In the journey of an Entrepreneur, there are several mistakes and failures. It is natural as people get confused about where to start and how to start it. Startups are not that easy and doing mistakes can cost you a lot. Not to worry we have Entrepreneurs like John Fielding Toronto and others that have climbed ladders and have committed mistakes along with it and we can learn from their mistakes. Founder of Array Marketing John Fielding a Toronto based entrepreneur serves as a principal of the Amsterdam Brewing Company.
Let’s get into it.
1. Embrace Failures:
One of the biggest mistakes an entrepreneur can make is being afraid of failures. Failure at some point is inevitable and can be your path to success. Learning from your mistakes turns your business into a huge wall of success.
2. Organize things:
Managing a business is not easy so you have to keep things organized. Make a to-do list, and look forward to it. Organize them based on their priority, effort, level of toughness. Being organized will help you approach things in a sophisticated way.
3. Understand the Market:
It is essential to study the market before you run a business, understanding the values and demands in the ongoing market and acting to its accord can have a successful impact on the business. And if you fail to do so, your business might fail before even starting.
4. Learn to Distribute Work:
Entrepreneurs in their early stages try to do everything by themselves just to save money or cut down costs. This is a big mistake as its loss can be felt later when the company faces losses. Do not try to do something which you are not good at. Hire proper people and let them do it for you.
5. Do not hire too Early:
One of the mistakes a start-up can have is hiring too much and too early. You should understand when you need employees and hire accordingly. Don’t push yourself.
6. Don’t focus too much on Money:
Being strongly focused on raising money and compromising the needs of customers and products can result in a loss of business. When you have a good product many will try to invest and this is important when you are trying to succeed as an Entrepreneur.
7. Get A hold of Contracts:
It is known to be one of the biggest mistakes an entrepreneur can make when doing a startup. The most important thing is to make contracts. Without them, you cannot run your business properly. Make sure your partner agrees to the contract and all else is positive.
8. Pay yourself the right Salary:
Sometimes entrepreneurs do not pay themselves enough money and sometimes they pay more than necessary. It is a big mistake and you should learn how much you want to award yourself from the revenue. Practice it with your partner and conclude.
9. Being Slow and Unaware:
Entrepreneurs go through a phase when it is all tough for those investors not willing to invest, business partners unhappy with the course of business and all else. All of these because unawareness of the things going on and being too slow in making the right decisions.
10. Picking the Right Investor:
Many entrepreneurs do this mistake of partnering up with an investor who is ready to pay more but does not share the same vision and morals with the entrepreneur. Always pick someone who understands and values your vision.
These were ten mistakes that you should avoid being an entrepreneur.