Five mistakes new entrepreneurs make
June 21, 2022
When you decide to start a business, mistakes are inevitable. However, it is important to use good judgement and be aware of common mistakes and pitfalls.
Inc.com shares tips from author and entrepreneur Mari Tautimes to help new entrepreneurs avoid the following common mistakes.
- Being an entrepreneur versus having an entrepreneurial spirit. People who have an entrepreneurial spirit can be good leaders, but it may not mean they should start their own businesses. Being an entrepreneur requires a daily mindset that includes leadership, vision, taking action, and having the ability to overcome barriers and adversity. Entrepreneurs must be self-motivated, passionate and able to inspire others.
- Wearing too many hats. Many entrepreneurs try to operate completely independently rather than surrounding themselves with wise counsel and capable employees. Tautimes says: “This is such an important skill to develop because the only way to elevate the business to reach the next level is for the founder to properly delegate.”
- Complicating the business plan. Tautimes recommends a simplified two-page business plan to avoid it being too complex and more difficult to execute. However, she also stresses the importance of just having a plan—no matter the length—rather than making it up as you go.
- Hiring the wrong people. First-time entrepreneurs often hire people who are excited about their business idea rather than those who have the skills to help execute the vision effectively. Tautimes recommends creating a detailed job description to attract talent that fits; asking questions to learn how candidates handle challenging situations; and analyzing a candidate’s growth potential based on skills, experience and personality.
- Ineffective marketing. To reach the right people, you need a detailed marketing strategy that converts users into paying customers and prompts happy customers to refer you to others. Learn how to make your content compelling and incorporate digital marketing.
Tags: Business
