Failure, as scary as it sounds, can be actually constructive experience that teaches entrepreneurs a lot about their startup and the business world in general. But constant failure without any lesson learned and any progress achieved, is a bad sign that something is really wrong. Entrepreneurs should be careful not to follow specific failure pattern by making the same mistakes over and over again.
Mistake: Concentrate on the profit
Of course, profit and revenues are important, but they don’t have to be your main goal. Entrepreneurship is a work of vision, mission and innovative approach that creates value and offers problem solutions. Entrepreneurs who concentrate on profit more than on the value of their products and services often fail more than once.
Mistake: Much talk, less action
Ideas can be great but without an execution plan they stay just ideas. Entrepreneurs who tend to talk a lot about their startup, but do less every single day are doomed to fail.
Mistake: Self-doubt
First time entrepreneurs often have some self-doubt, even if they try to look very confident. Constant self-doubting can harm your startup’s future because it leads to inconsistent decision making and unstable leadership.
Mistake: Accepting the first deal
Entrepreneurs often feel desperate when they constantly hear no from investors and lose their spirits faster than they should. In their lack of patience, many startup owners rush to sell their companies or give up to 60% of the company for starter investment. Entrepreneurs who believe in their businesses can’t accept less than their business is worth of.
Mistake: Overlook the need of growth
Growth strategies are essential for every startup and many entrepreneurs make the mistake to overlook the importance of it. Entrepreneurs should learn how to develop comprehensive growth plans and strategies and how to work towards achieving them.
Mistake: Trust the detractors
Many people are being unsupportive and even harmful to entrepreneurs. As business owners all entrepreneurs must be careful about who they trust and who they listen to. There are many false advisors and bad mentors and you should learn how to make better judgments about the people you surround yourself with.
Mistake: Fast surrender
Many entrepreneurs surrender before the actual battle has begun. Entrepreneurs need to believe more and work harder in order to become successful. Never surrender before you have given all you can for the success of your dream.
