Watch out for these mistakes if are kickstarting on your very own entrepreneur adventure or business this year. While it is easy to infatuate out of excitement and determination, you must abide by some “rules of entrepreneurship” and tread with caution. Otherwise, it won’t be so pretty.
As you would find as you read on, they might sound very blunt but the fact is, rules are there to guide you and from observations and researches, these outlined mistakes are common routes to business failure.
Business Mistakes To Avoid In 2016
#1 Overnight Success Expectations
It’s not a crime to have high expectations as a new entrepreneur, but don’t expect millions to start flowing within a minimum range of launching your business. Entrepreneur adviced not to pay attention to media that would always convey news of million values in a few months and venture into the business knowing that it may require a long time to get off the ground. If it happens quickly, that’s a bonus, but it’s better to have realistic expectations and not be disappointed.
#2 Folding Your Arms and Assuming Boom On Sales
That won’t do at all. No matter how great your product is, if nobody knows about it, your business will fall. That is why you have to market your business and put it directly in front of your target audience.
#3 Failing To Perform Simple Due Diligence
The world is global village, therefore you should be acquainted with media networking if you want your costumers or audience to know about your business.
Entrepreneur suggested that a basic word mark search through the Trademark Electronic Search System (TESS) should be your first step. If it looks like your business name isn’t going to infringe on a mark, see if the domain name is available and then move on to social media profiles.
#4 Not Starting with A Long-Term Plan
Starting a business without a long-term plan is like build ‘castle in the air’ which according to entrepreneur, is an entrepreneurial suicide.
While you can’t predict (or prevent) all obstacles you will encounter, setting up some long-term planning will help you avoid inexcusable mistakes. For example, a long-term marketing budget will help ensure that you have funds to cover the marketing, while still leaving enough money to handle operations and payroll.
Imagine that you didn’t have a long-term plan mapped out and instead allocated a large chunk of money to an advertising campaign that didn’t pan out as expected: You’d lack the funds to cover operations and payroll, meaning, ‘in a sea with lots of sharks’ your business will disappear.
Read Also: Shell Plc Set To Lay Off 10,000 Employees
#5 Not embracing the lifestyle 100 percent.
Entrepreneur gave this the perfect demonstration, it goes like this:
Being an entrepreneur is perceived as “cool” these days, thanks to mainstream media, the hit TV show Shark Tank (which places business owners on a pedestal) and billion-dollar companies, like Facebook, Uber and Snapchat, dominating the news headlines.
But starting a business requires more than media smarts. It requires that you embrace the lifestyle that comes with the territory. Long hours, constant problem-solving and stress are just a few things to expect, along with:
- Saying goodbye to a major chunk of your free time and sleep
- Limiting time for family and friends
- Putting hobbies and personal interests on pause
- Making your new business the top priority in your life
There it is, so if you are up for the challenge, be conscious of these mistakes and be on your way to business success!
Entrepreneur also offer information on reprints and licensing questions here.