Entrepreneurship has never been easy, but avoiding mistakes would set aspiring entrepreneurs in the right course.
Sticking with one—and only one—idea for too long
While a single idea may be your catalyst to entering a market, don’t be afraid to continue to explore new ideas and options. Remain open-minded, and explore new ideas to see which ones will pan out into feasible market opportunities.
Being product-driven, not customer-driven
In the world of capitalism, the customer is king. Even if your product is faster, better, or stronger than the competition’s, if it isn’t what your customers want, then they won’t buy it. It’s that simple. And to know what your customers want, ask them! Understanding what your customer wants and needs should be your number one priority.
Thinking legal problems can be solved later on
Many important legal decisions must be made early on. Neglecting to deal with these issues during the appropriate stage can cripple a business. It’s important to hire a competent lawyer with experience in working with entrepreneurs. He/she can advise you on the next steps to take as you are growing your business. It can be much more costly and time consuming to fix the legal blunders you made unknowingly early on than to take care of them at the outset.
Spending money before you make it
Cash is key in the early stages of a business. Money owed to you only forecasts future cash flows. While you may have a booming business with many customers, you cannot pay your bills and staff without cash.
Not having a clear focus
Write a business plan early on, even if it is only for your benefit. Set both short- and long-term goals for the business, so you can check your progress along the way. Without a clear vision of where your company is heading, your great idea can get muddled along the way.
