From pitching your idea to others to hiring employees with relevant skill sets, starting a business is indeed exciting yet so challenging. Sometimes little mistakes can have a huge impact on your business and income. But all of them are surely invaluable learning experience on the path to success.
As a 20-something, you must realize that developing the characteristics of a successful entrepreneur is an ongoing journey. Don’t be de-motivated by the mistakes! As you’ll move ahead, mistakes are a part of the package. You must always look for ways to learn more, chances to grow, and endeavor to stretch beyond your comfort zones.
For those who are starting their journey young and are perhaps still in school, here is some advice on mistakes to avoid as you work to build your business:
Mistake #1: Failing to focus
When you’ll start off your business, no doubt a lot of opportunities will come your way. Avoid getting distracted by them and focus only one or at most, two things! Getting caught up with multiple things will increase the risk of not giving attention to either of the projects.
So set you’re your goals, objectives and priorities. If something doesn’t directly help you achieve one of the goals and objectives on your list, just say no.
Mistake #2: Ignoring wise advice
Nobody’s perfect in this world. Therefore, business owners should keep their eyes and ears open for wise advice that could help them in the long run.
You will come across some great mentors but it’s a pity sometimes you ignore their advice and follow your heart. Since you believe in yourself for being an entrepreneur, you try to act stubborn and think you know better. If you don’t have a mentor who tells you when you’re wrong — get one, and listen to him or her.
Mistake #3: Devoid of any back up plans
Initially when launching your business, you’re so excited that you don’t bother to have any kind of backup plan in place. You have full faith in yourself that this venture will be a success! Mistakes happen; at times they are victims of circumstance or because they were too optimistic with their expectations.
Many of the entrepreneurs think they have learnt everything about business in college, and there is no way they could fail. That’s where things usually go wrong and that is when backup plans are needed.
Mistake #4: Going for a negotiation with a bad attitude
Don’t take negotiation too lightly. It is a whole new business on it’s own. If you’re new to it, then avoid taking the risk of going with a bad attitude. Keep in mind that virtually everything is negotiable. Once you leave your worries behind and realize that there is nothing to lose in negotiating, a door of opportunity opens up.
Mistake #5: Hiring your best buds
We all are excited to hire our buddies if we start our own business! Don’t just hire a friend if they don’t fit the job description. E.g hiring your friend as content writer even though they have never done it! Isn’t it a smart idea to hire a much more experience person who fits the set of skills required?
You’ll also find yourself to work more effectively and professionally without your friends. This would further enable you to build a strong network and professional relationships.
Mistake #6: Not talking about your idea because you’re afraid of copycats
Too afraid to talk about your business idea? Don’t be paranoid. Be positive and proudly speak out about your business idea because not everyone has the ability to carry forward your idea the way you’ll do.
Most importantly, how are you supposed to grow your fan base and customers if you’re secretive about your great idea? Talk about it!
Remember, it is business and there are always ways to handle even the most uncomfortable situation with tact and respect.
Join HerCareer.pk and get ready to kick-start your career as an entrepreneur!