14 Top Mistakes of Entreprenuers

While handling a business you may find many common mistakes of entrepreneurs which may be dangerous for their business. As you all know that online business is at its peak in this new era of the Internet and many people are adding them in entrepreneur’s list.

But do they know about entrepreneurs mistakes? Are they aware as there are some things they need to know before starting their online business? Indeed there are certain rules one have to follow in order to be a successful entrepreneur.

It’s always a mysterious question for the people who are going to enter this new world of online business. How about having a look at some deadly mistakes of entrepreneurs?

In this, you will come to know about some amazing facts about entrepreneurs and the mistakes they makes which can ruin their businesses. Let’s see the table of content of the post below:

Table of Content:

Topic I: What is entrepreneurship?
Topic II: Who is an entrepreneur?
Topic III: Common mistakes of entrepreneurs

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Topic I: What is Entrepreneurship?

Our first topic is to know what entrepreneurship is all about. I know many have been hearing the word entrepreneurship but don’t exactly know what it is all about and what does it mean. An entrepreneurship is an activity or a process of setting up a new business, offering a products or services for sale or hire.

Entrepreneurship has been described as the “capacity and willingness to develop and manage a business venture along with any of its risks in order to make profit.

Topic II: Who is an Entrepreneur?

I’m sure that you learned about the word “entrepreneurship” in the above topic. We are going to see who is an entrepreneur now. A simple definition of an entrepreneur is: a person who sets up or manages any enterprise, especially a business, taking on financial risks in the hope to earn profit.

An entrepreneur play a key role in any economy. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Entrepreneurs are commonly seen as an innovators, a source of new ideas, services and business. Now, considering the above definition of entrepreneurship, any person focuses on entrepreneurship is an entrepreneur.

Topic III: Common Mistakes of Entrepreneurs

Though we all are humans and mistakes are the part of our life but still it’s better to know about them so that we can take care while doing our business.

While running a business it’s hard to run it perfectly and there are many things which go wrong in between. As people are thinking to become Entrepreneur to make some dollars by promoting their product and services they should have some idea about some stuff to keep in their mind. You may have read about Entrepreneurs’ habits now it’s time to know their mistakes.

1. Hiring wrong people for their work.

Successful Entrepreneurs have a special quality to do the perfect selection of the employees for their business but some Entrepreneur forget to do it correctly. They forget to focus at their business need while hiring anyone.

For an Entrepreneur his/her business is the main concern but when it comes to choose, anyone to do work for them then they should concentrate so that they can hire accurate one.
It’s of no use to hire a person who knows about technology and you hire him/her for your promotion services. Go for the one who has some knowledge about the work you are going to provide him/her.

2. Are you waiting too long?

Many Entrepreneurs wait too long to launch their product because they feel like time is not in favor of them. They don’t have enough visitors to their blog.

They wait for months, years and finally there come a time when they feel like they have lost the original value of their product. It’s recommended that people should focus on their work but don’t need to wait too long. Go ahead and show your product, service and else to the world.

3. They try to handle alone.

This is one of the deadly mistakes of Entrepreneurs. Many people think that they have their own business and don’t need any help from others. Is it really so? I mean it’s nearly impossible to grow your online business without hiring proper employees.
Try to engage with the people which can help you to boost up your business. If you are already making some money then you can hire any social media manager, promotion consultant and else. It’s up to you and your business.

4. They don’t listen to their clients.

Think about your customer’s demand. How can you come to know about their need? You are not an astrologer who can do it within few minutes.

If you know what your customers want then you need to listen to them. You can use social media to connect with them. Or you can provide an online ticket to know your customer’s needs.

You can lose your online reputation if you don’t have time to know about your client’s need. Try to build a reputation by which your customers give positive reviews about you and your product.

5. Don’t stick to their topic.

While doing a business it’s important sticking to your topic or product. I don’t mean to say that you shouldn’t spread up no one can say that but the important thing is while going with the topic which is your passion and work will be beneficial to provide better service to your customers.
If you continue to work with your topic then you will be able to build a competitive business online.

6. Afraid to take risks.

This is also added in the common mistakes of entrepreneurs. Many people get afraid to take risks in their online business. An entrepreneur should try their new ideas to implement, their products to launch so that they can take their business to the next level.

Taking risks is the part of any business whether it’s online or offline. People can’t get the success until they dare to reach to the next level. So never afraid to take risk if you’re planning to become a successful entrepreneur.

