Entrepreneurship is an arduous task. Sustenance of startups depends on a multitude of factors. Here is the stark reality of startups-Nine out of ten startups fail miserably. While lack of experience in the world of work among the founders and co-founders may be a reason, it shouldn’t throw a potential venture into a dither. More often than not, first time entrepreneurs do not learn from the mistakes of failed ventures. To succeed as an entrepreneur, one must learn not only from the successful ventures but also from the failed ventures. To succeed as an entrepreneur, first time entrepreneurs should be cognizant of the most common mistakes.
Here are five common mistakes first time entrepreneurs make:
- Poor recruitment and lamentable hiring:
Most of the entrepreneurs fail to hire workaholics. In addition, entrepreneurs commit the deadly mistake of hiring not so dedicated enthusiasts. Lamentably, it leads to the downfall of the startup. Startup employers have to look beyond the resumes of candidates while hiring them. Make potential hires and ensure that your team has a bunch of intellects, visionaries and litterateurs.
- Embarking on a journey without a penny:
Not astonishingly, it isn’t uncommon for startups to enter into the world of work without adequate finance. Startup entrepreneurs rely on angel investors and venture capitalists. As a consequence, first time entrepreneurs fall prey to the decisions of angel investors and venture capitalists. They have to abide by the decisions of these investors.
- Lack of a pragmatic business plan and business model:
Without a pragmatic business plan and a feasible business model, it is impossible to exude a striking sense of satisfaction. It is extremely difficult to tread the path of success without a business plan. By having a business model and a complementing business plan, one can focus on long term goals and immediate objectives. A business plan allows you to take consistent action on a daily basis.
- No focus on customer engagement:
Identify your target audience. Keep your customers engaged. Maintain blogs and integrate blogs with mobile optimized websites. Post content on Twitter and Facebook. In addition, organize contests and reward the participants with petty gifts. Beef up the online contests. Create eureka moments to your customers.
While the mysteries of decision making are more puzzling than ever, one can never remain blissful and float in ignorance. Use your volition to break free and do your best to re-organize your work. Do not cling on to the same idea if it doesn’t change the way your business operates.
Begin your work with a renewed zest. Your dedication and determination to your work and goals make you a deserving entrepreneur. Learn from the common mistakes first time entrepreneurs make and cut right to the facts.