Common Entrepreneurial Mistakes to Avoid

Discussion in 'Articles & Tutorials' started by bytrade001, Oct 18, 2011.

  1. bytrade001

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    Jan 6, 2011
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    1. Unclear Goals – One very common, yet deadly, mistake entrepreneurs often make is not having clear goals and vision. Never venture into a business prior to giving thought to its implications. You need to know exactly what you want to achieve and have a good idea of how you’ll get there. Once you’ve got it all figured out, it’s time to take things seriously and take the time and make the efforts necessary to achieve your goals.

    2. Failing To Admit Fault – We all make mistakes, but many people aren’t willing to admit and correct their mistakes. And there’s no chance you’ll correct a mistake you refuse to own up to. We all make mistakes and goof up here and there. When we aren’t willing to own up to our mistakes and do whatever is necessary to change them, we are defeating our initial purpose. It’s very important that when we discover a mistake we’ve made, we go back and do whatever is necessary to correct the mistake. Doing this will help us avoid a lot of unnecessary trouble in the future. Don’t be afraid to listen to the input of others, and certainly don’t always assume you know better or what you think is more important. Simply admit the mistake, correct it, and learn from it so that you won’t be placed in the same situation in the future.

    3. Greed – If your sole motivation for becoming an entrepreneur is focused around money, you are less likely to perform proper research prior to the start-up of the business. Often times, these are the same types of people who sell their start-ups at a very early stage – which can be another huge mistake. If your entire focus is on money, you are certain to fail. Never focus solely on the money that you’re hoping to make from your business. Instead, focus on the other, much more important things. Focusing on your vision for your business will help to keep you on the right track.

    4. Impatience – Statistically, a whopping 60% of businesses fail. Do you know why? Lack of patience is the biggest culprit. The only thing impatience will ensure is that your business will not be successful. As cliché as it sounds, patience really is a virtue, and it will help you to build a successful business that you can be proud of. It’s also important to note how important it is that you not relent in the waiting process. You simply never know when you may stumble upon something that can change your business forever!

    5. Refusing Help – A lot of people become entrepreneurs because they enjoy doing things on their own. Unfortunately, this can be a hindrance in the growth of your business. Get support from as many people as you possibly can so you aren’t wasting valuable time doing everything alone, when you could have some assistance. Never be afraid to ask for help. You may be surprised at the number of people who will be happy to help you, and also be happy for you when you succeed. Try networking with successful entrepreneurs and learn from them. Let them know how important they are to you, and that you, in turn, can be important to them.

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