Common, Deadly Mistakes Made by New Entrepreneurs

Perfection is not something you expect from the start of an entrepreneurial journey. This is probably one of those many things that nobody tells you about being an entrepreneur. Now, before considering myself as the CEO of ProofHub, I am an entrepreneur. And that’s why I have a pretty good idea about how entrepreneurs sleep, eat, read, live, love, party, work, or do whatever else they’ve got to do.

So, what I am going to do is offer you a bit of an inside look into the life of an entrepreneur. Formulating policies, hiring manpower, planning the distribution of resources, overseeing progress… it all looks so easy, doesn’t it? Well, let me let you something from experience — it’s really hard, stressful, and exhausting being an entrepreneur each day. You can often end up making mistakes in the simplest tasks.

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This article represents some of those silliest and deadliest mistakes that new entrepreneurs are prone to make when starting a new venture. And that’s not it. I am also going to share a few key entrepreneurial lessons that you will need to avoid making those common mistakes.

  1. Spending too much (too little) money

As a new entrepreneur, money is initially one of your biggest concerns over everything else — even if you don’t like it. Spending too much or too little, when taken to the extreme, can be harmful. Therefore, be wise about how you spend your startup cash.

Entrepreneurial lesson #1You should never be afraid to invest in good people and quality products. Both of them are long term investments.

2. Not paying attention to direct competitors

The excitement about a new product or business is unimaginable. And it can often lead you into thinking that you don’t have any direct competition in the market. Now, unless you’ve invented a completely new product or business category, there are people who are already thinking about what you’re thinking or doing what you’re planning to do.

Entrepreneurial lesson #2Do your due diligence to identify products and businesses in a similar niche and find out how you can differentiate your product and business.

3. Setting non-attainable goals

New entrepreneurs are attracted to “big ideas”. And most of these ideas encourage entrepreneurs to work without a solid plan. But the reality, setting realistic and attainable goals (short-term and long-term goals) is important to succeed.

Entrepreneurial lesson #3Don’t have I-want-to-make-$1-million-this-year kind of attitude. Set a reasonable goal, and then determine specific steps needed to reach it.

4. Not befriending latest technology and trends

From finance to communication to management to advertising, embracing the latest technology and trends is the only way for an entrepreneur to succeed today. In fact, there are dozens of free tools and software solutions available to do challenging tasks in new start-ups and businesses. Many new entrepreneurs fail to use this fact to their advantage and end up making the biggest mistake possible.

Entrepreneurial lesson #4Watch out for the tools and trends that can benefit your new venture. For example, if you’re getting a hard time keeping your projects and project communications organized, go with project planning or project management software like ProofHub to match your specific needs.

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5. Putting product first and people last

When creating your product and business model, it’s good to have a customer-first mentality. however, many newbie entrepreneurs are more concerned about making money than having a sustainable business with satisfied, loyal customers.

Entrepreneurial lesson #5Focus on great customer communication and create a business model where customer satisfaction thrives.

6. Being too afraid of “What Ifs”

Starting a new business is scary. And being scared of failure and rejection is obvious. But what’s wrong is letting yourself become incapacitated by this fear. This is the kind of mistake that hinders your progress.

Entrepreneurial lesson #6Make recognizing common fears your first step, followed by a risk assessment strategy that covers all the potential/possible risks.

7. Not making marketing a priority

Every entrepreneur and startups need to invest heavily in digital marketing. This includes SEO, SMO, content marketing, paid advertising, display advertising, mobile optimization, etc.

Entrepreneurial lesson #7 — Take a look at your competitor’s digital marketing strategy and craft a strategy that beats all.

Entrepreneurial life isn’t what most people think. And if you are one of those who have just stepped into the world of entrepreneurship, you’ve got to be careful. The mistakes and lessons I’ve highlighted will certainly make things easier for you. And if you keep them in mind while starting a new business or making important decisions, you’ll be good.

Have an entrepreneurial story to share? Let’s share experiences (good and bad) in the comments below!

If you enjoyed this…

Read the other articles:

  1. 6 Steps Every Team Should Follow — A Project Management Guide for 2019
  2. 10 Powerful Tips For Project Management Success
  3. 9 Best Practices for Successful Project Management
  4. Work Hack: Leveraging Project Management Software to Improve Team Productivity

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Internet Entrepreneur, CEO of SDP Labs and Founder of ProofHub