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Biggest Mistakes Entrepreneurs Make

Biggest Mistakes Entrepreneurs Make

Being an entrepreneur may very well be one of the most difficult jobs on the planet. There are very few career paths that require the same amount of work, skill, sacrifice and commitment. Being an entrepreneur is really hard but also really rewarding. No matter what field you are in, or what type of business you own, it is so important that you understand some of mistakes that tend to plague so many entrepreneurs in today’s market. These are by far the biggest mistakes that any business owner can make. Avoid these mistakes at all costs and you will set yourself up for success.

1. Expecting success right away. If you are expecting success right away from your business, then you are setting yourself up for disappointment. Yes, it is great to have the confidence and the drive to want to be successful fast, but you shouldn’t expect these results right away. It takes a long time to grow a business. It takes an even longer time to make money from a business.

You need to be realistic about your expectations and try to be patient. One of the many reasons that so many businesses fail so early on is because entrepreneurs expect they can open their doors and just like that they will start making money. Many times these companies go out of business because the entrepreneur can’t afford to pay the rent anymore, they were expecting to earn money right away to cover their expenses. This is why having a cushion to fall back on and being realistic about how much money you can actually make at first is so important.

2. Trying to do everything yourself. A good entrepreneur knows how to delegate, plain and simple. If you try to do everything yourself, you are only setting yourself up for failure. You need to know how to outsource. I talked in great deal about outsourcing in the past and hiring others to take care of some of the tasks that I simply cannot handle on my own.

3. Ignoring your true passion and just going for the money. If you aren’t passionate about your business and the field you have chosen to open a company in, then you will never be successful. One of the biggest mistakes that any entrepreneur can make is ignoring their true passion and just opening a company to make money.
4. Not being adaptable. If you want to be a successful entrepreneur in today’s ever-changing market, then you need to learn to be adaptable. If you are not adapting and you are putting too much expectation on one product or service, you will never succeed. You are putting all of your eggs in one basket, so to say.
5. Ignoring social media. There are so many traditional industries that think they don’t need the Internet. Whether you are a package store or a dry cleaner, it doesn’t matter, you need the internet. Why? Customers are on the internet and any business that wants to be successful needs to be where their customers are and put themselves face-to-face with their clients.

There is a tech revolution right now and entrepreneurs need to use it. The internet and social media are very cheap tools for any entrepreneur to use, and most importantly, they can be very effective.

6. Expecting it will be handed too you… So many people believe a good idea or concept is enough, no one is going to invest or do the work for you. Yes delegation is key in running any successful business but you need to invest yourself in your idea first. Sleepless nights, banging down doors… You should be putting in the most effort in your company because at the end of the day you have the most to gain.

About The Author

Amira

Amira is a Canadian author, blogger and entrepreneur. She published her first novel 'Ecstasy' March 2014.

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Please contact me at amira@aussiesun.ca