Seven Entrepreneurial Mistakes You Don’t Want To Make
It’s okay to make mistakes as we have all made our shares of them. It happens to everyone. Mistakes are an inevitable part of the entrepreneurial process because they are needed for constant improvement and development.
You are better off trying something and having it not work and learning from that than not doing anything at all. – Mark Zuckerberg
The road to success is paved with lots of mistakes making alongside but it doesn’t matter as many times you make them, so long as you learn from it. Here are top seven mistakes other entrepreneurs and start ups have made and why you shouldn’t make them.
1. Not thinking For The Long Term
Don’t be so focused on the now that you fail to have a strategy for the long term. A strategy is a plan of action designed to achieve an over all aim or objective. It also helps you serve a long term purpose. Try to look ahead five years to ten years when making decisions.
2. Not setting clearly defined goals
The biggest mistakes start ups makes is working without a solid plan. And even when they do, they are not specific, measurable, attainable, realistic, and time bound.
As an upcoming entrepreneur, you need to know your business mission, vision, values, short term and long term goals. I see no reason why you should run a business without having all that in place.
3. Not building your personal brand
Personal branding is getting so much attention these days and that’s because it’s the only means by which people remember you. Building your personal brand is about marketing yourself and your career as brands.
It’s more than just a trademark or stunning logo, it’s how you present yourself online and offline to potential clients and customers. It’s also how people perceive you on your social media platforms.
4. Not building quality and sustainable relationships
You may have probably heard it over and over again, your network is your net worth. That’s true because these days, getting the right deals, partnership and opportunities is based on relationships.
And there is so much to gain from networking with others and building quality relationships. Don’t isolate yourself from people, join groups, attend conferences, be kind and nice to people.
5. Not valuing your time
Time is crucial. Time is money. Time is everything. Every second, every minute, every moment matter on your entrepreneurial journey. Don’t waste any of it and don’t give time away freely. Time lost can never be recovered.
6. Not admitting you made a mistake
If you let your ego get in the way, you will never learn from your mistakes.
What do you do when you find out about a mistake?
- Admit it. Don’t blame it on others or on situations
- Apologize for it
- Learn from it
- Analyze what went wrong and how you can avoid it next time
- Fix it if you can but don’t beat yourself over it
- Get over it.
7. Not asking for help
As your business grows, you will need more hands to help bring your vision to life, don’t hesitate to ask for help when you need one. Also try to consult an experienced and well knowledgeable person for insights into your field. Ask questions to gain clarity and be open to criticism.
What entrepreneurial mistakes have you made on your journey? Kindly share below!