There is no golden rule to become a successful entrepreneur or to become a millionaire but there are higher chances to become Successful.
If you avoid the mistakes Entrepreneur makes and learn from it, If you go to a successful person you can only get inspired from him.
But if you go to a unsuccessful person you can learn life lessons from his mistakes
Therefore, here are the 11 common mistakes Entrepreneur makes in their Business and Life.
So here are for mistakes entrepreneur make and as a entrepreneur if you want to get and Idea that you will be successful or not then click here
1. Trying to take advice from too many people
Most of the people around you have no idea how to achieve goals you have but it doesn’t stop them by advising you so just don’t ask advice from anyone in front of you.
Ex. If you are a student then there are many people who are ready to give you advice even before you ask them they will tell you many thing
like how to do study, what is the strategy to do it efficiently, how to solve problems, how to do this and that and many more things.
But you don’t have to get influenced by them these are just their opinions how do they did their own studies.
But these tactics may not be applicable for you, here they are not wrong and even they are not right it’s just their opinion so don’t take it very seriously.
Taking advice is good but from whom to take advice is also very important if you want to become a millionaire
Then you should take advice from millionaire and not about what he is doing right now and how he is earning so much.
But you should take advice that what you have done when you are at my age, my condition, my position and even his advice may not be right for you because you are different from him.
Trying to take advice from too many people is the most common mistakes entrepreneur makes.
2. Forcing Vs Influencing
When you become a entrepreneur you feel like you are the boss you can do anything you want to do, you can work any time, you can wake up at 10:00 am because you are boss.
This attitude will crash you to ground when any one become a boss or entrepreneur it is very much new to him, because he was never boss in the past, he may be the employee or student or anything in his past days.
So we don’t have the mindset of a boss we don’t know how to influence people, how to make your work done, how to make your employees more productive.
At the end we start to force our employees to do the work, we start to frustrate our employees, we give them stress and we end up with losing our employees or co-workers.
Don’t try to be boss very early because you may have some people in your team that have more knowledge then you, more experience then you.
First learn from them everything they have more then you then also don’t try to become a boss just maintain discipline in your team.
Influencing people is one of the most important skill an entrepreneur should learn and forcing employees to do work which you want is the most dangerous mistakes entrepreneur make.
3.Living your dreams to early
Many business depends on seasons, festivals, a certain duration when their demand is very high at that time entrepreneur or businessman doing that business make lots of profits.
If you also have such business and at current situation if you are receiving a good profits and your business revenue has seen a immediate growth.
Then don’t be so happy and don’t spend money on useless things like parties, events, buying big house, expensive cars etc.
Because this growth is seasonal and it will go after some days and if you will spend your all money today then it will be very hard to sustain your business afterwards.
Therefore many businessman doesn’t give bonuses, increment or any other things to their employees when their business saw a huge growth suddenly.
4. Trying to sell many products
Sales is necessary for any business and almost all entrepreneur make this mistake to sell many product at a time and even they don’t realize that why people are not buying product from them.
Providing a full detailed information about any one product is way much better then providing two- three line description about hundred’s and thousand’s of product.
For Ex. If you searched this same keyword common mistakes of entrepreneur makes and you got an article like –
Most common mistakes almost all entrepreneur makes are
- Trying to take advice from too many peoples
- Forcing Vs Influencing
- Living their dream life to early
- Trying to sell too many product
Then you will like this above short article or full detailed article which talks in depth of all points
So never try to sell many products at a time but you can sell products related to that
For ex – if I am selling a car then I can sell car-cover, seat-cover, car-cleaner, and some car accessories but if I will sell computers and laptops with them then no-one will buy my products.
Never try to sell many product at a time this is the most common mistake almost all entrepreneur makes.
5. Thinking that I knew it all
Steve jobs always said “stay hungry and stay foolish” Here he means that be always hungry to learn skills, different things and be foolish don’t show that you know everything start from beginning.
If you think you already know everything then you are high risk and half knowledge of anything is harmful and if you think like
“ I know basics of this particular thing I have to just learn the advance level of this”. Then your basics will be very weak.
The best way to learn anything is – first forget everything you know about it and then start learning from it’s basic
Because when you think that your glass is already filled with water then you can’t store more new water.
6. Not having Mindset
When you jump in this business world you don’t have a mindset how to handle situations, stress, anxiety, loneliness etc.
Because many of you may have never faced such problems in life , as you were not businessman yet.
You may be the person working in company, you may be student, you may be housewife so you may don’t have business mindset.
Hence you have to develop your mindset you should try to think like businessman, you should listen to their speech, you should analyse their vision to see things, their perspective etc. in short try to learn from them.
7. Selling product not value
This is the very common mistake almost all entrepreneur make – in today’s world people don’t understand that today those days are gone where you can sell product by showing your product to everyone and telling their features.
Today if you want to sell product then you should not talk all the time about your product because then people will remain away from you.
In today’s world if your product don’t solve people problems and satisfy their needs then no one will buy that product.
Best way to sell your product is to first give the solution to their problems and then informing them that this product is very useful for you if you are facing this problem but you can go for it’s alternative or you can use it trial version.
8. Not respecting Money
As I am Indian and in India Money is considered as a god ( laxmi-mata ) and we are always taught to respect money and when it come to us then we should not become greedy we should donate them.
But many times people become crazy about money and even don’t respect it we should not spend money unnecessarily if we have enogh money then we should donate it and never disrespect Money.
There is one story in our culture
Once laxmi mata ( money ) think where should I go in rich people house or a poor people house then she realize that
If I will go in poor people house then they will keep it for themselves only and will never donate it
If I will go in rich people house then he would be having much enough money already then he will donate it to the people and she decide to go in rich people house
Moral of the story is – If you will donate money then only you will get it .
9. Not having clear vision
Clear Vision is necessary for achieving anything in life, so if you don’t have clear vision of what you want to do
Then try to think what your next step will be and what you want to achieve, which change you want to see in the world, what impact you should possess on the world.
If you don’t have plan then it’s okay but if you don’t have clear vision then there is a problem
For ex. Imagine you are going in a forest and you know where you want to reach and some time later you lost your way 5hour past you not got the right way
1day past, 2day past now if you not have determination, if your vision is not clear then you will slowly lose your hope to get out of that forest.
But if you are determined if you know that I am going to face challenges I am going to be hungry for hours and days, I am going to face some wild animals.
But I want to get out of this forest, I know I am going to get out of this forest, I have believe in myself then you will get out of that forest
Because there is not a single wall made which can’t be broken-down by determination and consistence.
10. Not accepting the mistake
This is also a most common mistakes almost all entrepreneur make
Accepting our mistake is really a difficult for any person, but it is very helpful for your business and your own personality.
Sometimes people also blame others in hiding their mistakes and if you will blame any other person in your company then your impression in front of your employees will also decrease.
So it is very helpful if you admit your mistake rather than blaming other people.
11. Not quitting
A survey was done on startups and it stated that 90% of the startup close in their first 5 year. So it is my suggestion to not quitting your business .
That’s it just not quit your business, but ……
“People say never give up, but sometime giving up is the best option, because you realize you are wasting your time”