The mistakes of an entrepreneur when starting his own business can lead to many problems in the following months to his inauguration: loss of profits and sales, legal problems, or the total ruin of the enterprise.
In fact, there are many studies that coincide in their results, in which 75% of new businesses fail in the first three years for not avoiding some of these more frequent failures.
If you want to be on the positive side of those numbers, carefully read the following nine failures and burn them on your mind before embarking on your project because, only then, you can have any chance of success.
- To Think That All You Need Is An Idea
An idea is just the beginning. In order to succeed, you need to frame all the details of that project from the opening to the finish, including an execution plan and preparing for the “and if it happens…”
- Spend Too Much Too Soon
You may already have all the necessary capital, but that does not mean you should spend it all right now.
You must make a good balance between investing enough to make sure your business takes off, and not spending more than the account before realizing where your finances should go.
Start slowly to be able to manage everything correctly and see satisfactory results in the long term.
- Undertake While Working Elsewhere
The reality is that it is almost impossible to put the work and effort necessary to start a business while you continue working in a regular job (unless your project is the type of being a designer or fashion designer).
A business needs all your attention to start working. You can develop the plan and start looking for financing in your spare time while you are committed to another company.
But, once you’re ready to make the leap, you should also be willing to dedicate 100% of your time to it.
- Have Another Run Your Business
It is your business. And that is why it is not only necessary that you are in charge, but also to be in charge of all the daily activities that are carried out, especially at the beginning.
- Try To Do Everything
As I said in the previous point, it must be you, the owner, who gets involved in the business, and that another does not make vital decisions for you. But you can’t do everything yourself either, and there are tasks that are better than delegates to other people.
The faster you can hire someone who runs activities without much importance that are taking away valuable hours from your work, the faster you can grow and climb in the business world.
Work such as going to pick up an already purchased merchandise, or advertise your business by pasting posters or handing out business cards, someone else can do it perfectly for you.
The problem here is usually the lack of money, so it will be wise for you to have some capital aside for these temporary employees that you can hire.