Whether your goal is to sell car graphics, fix cracked device screens, provide on-demand bookkeeping services or anything else that aligns with your skills and interests, starting your own business can be highly rewarding: both personally and professionally.
However, in order to ensure that your entrepreneurial journey is rewarding instead of regrettable, it’s essential — repeat, essential — to avoid all five of the following fatal errors:
Solving a Problem that Doesn’t Exist.
Without question, this is by far the biggest mistake that entrepreneurs make — and if you’re a fan of shows like “Shark Tank”, then you routinely see this demonstrated. Having a great idea is a critical piece of the puzzle, but it’s not enough: you also need to conduct research and analysis to confirm that customers need your offerings and will pay for them.
Not Understanding the Marketplace.
Many would-be entrepreneurs confirm that their offerings are in-demand (i.e. they avoid mistake #1 described above), but they run straight into another fatal error: they fail to clearly understand the marketplace and see whether there’s room for another player. If the marketplace is too saturated, then differentiating is going to be extremely difficult and costly — and perhaps impossible.
Not Having a Realistic Timeframe.
Avoiding this mistake is easier said than done — but nevertheless, it’s a pitfall that you must steer clear of, or else your start-up will shutdown. Yes, it’s important to dream big. But if your timeframe isn’t realistic, then you’re setting yourself up for disaster. Be ambitious and realistic at the same time.
Not Getting Good Advice from Smart People.
As you’ve probably experienced, there’s no shortage of self-proclaimed experts who will gladly spend their time (and waste yours) telling what to do, and what not to do. Simply put: avoid these people like the plague. They may have good intentions (and often they do), but their advice won’t point you in the right direction. Make sure that you seek out and connect with mentors and advisors who are competent and experienced. These people will tell you what you need to hear — not what you want to hear.
Not Willing to Pay the Price.
By paying the price, I don’t necessarily mean spending money. I mean investing the time and effort that it takes to be a successful entrepreneur at the helm of a start-up. Be prepared for long days — and long nights as well. And you can pretty much forget weekends and vacations (don’t worry, if all goes well then you’ll have plenty of both in the future!).
A Final Word
Ideally, your experience as an entrepreneur will be marked with success at every turn. However, you may also run into setbacks — and perhaps even outright failure. If this happens, then the three most important words for you are: don’t give up! Many people have rebounded from failure to become remarkably successful, such as Bill Gates, Oprah Winfrey, Steven King (whose first novel was rejected by 30 publishers), Michael Jordan (who was told by many coaches that he was too short to play in the NBA), and the list goes on. With the right vision, plan, support, and timing, you can do it!
Article Submitted By Community Writer