Report have shown that about 50% of start up businesses fail within the first five years of existence, that is not a good news or a news to celebrate because I can imagine an entrepreneur putting everything he has into a business that eventually collapses as a result of one thing or the other.
This is one major reason why entrepreneurs should always endeavor to gain insight before venturing into their chosen field.
Mistakes have been made been made in the same field a new entrepreneur is about to venture into and it is only right to obtain knowledge from those who have gone through similar parts, this way new entrepreneurs will not venture into the same direction older ones made mistake from.
So this post aims to quickly highlight major mistakes made by entrepreneurs that results in failure.
- Entrepreneurs often ignore the necessity and importance of laying a proper business foundation, it is pretty easy to run into making sales and marketing but there are certain things that should be put in place to ensure that consumers are satisfied.
Getting your website to run properly is one of the things that you have to put into adequate consideration because this is one thing that could easily turn off customers.
- Regarding business as a get rich quick scheme: Business is not something that could turn you into a millionaire within the space of one month and even if that is going to be achieved it is going to require lot's of zeal, consistency and sacrifice.
As good as it is to go into business, it is wrong to go in with the motive of making some great returns within a short period.
- Always thinking of short term goals alone: Every decision made in business should include long term goals and not just short term.
An entrepreneur should always think about the present as well as the future.
- Taking the concept of following your passion to the extreme: Becoming an entrepreneur is going to take more than just doing what you love, it is definitely going to involve you doing the things you do not like.
So if you are just prepared to do the things you love to do, then know that the entrepreneurship isn't for you dear friend.
- Expecting everyone to become your customer: It is necessary to understand that it is not possible for everyone to become a customer, learn to build your customer base properly but never force anyone to become a customer because not everyone needs or requires your service.
- Lack of proper time management: New entrepreneurs often forget how important their time is as they waste lot's of it on things that are irrelevant.
- Taking competition to the extreme: Competition should exist in business but it should never get to the point of destroying personal lives, start up entrepreneurs take competition to the extreme that they begin to destroy themselves which is not right as there will be no record of growth in the process.
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Remember to always wear a beautiful smile and stay safe.