Mistakes You Wish To Avoid While Being An Entrepreneur

  • 18th Mar'21
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A major piece of beginning a business is having an arrangement at that point having the order to follow up on it. Being a piece of a startup isn't generally marvelous, and frequently requires just submitting yourself to the procedure. 

At the point when individuals fantasize about turning out to be fruitful entrepreneurs, of changing the world, they regularly search far and wide for thoughts and motivation. Americans hope to move to development bubbles like New York or Silicon Valley, Brits set their destinations on London and the rundown continues forever. However, frequently, leaving a neighborhood network to go to these "focuses" of development, where anything appears to be conceivable, and difficulties are constrained, can really be what stunts an entrepreneur's prosperity. 

In his book The Lean Startup, Eric Ries improves this point: 

“I have learned from both my own successes and failures and those of many others that it’s the boring stuff that matters the most. Startup success is not a consequence of good genes or being in the right place at the right time. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught.” 
 

Must Read: Does your business need a website


Mistakes of entrepreneurship

Finding a way to stay away from mistakes habitually made by new entrepreneurs is a piece of this procedure. Here are mistakes you ought to stay away from when beginning another business: 

  • Not spending enough money or spending too much money. 

  • Thinking you have no direct competitors. 

  • Making hiring decisions based on cost.

  • Not setting attainable goals.

  • Not thinking about marketing. 

  • Having too small margins.

  • Thinking you can do it all yourself. 

  • Being incapacitated by fear of “what if's.”

To know more about, startup mistakes to avoid, refer:

20 Startup Mistakes Every Entrepreneur Should Avoid: 

Here is a list of what small business experts say are the 20 biggest mistakes for a startup - Click here

15 Most Common Business Startup Mistakes You Should Avoid: 

To know more about the business mistakes that entrepreneurs must avoid, Click here

10 Deadly Startup Mistakes to Avoid: 

Here are mistakes that are traps to be avoided by startups at all times - Click here

 


Common mistakes made by venture

  • Overgeneralizing from small sample sizes.

  • Not diversifying across time. 

  • Valuing a team or product or market so much that the weaknesses of a company are overlooked.

  • Not being valuation sensitive. 

  • Not being thoughtful with follow-on investments.

  • Not being humble.

To know more about, common mistakes made by the venture, refer:

Most common mistakes made by venture capitalists: 

To read about the most common types of mistakes that venture capitalists make, Click here

Correcting the Most Common Mistake in Venture Capital: 

Here are the most common mistakes made in venture capital that must be corrected - Click here

 

Also Read: Legal issues surrounding co-founders

 

Final Thoughts: Mistakes of entrepreneurship

In this way, remember — where there is trouble there is an opportunity. Regardless of where we will be, we as a whole face difficulties and develop agonies. Rather than disregarding them and looking somewhere else, we should change them over to the motor behind our activities, and our inspiration for improving. 

To know more about, the single biggest mistake that you think entrepreneurs make, refer:

The Single Biggest Mistake Entrepreneurs are Making: 

To read about the single greatest mistaken that entrepreneurs are making, Click here

The Single Biggest Mistake Small Business Owners Will Make: 

What Is the biggest mistake small business owners make? To know about it, Click here

The 5 Biggest Mistakes Entrepreneurs Make:

To know all about the biggest mistakes entrepreneurs can make, Click here

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on the mistakes of entrepreneurship.
If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 


About the Author: Sudeshna Dutta

Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Akanksha Singh (Editor) , OpenGrowth Content Team

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.


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