacking vision clarity: Ideas are good if only it is properly and timely implemented. You need to be very clear as to why you want to do business. In case you do not have proper answers, then how can you expect your customers, dealers, and partners to have? Have a clear vision. But avoid compromising with it just to make some extra money.
- Lacking proper job descriptions: Try to get employees who can come up with innovative ideas. While hiring new people, be clear about what work you would like them to do. It is important to hire the right person for the job. Also, check out their experience and knowledge of the domain.
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- Lacking proper organizational chart: Experts consider that direction is more crucial than the speed of movement. You should keep moving but in the correct direction. Doing so will help you to achieve sure success. Employees can get the right direction through the designed organizational chart. If there is any clarification required or emergency, they can easily contact the appropriate person.
- Diverting the entire profit: Staying small is not wrong. It is possible to perform big things even with a small, but talented and dedicated team. Many entrepreneurs make the mistake of making expansions in unwanted areas thus wasting precious profits. You should not limit your dreams, rather limit your organization size and personal needs.
- Confusion between Sellable and Passionate idea: It is easy to get innovative ideas, but difficult to implement them. Hence, you need to select only practical ideas by showing some courage and intelligence. Firstly, identify your areas of strength, knowledge and experience. Research and come up with financially viable ideas.
- Jumping between branches: Many people try to undertake a wide range of projects simultaneously but end up with everything half-finished. These will not earn you any profit or reputation. You need to give your best shot to complete the task at hand.
- Lacking ideas on business expenditure: Small businesses do find it tough to raise capital. Hence, you should plan properly. Detailed planning will be crucial to run your business smoothly. Without proper knowledge of running costs, you will only end up wasting your hard-earned capital. Plan your expenditures serially, add them, and divide with 365 to reach your daily need.
- Avoid confrontations: You can learn a lot from your unhappy customers. Do not avoid confrontation if things go bad. You should not have this attitude. Rather take things in your stride and positively. Engage in arguments as it helps you to better understand the problem and derive proper solutions.
- Not understanding the importance of partnership: You should be concerned about improvement. Teamwork is likely to take you to great heights. Avoid ego and compromise.
Getting to know the top ten deadly mistakes of entrepreneurship will allow you to act wisely. Also, you can achieve sure success in your small business.