These 8 mistakes entrepreneurs make will blow your mind. Entrepreneurs need to avoid these mistakes, else they will die off. In this video, I have shared these 8 mistakes so that you too can avoid them. Subscribe to our channel to learn how to start, market, and grow a sustainable business. Your chances of becoming a successful entrepreneur will improve if you implement our business teachings.
There are many mistakes startups can make that will affect the growth of their business. From experience, these 8 mistakes entrepreneurs make have a more negative impact on their business success.
8 Mistakes Entrepreneurs Make That Will Kill Their Business
Here are the 8 mistakes that business owners need to avoid to increase their chances of success.
1) No Revenue- generating Business Model
Not having a revenue-generating business model right from start is one of the mistakes startups make.
Putting off doing something, calling, sending emails, or writing proposals into the future is dangerous.
Having fallen into this trap before, I have learned my lessons. This is personality-driven. Introverted people are highly gifted, so want everything and all plans to be perfect. Sometimes 90% readiness is not even good enough for them.
4) Not Listening To Your Customers
You have to listen to your customers and know exactly why they are buying from you, to learn why they pay for your services.
5) Not Knowing The Competition
Every business has direct or indirect competition. There’s always someone who is doing the same thing you are doing or similar to what you are doing, that a customer can use as a substitute for what you provide.
6) Choosing The Wrong Investor
Be clear about the value beyond money that your investor adds to your business.
7) Making All The Decisions By Yourself
Early startups often begin with just a person. But as you grow you will find out that you cannot do it all by yourself. You need advice – some good advice.
8) Wrong Hire And Hiring Too Quickly
Don’t make the mistake of hiring people who don’t understand your company or its vision. Don’t hire people who are just looking for a job. They will kill your business because they don’t see the long-term goal of the organisation.
In the video, I explained each of the mistakes you need to avoid as an entrepreneur. Entrepreneurship or starting a business is a set of small experiments. You need to keep learning to grow your business. Offering the right business lessons is what we do at our resource center.
Subscribe to our channel to learn how to start, market, and grow a sustainable business.