Top Mistakes of Entrepreneurs
Failing to Understand Industry Changes
Underestimating the Competition
Not Telling People About Your Business
There’s a long list of mistakes to avoid as an entrepreneur. But telling people about your business is not one of them. Even if you’re bootstrapping, setting up shop in your basement, and giving away your product or service free, marketing should be part of every company’s DNA from day one because word-of-mouth marketing is still how most companies grow.
Not Planning Ahead
Most entrepreneurs have a relatively good idea of what they’re getting into. Sure, things don’t always go as planned—in fact, they usually don’t—but as long as you know that upfront. And if you give yourself plenty of time to adjust course along the way, you should be fine. Even if it doesn’t work out for whatever reason, you can reevaluate your next move with a clear head. And see where your talents may fit best in another direction.
Lack of Passion
Many entrepreneurs think they can do it alone—they feel that they only need a little money and a business plan to succeed. These visionaries don’t realize that entrepreneurship requires passion, drive, and an unbreakable work ethic. Love can carry you through days when you don’t feel like working; the industry can push you to accomplish more than your competition. And an unbreakable work ethic is often required to keep yourself from quitting.
Planning to start your own business?
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