7. Mismatched of their aim.

If you don’t have any idea about the aim you have set up your business then how can you accept it to know from your customers, employees, partners and else?
First, make it clear that for what you are working? Make your vision clear and you will reach a new peak of success. Great things happen only when clarity is maintained.

8. They give up easily.

In every business ups and downs come then it doesn’t mean that you will give up. This is one of the deadly mistakes of entrepreneurs, and some online marketers.

How can you give up so easily with your business? Many new entrepreneurs try hard in the starting days but when they face downs in their business and don’t see any hope then they feel like giving up.
Giving up is not a solution for anything. Entrepreneurs should have faith at their hard work. They will surely get positive output. There is nothing which lasts longer and there come a good time to you which will bring a revolutionary change. Always remember that persistent is the key of success.

9. They don’t negotiate their business

Do you know that a business without negotiation easily fail? One of the great mistakes entrepreneurs makes these days is they just run a business without negotiating it’s plans and strategies. Find a pen and a book, start writing your business plans down to negotiating it. I think no successful business will be done without plans and strategies. As a new entrepreneur, you should know how much you will invest in the business, and how much are you expecting to earn. Which kind of problems will you face and how to solve them. Still, think that the business you’re focusing is profitable or not and find out your sources of income in the business.

Definitely, negotiation of your business will help you be a successful entrepreneur and avoid those mistakes which can easily ruin your business.

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10. They don’t know the marketing strategies

Do you know why the world’s most successful entrepreneurs became successful today? The answer is; because they know the basic marketing strategies which helped them runs their business successfully.

Some entrepreneurs don’t know the marketing strategies and just run a business which at the end fail. I don’t know if you will be shocked if I say that running a business without strategies is just like a tea without sugar. Look, before starting a business, you should be persistent and learn the strategies which will definitely help you run your business successfully.

11. They are not ready to distribute.

For every business, there exist many business owners who have their reputation. You will meet many competitors in online business.

You must know that to beat those people you have to take some help from brokers, marketers and else. Ask them to sell your product. You will know the real value of your product by approaching them. They will help you to promote your product and increasing your online value.

12. They’re never on time

Money comes and goes, but time only goes. If you’re going to hit your goals, projections, and more on time, you must always start weigh ahead of the deadline.
Timing is everything. If you’re all about last minute preparations for almost everything you do, then you’re equally on a last minute preparation for a long-term failure.

Getting to meetings late, waking up late, having supper late, delivering projects & contracts late, paying salaries late, and much more, will make your staffs, other individuals, and organizations that need your services or products, look elsewhere for more credible businesses.
If you attend to your customer issues late, you’d discover they’ve already signed up with a competitor that truly cares about them and their time.

Not keeping to time will end up making you lose a lot, and eventually your business’s credibility. With a bad reputation firmly built, it’s a matter of time before you file for bankruptcy and go out of business.
Remember, timing is everything!

13. Change is difficult for them

Times always change. What works today may not work tomorrow. What people buy today, may not be bought tomorrow, and the cycle goes on and on. If you’re stubborn to change, you’d eventually find your business in extinct, and wouldn’t be confident enough to explain how it all happened.

Attending digital marketing seminars, learning new sales techniques, studying how social media can help your business, and more will ensure you’re always vibrant with new information.

Don’t phase out like the great industries of the 1960’s that refused to adapt to the changing tides because after all, they always made statements like, “this is how we have always done things” . Position yourself in the new trend. Make your business a pillar for new achievements, and perhaps, you’d remain as relevant as Coca-Cola and Western Union has remained for over 100 years.
Change with the times, or you’ll be left behind!

14. Don’t know the real cost.

Many new Entrepreneurs don’t know the real cost of their business. They don’t have any idea how to pay to the people they hire.

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What about other partners? Money always has it’s great concern and Entrepreneurs should know the real cost what they need to pay for running their business.
No one can make money in his/her starting days. Entrepreneurs should make a schedule for work and have some knowledge about money management so that they can run their business profitably.

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Mohiddeen Ahmad

I am Mohiddeen Ahmad, the fountainhead of Flowdiary Blog. I Manage this blog and post articles relating to Entrepreneurship, Online Marketing, Technology, Blogging and more.. Stay updated on Facebook, Google+, Twitter, Instagram, and YouTube

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