Working under no one else and being your boss seems to be a dream come true sort of thing but it comes with a lot of responsibilities. Being an entrepreneur, the fact that you will be deciding the fate of your company that either it will flourish or go down in flames can be really scary. This is because even the slightest mistake or negligence will have a great impact on not only you but your whole company. It is impossible for an entrepreneur to develop a business without making any mistake. But there are some deadly blunders that can crash your dream of a successful business to the ground in no time. Being aware of these mistakes beforehand will help you to avoid them.
Lack of Vision and Focus
All the fresh entrepreneurs are told to have a strong vision and aim high. They do that but never achieve that aim. Why is that? This is because a goal without any practical implementation to achieve it is a mere dream. Instead of completely devoting their time towards their cause, they keep on beating about the bushes. So, the first thing is deciding the destination and the next is starting the journey.
I Know it All Kinda Thing:
Entrepreneurs must realize that there are a lot of differences between a boss and a leader and if you want your company to prosper then trust me you want to be a leader and not a boss. Nobody knows everything and everyone knows it. So, instead of acting like you know everything, when you don’t, it will not help you gain any credibility. Do not be an egomaniac and start acting like humans.
Micromanaging is Lethal:
Entrepreneurs who are in the early stages of their business are sometimes so conscious that they hesitate to delegate even small tasks to their team members thinking that they might fail. It is important to have only reliable and trustworthy people in your company. It is a must thing to trust your team otherwise micromanaging will lead to the devastation of innovation and disengagement of interest of the team.
Always Talking and Never Listening:
The majority of the young entrepreneurs fail to convince the capital investors to invest in their business because of their habit of talking excessively. No matter how amazing your idea is, it is just an idea unless it is materialized. It has been seen that there are a lot of entrepreneurs who can put a spell on the listeners with their ideas of how they want to change the world but at the end of the day, they are seen doing nothing. So, listen more and don’t talk less.
Emphasizing Only On Development & Not On Selling:
There is no doubt in the fact that quality matters a lot. It is the modulus that will make your product-user your routine customer. But newbies don’t realize the fact proper advertisement is the first step that will make people use your product. What is the use of quality if people will never give it the first try? It is not compulsory to spend the great bulk of capital on advertisement as simply holding different seminars and doing giveaways of company elements can make a huge difference. For instance, simply customized lanyards from 4inlanyards can lend a helping hand in boosting sales of the company.