Entrepreneurs are growing in number as unemployment remains a serious issue in many countries across the globe.
The argument about what makes an entrepreneur is one for another day. In this article I want to look at common mistakes made by entrepreneurs.
For the purposes of this article I’ll assume you’ve already had a great idea for a product or service and are at the stage to do something with it.
- Not doing market and competitor research
Thanks to the web it’s now much easier than ever before to research your target market and competitors before going ahead with an idea.
Is there someone out there with a protected idea the same as yours? While this is no substitute for getting professional legal help, you may still be able to establish whether or not something similar to your idea is already out there.
When it comes to doing market research, many entrepreneurs are surprisingly lax. Your friends, family and colleagues may all think your idea is incredible, but what about the people you want to appeal to? Online and offline market research should be an essential step to bringing your idea to market.
- Failing to get professional advice
If you want to protect your idea, find out about exporting, tax issues or anything else, you’ll need professional advice.
There are many entrepreneurs out there who’ve skipped this step and it’s then come back to bite them in a big way further down the line.
- Taking on too much yourself
The idea of being an entrepreneur is an exciting one but be careful not to take on too much yourself. You may not have a lot of money at the beginning but you can get help from friends and family so you don’t suffer burnout before you’ve product or service has even launched.
There are only so many hours in the day and it’s easy to make mistakes when you’re tired because of working 12-14 hour days seven days a week.
- Not exploring all your funding options
There are many local authority, government and European Union grants available for people starting or developing their own businesses.
Depending on which field you’re operating in, you may be able to get funding to help you on your entrepreneurial journey.
As the old saying goes “if you don’t ask, you don’t get” so do your research online to see what funding options are out there.
- Wasting money
It’s easy for entrepreneurs to get carried away by a little bit of success. If you experience some success at the outset when you’ve launched your product or service, spend it wisely.
I’ve seen many entrepreneurs go over the top by wanting to portray a successful public image through buying nice suits, cars and whatever else.
One of the biggest sins is investing money in more stock if you’ve got nobody to sell it to. You may have sold a few thousand of your product online but that doesn’t mean a major retailer is going to be interested.
Do you have anything else to add to this list of common mistakes made by entrepreneurs? Please leave your comments below.
Oh I am definitely bad at wasting money and worse with not doing competitor research. That will climb considerably though wen i get my e-commerce site back online, even if i have to hire someone to o it.
Dennis Edell | Direct Sales Marketing recently posted..Do You Write Link Roundup Posts
Hi Dennis, you’re certainly not alone! I’ve been guilty of all these things in the past too which is why I’m sharing them with others.
There’s no point in us all making the same mistakes when we don’t have to. I had to learn the hard way!
I’ve got these mistakes too in my blogging but not really with my working clients. It’s good to learn from these things and in my part, before I implement something I do ask an expert or just a person knowledgeable enough to get me guided. Uh, wasting money for a no-focus project is too bad to be true.
SEO Blogging | Kira recently posted..Distinguishing the Right Guy to do SEO
Hi Kira, thanks for your comments. It’s always good to get a second opinion before spending money.