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The 10 Most Common Mistakes Of An Entrepreneur

The entrepreneur is usually not very humble and has a certain pride that makes him think that everything he does and says is correct.

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I have seen many entrepreneurs make the same mistakes over and over again, if you ever heard of someone who after years of searching for their entrepreneurial dream has not been able to achieve it, or if you have not done it yourself, here I will tell you about the errors that you are committing

 

  1. Do not conduct a market study

A market study consists of gathering, planning, analyzing and communicating in a systematic way the relevant data for the specific market situation faced by an organization.

The importance of market research is that through it we can detect the needs of our consumers, know how they think and what they want, besides studying the competition. With this you will have concrete information to verify the viability of your product or service.

 

  1. Do not create a business plan

A written planning, detailing the mission, vision, values, the amount of investment you have and the strategies you will use to achieve your goals as a new entrepreneur, is vital to bring order in the venture. It is surprising how few think about the business plan, despite being a useful tool to avoid catastrophic mistakes.

 

  1. Spending on unnecessary things

By not recording expenses in writing and keeping an order, you will not know where the money goes or how it has been invested. Do not waste on unnecessary things. Indeed, a business plan can support you to visualize what you are investing your money in, and if this will generate results.

 

  1. Do not create partnerships

Many want to take charge of everything in their business, and the worst thing is that they believe they can do it.

Learn to work as a team and delegate functions, look for someone who completes your work one hundred percent, someone different from you but with certain similarities.

On the other hand, look for partners without affective ties, since this has several disadvantages; If, on the contrary, you will work with a relative or friend, leave everything clear and in writing to avoid misunderstandings.

 

  1. Blind infatuation of his idea

The entrepreneur is a dreamer by nature, is passionate and ambitious, but so stubborn that he may not realize his own mistakes. Stubbornness is a two-edged weapon, as it can lead to success or failure in one fell swoop. It is important that you manage to control the emotions and bring them to balance. It’s good to be crazy about what you do, but everything in excess is harmful.

 

  1. Not having ‘coaching’

Trust is a characteristic of some entrepreneurs, it is good to be confident, but you do not have to be trusting. It is important to approach people with specific knowledge about what they do, I assure you that you will get a big surprise.

Search for ‘coaching’, today there are several experts who specialize in it. There will always be someone willing to contribute knowledge to your life.

 

  1. Do not optimize time

In his book The 4-Hour Workweek, Timothy Ferris writes: “Concentrate on being productive and not on being busy.”

If you learn to optimize the times I assure you that you will earn a lot and will be compensated with what you have already lost so far, for it uses tools that help you plan your day better, buy an agenda, subtract things that do not have relevance, create procedures where you can facilitate your work.

 

  1. Do not innovate

Resisting the changes that exist in our environment and not adapting to the end of the life cycle of our businesses very quickly.

Companies such as Blockbuster, Kodak, MSM Messenger, among others, were some of the many companies that did not resist the changes in technology and disappeared. You must be constantly growing, both internally and externally; research, create and experiment, so you will develop the valuable skill of innovation.

 

  1. Do not do networking

The trend of ‘networking’ has been gaining strength recently, this is nothing more than forming a network of contacts with which you can hold conversations and create new business. You can start doing networking at the university you studied, or post on Facebook if someone wants to enter your network of trusted contacts and make a WhatsApp group; try and experiment, I assure you that you will meet very professional and interesting people.

 

  1. Not focusing

You cannot get everything in this life, the lack of focus is a problem that prevents us from moving forward and grow in what we really are good at. Clearly define what your goals and dreams are, write them down and be authentic, do not try to be a copy of anyone, be yourself and I assure you that sooner than you think you will achieve what you set out to, everything is a matter of focus and discipline. Take action today: correct, practice, analyze, plan, focus, believe, advance, get up, strive, fight, persist and, above all … work!

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