Mistakes are inevitable in the corporate world and plenty of successful entrepreneurs will vouch for that. Even with commitment, drive, hard work, passion and luck, the action of starting a business is no easy feat. Plenty would throw in the towel because let’s face it, running a company can be quite daunting. Even people like Mohd Kassim Sulong, Miliee Kassim and Tan Sri Dr Mohan Swami were not always the wealthiest of individuals, and their fortune certainly didn’t come easy. Ultimately, running a business is a learning curve, and although blunders are bound to happen, it is how an entrepreneur learns to grow from them which is most important, or even better, avoid them. Here is a list of mistakes that are commonly made by entrepreneurs that are new to the business world.
1/6 Not researching well enough
An entrepreneur needs to be well equipped and knows every aspect of the business. This is not excluding target market, competitors, marketing strategies, strengths, weaknesses, assets and liabilities. Look for the current trends: is the product marketable? Is it profitable? Failing to realise the importance of detailed research will result in an early failure.
2/6 Not having a clear goal
Plenty of young entrepreneurs start a business without setting a long-term goal for the company. Sure, the company is growing now, but will its mission still be relevant 10 years down the road? Planning ahead and setting annual goals are important factors to consider prior to setting up a business. A realistic aim will provide them with the wants to achieve more.
3/6 Not spending money
Being too frugal can affect the growth of a business greatly. Money is certainly a concern, and wanting to save as much as possible is indeed a good trait. However, when taken to extreme lengths, it can be problematic. Spend money wisely, but not too thriftily. Entrepreneurs should not fear to invest in something that can benefit the business in the long run.
4/6 Being impatient
Many expect an overnight success but fail to believe that Rome wasn’t built in a day. It is vital to understand that time is much needed for a business to grow. Put in the consistent effort and avoid the mistake of having such high expectations in a short span of time. The wait may seem tiresome and long, but it is the key for entrepreneurs to not lose focus on their goals.
5/6 Not wanting to listen to feedback
No matter how skillful one can be, feedbacks and criticisms can serve to be more beneficial. Especially when such inputs are from other more experienced individuals. There is no harm and shame in taking advice from more knowledgeable people.
6/6 Hiring the wrong people
Employees are the key driver of the company’s growth. As an employer, it is extremely important to empower and instil the awareness of self-improvement into those who work for the company. At the end of the day, an entrepreneur still requires the assistance of the employees to help reach their goals. Being intellectually superior is great, but soft skills, work ethic and passion matter too.