Mistakes Entrepreneurs Make

I learnt a big lesson becoming an entrepreneur which I want to share with you. Becoming an entrepreneur it is not a walk in the park. There are hurdles to cross; therefore you will undoubtedly make mistakes, as most entrepreneurs do. But you can also learn from the mistakes of others. Here are some of the most common mistakes entrepreneurs tend to make, as expressed by a typical entrepreneur.

The Seasoned Entrepreneur (one who has made plenty of mistakes), says, “The next time I start a new venture…”

• I will make sure I have sufficient start-up and back-up capital. Nothing is as sure to kill a new venture as running out of money early in the game. If your plan says you need a certain amount of capital, get it – and a little more, for back-up.
• I will be certain there is a market for my “great idea” before I run with it. I’ll never be caught with a “solution in search of a problem” again!
• I will spend more time and care managing the business. I don’t like to deal with details, but somebody has to or the business will suffer. Next time I’ll hire a manager to do right what I was doing ineffectively.
• I’ll know something about the business I plan to start. Nothing is as sure a sign of impending trouble than an entrepreneur who asks, “how hard can it be?” when he or she has never before done whatever “it” is. I’ll stick to a business I know, or I’ll make darn sure I learn about it before I start.
• I’ll have “It’s the cash flow, Stupid!” tattooed on my forehead. Cash-flow problems are easy to understand. If your suppliers give you 30 days to pay, and you give your customers 60 days to pay, the cash will flow out before it can flow in. Duh!
• I will have a lawyer draw up my partnership agreements. I will not let my partners become “former friends.”
• I will know my competition as well as or better than my competition knows me, and I will look for competitors where I least expect to find them.
• I will stay on top of new developments. I will never stop learning about my business and my customers.
• I will plan for success and growth. Too much success is a bad thing if you’re not prepared for it.
• I will maintain a balance in my life between work and family. I will not let my success go to my head.
• I will learn how to count up to ten. I will not try to make two and two equal five, just because I’m so sure things will turn out better.

Tags: Entrepreneurship

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