Entrepreneurship isn’t easy. TV shows present successful entrepreneurs as happy-go-lucky people who have only known success. In reality, the corporate world isn’t forgiving. There’s very little space for mistake. Here are the top 5 mistakes unseasoned entrepreneurs often make. I hope you learn from them because I’ve done them all 😀
Overconfidence, giving facts a back seat
The problem with entrepreneurs these days is that they are too overconfident about their ideas. They do not bother to step into the real world and instead make castles in the air about the success of their products. Always validate your business concepts with learned and experienced people in the field and other seasoned entrepreneurs.
Not taking enough risks
You see, there’s this golden rule in business: More risk, more profit; less risk, less profit. Fresh entrepreneurs want to make a lot of money without any hiccups. Sorry snowflakes, not possible. You’ll have to test certain ideas in the market without a harness or the possibility of a good return. You might even lose your investment. However, small defeats like these will strengthen your resolve and leave you wiser.
So many ideas, too much confusion
You’ll receive advice from everyone. A few suggestions are okay but don’t divert your mind on thousands and thousands of “here’s what you should do”. When you start wasting your time on the heaps of possibilities created by those ideas, you’ll feel utterly confused.
Falling into the ego trap
So you might have won a few battles in your entrepreneurial journey but that doesn’t make you a king. The ego trap will make you an overconfident and obnoxious snail. It will affect your networking skills and give you the impression that you’re infallible, till bankruptcy.
Product before clients
This has to do more with hobbyists. People who make a business out of their leisure pursuits are attached deeply to their products. This kills the scope for development as they cannot see their product being changed. The lack of development causes the downfall of the business.
While my tips might enlighten you, you’ll learn better when you’re thrown into the competitive corporate world. Godspeed