Since entrepreneurs have to make a lot of snap decisions with limited information available, they often can make a lot of mistakes. Some of these mistakes are relatively common that it’s easy to identify, remediate and, consequently, avoid them in the future. Here are the top five mistakes that entrepreneurs make.
Listens to Everybody
A lot of entrepreneurs find themselves in a precarious position because they listen to other people’s advice rather than follow their gut instinct and data from research. Before you listen to someone else’s opinion, do your research. Let them give you ideas and information, but your final decision should be based on the facts that you’ve gathered or from your personal experience.
Trying to Do Everything Yourself
Successful founders, like Mark Zuckerberg and Elon Musk, built their billion-dollar conglomerates with minimal help at the start. While it’s the right call to start your business by doing most of it yourself, you shouldn’t be afraid to delegate tasks to others once your business starts to pick up. Similarly, don’t be scared to admit that you don’t know functional areas of the company. Instead, embrace it and employ people who have the knowledge and expertise rather than or learn and master the topic yourself, so that you can focus on the company’s overall vision.
Hiring Based on Academic Background Alone
It’s good to surround yourself with MBA graduates or Ivy League alumni, but it shouldn’t be the only factor when hiring employees. Surround yourself with people who are just as engaged and invested in your company’s mission and vision as you are. Employees emotionally connected with your brand’s values and what it stands for will learn and master their work better than someone who’s impressive on paper but is just in it for the paycheck or other benefits.
Thinking That They Are Solving a Key Problem
Perhaps a prevalent mistake in today’s world is creating something before even asking the question – “Do people need it?”. Sure, you might have created an app to help you out with something, but it doesn’t mean that it has value to enough people out there for you to make a business out of it. The mobile app marketplaces and eCommerce platforms are swarming with products/services that no one needs. Note that these are only four of the many other mistakes that entrepreneurs make. It will serve you well to research the others. By identifying these mistakes, you can avoid them and the associated costs.