11 mistakes an entrepreneur should avoid

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Entrepreneurship is a professional choice that many choose with the desire to be able to carry out their ideas in the form of projects. It is a path that requires effort, sacrifices, but also presents the possibility of reconciling work and personal life as one wishes.

It is very normal to make mistakes when undertaking. All entrepreneurs go through this phase simply because it is a learning process.

To help you move forward safely in your project, I would like you to take note of these possible mistakes so that you can avoid them if you have decided to start with your project.

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Most common mistakes in entrepreneurship

These are the most prominent errors:

1. Start without a business plan

This is a mistake that can lead to future problems. Starting if a business plan in which you can have your action plan, without a solid basis to move forward, can be a problem.

A business plan is similar to a puzzle in which each piece is dedicated to an important part of your business. Some of these pieces could be:

  • Human Resources
  • Marketing plan
  • Financial plan
  • Internal weaknesses and strengths
  • Competition study
  • Products / services that you are going to offer

It is a study that you must do before starting your company. In addition, it will help you to request aid and subsidies if you need them since it is the main document that they ask for in any bank and investors.

This will help you to have clarity of ideas and know what you will need to develop your business successfully.

Access the manual: Prepare a business plan

2. Compete for price

Here we talk about starting with very low prices and thinking that you should always compete for price. This is a very common mistake that can ruin your business.

It will always be more difficult to raise prices than to lower. Therefore, to begin, investigate the price of your competition, the value they offer and the value contribution that you offer. As a result, specify realistic prices, but that also help you to maintain your business.

If what you want is to be continuously making offers, discounts and lowering prices, it is a not recommended idea.

3. I am the best creating services

A gross and common mistake. Showing ourselves in love with our idea is not bad, but losing objectivity and believing that we are the best if it can be.

Sometimes you can have wonderful ideas, but they do not have an equal outlet in the market. Therefore, it is important to be realistic and consistent.

Asking, investigating and taking into account the opinions will help us to have a clearer idea of ​​whether our idea can really be a successful project or better discard it.

4. Learn to delegate

If there is one thing that is clear when starting a project, it is that the entrepreneur is a one-man band who controls each of the actions to be carried out. It is so important that in economipedia we have created a guide to that effect:

Guide to learning how to delegate effectively

This often happens because we may not have enough resources to have competent specialists to help us. But this must change if the business moves forward. Focusing on what we are really good at will help us to be more productive and focus our energy on what we should and know how to do.

Therefore, it is important to learn to delegate and find the right professionals for it. Otherwise, our project may be affected. However, for this, it is important to do a preliminary investigation of the candidates, start a chat with them and assess their experience.

It is always good to ask and look for references to leave the actions that we are not going to work in the hands of someone you trust.

5. Partner with someone

It may be that you have decided to undertake in company. Now, is it the right partner or not? You must bear in mind that many businesses are ruined by problems between partners. The most advisable thing is to make clear from the beginning the tasks of each one, the schedule and the commitment to develop them.

If we do this in writing, so much the better.

6. Put marketing aside

This is a very common mistake. Having the product, having spent the entire budget on other manufacturing actions, for example, and not having something as essential as marketing, advertising and communication to help its sale.

The product does not sell alone, and there have been many cases of this type that I have encountered due to not having made a good forecast of expenses for the marketing area.

Think that the end customer should know it. You will have to take into account the strategies you want to undertake to carry it out:

  • Are you going to advertise it on social networks?
  • Are you going to have a blog to provide useful information about it?
  • Will you carry out advertising campaigns?

All this requires specialists and an investment, but it is the only way that your product does not remain in a closed drawer.

7. Forget about the competition

It is a piece of information that will help you when it comes to undertaking. Know what they are doing, what works for them, the products they have, their prices, among other issues. All of this can guide and guide you in your own business.

Many entrepreneurs forget this important data and it is a mistake. If we want to position ourselves, we must know our competition and from there assess our contribution of value and differentiation so that the audience is directed towards our products.

8. Invest too much at the beginning

You need to be careful with that. It is important to have a budget in line with the idea to be developed, but not to mortgage ourselves for life.

Some entrepreneurs insist on starting high. However, the most advisable thing is to assess what is needed, the possible profits and invest progressively.

9. Be unrealistic

Thinking of too big and immediate goals will never help. On the contrary, it can create frustration and tension.

For example: thinking that if we open an online store the following week 10,000 units will be sold is complete madness.

If so, great, but not usual. Start with simple goals at 3, 6 months, and a year.

10. Relying on external aid

Subsidies and financial aid are not immediate. If we depend on this, it can be a big problem for us.

We can request this type of economic amounts, but we cannot be governed only by them. We must have a suitable budget for this.

11. Drop out of training

Learning new techniques for our business, strategies and tools can help us offer a better service and a contribution of value that positively differentiates us from the competition.

Therefore, learning and studying will be something that it is not advisable to abandon at any time for the good of our business.

Tags:  right markets Business 

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