Being an entrepreneur is not an easy task. The fruits of the success at the end of the road are always good to taste. But the path is fraught with difficulties and failures. Not everyone has it in them to tread on in spite of the failures.
It is easy to say that failures are the pillars of success, but to act on that advice is very difficult.
Leaders, especially the ones who are new to the industry and lack experience, tend to make a number of mistakes. Sometimes, paying attention to the troubles that others have faced — and overcome — can help guide you away from issues you may not have otherwise seen coming.
Seven young entrepreneurs got together to discuss the usual mistakes people end up doing while running a new business. Their insights have been put together in a report by Forbes.
Here’s a list of those common mistakes young leaders commit and a simple guide as to how these can be avoided.
Being impatient and not seeing things through
Some feel that the most common and dangerous mistake that entrepreneurs tend to make is being impatient. Business is a long-term thing and to be disheartened by short-term failures or hurdles is not the way out.
But, unfortunately, many end up doing that. They do not have the patience to see through a plan and make hasty decisions which might cost them a lot.
Not having enough faith in oneself
A budding entrepreneur should value oneself the most and have immense faith in their abilities as a founder. It is tempting to trust more experienced investors and business advisors but it is important to remember that no one will think about the good of the company as much as the founder would. It is important to keep that in mind when preparing to work with other brands and companies, and when taking on investors. Saying ‘no’ to an opportunity is fine, there will always be more.
Not having a balanced approach
Trying to please everyone is not the right way out. It is easy to want to appease a customer or potential customer, especially at the evolving stage. It is never a bad thing to push oneself out of the comfort zone and strive to be the best. That said, this desire to provide the best should not reduce the company’s efficiency and put it into a situation where they are no longer in a position to meet the raised standards.
Not being one’s best productive self
There’s a famous saying among the entrepreneurs: “hire a lazy person to do a had job, because a lazy person will find an easy way to do it.” However, the young leaders opine that one of the commonest mistakes happen when the leader is not productive. Being lazy has no excuses. A founder should always remember that a number of employees depend on her and that she should never shirk her responsibilities.
Losing touch with the consumers
The company was started with a goal in mind, with a purpose to serve the consumers. The founders should never lose sight of that goal. It’s not about pleasing future investors, venture capitalists or the industry peers. Imagining one’s customers’ pain, their problems, their workflows and speed bumps will be invaluable to the growth of the organisation. It’s never about a single person, it’s always about them.
Overconfidence
Like everything, youth too does have its shortcomings. A leader brimming with energy to do something for the society does not think of stopping and reconsidering her decisions. She considers herself always correct and this false sense of right often leads the company into pitfalls. Thus, it is essential to seek out the right kind of advice before making mistakes from which recovery seems impossible.
These simple yet succinct tips to every new and young entrepreneur are sure to help and make them more confident about their work.
Also Read: Empowering lessons about failure
