10 Mistakes Young Entrepreneurs make
1.Not hiring mentors
A lot of young entrepreneurs start their own business thinking they could go on without a mentor but there will be a point in your journey when you would require guidance and that’s where your mentor can help you achieve your personal and professional goals. Mentors will help you through challenges all entrepreneurs face, including financing options, growing pains, partnership issues, and ethical questions.
2. Not doing Research before starting any Business
Research is the most crucial step before starting any business, entrepreneurs should have adequate research before specialising in their niche. Market research and target audience research helps to measure progress for your business as well as compare your status to your competitors in order to see what’s missing or exceptional. Also before starting a business entrepreneurs should also research about their competitors, assessing the legal aspects of your industry, considering finances, getting practical about the future risk involved, the right time and demand and of course hiring the right people.
3. Not Targeting the right clients.
Defining the right clients for your business and targeting them is important for the growth of your business and also to maintain stability, young entrepreneurs before starting up make a mistake of targeting everyone and thinking that they could be their clients but defining your niche and choosing a target market and reaching the right audience for your business ensures high potential for sales growth, interest in the product and loyalty to the brand.
4.Working without clarity and loosing Focusing again
With a lot of distractions around be it through social media or any reason young entrepreneurs do tend to loose focus and often get stuck during their entrepreneurial journey. Working without clarity and getting confused with each step also discourages young entrepreneurs and make them loose focus on their business. Its important to work with clarity , focus and maintain consistency.
5.Not Hiring the Right people
Entrepreneurs have an inherent capability of multi-tasking but then everything cannot be done by single person when your business tends to grow thus hiring a team and working with a plan is important.Often young entrepreneurs make a mistake of not hiring right people not taking a complete background change,this could hamper their business. Hiring the right people ,training them working with the right team who support each other ensures growth and stability in their business.
6.No Documentation process
Documentation process is the method of internally capturing all the information necessary to properly execute a business process within your organization.As we know everthing is maintained digitally,young entreprenuers do make a mistake of not maintaining any documentation process , documentation process improves business performance and operational agility by optimizing core processes. Documenting processes during execution enables employees to learn by doing, gleaning insight from both mistakes and successes to refine processes.
7.No Self Discipline
Young entrepreneurs these days find it difficult to maintain self-discipline. Having self-discipline becomes easy to deal with hardships in business. It provides encouragement to turn bad times into good, appreciating your employees. Many entrepreneurs believe that it helped them to stick to their plans, no matter what the situation. A self-disciplined franchisor is able to think beyond the limits.
8.Not Upgrading Themselves
Not upgrading your skills every now and then is a very common mistake young entrepreneurs make while starting their business.Procastinating and leaving things off is common among entrepreneurs.And nowadays we do not require a big investment to learn something new having a device and internet connection is more than enough to upgrade your skills. Upgrading your skills every now and then is important for young entrepreneurs to survive and grow in the fast changing digital world.
9. Not able to Lead
If you want to be a role model for your team in the business one should learn leadership skills either through books,youtube or podcasts.Young entrepreneurs often ignore learning about leadership skills thinking they could do it but not having the leadership skill can also mean not maintaining good team work and not leading their team in right direction which in turn could be a obstacle in the growth and future of business. That’s the main difference between a boss and a leader. Boss is the one who goes up alone and a leader is the one who glues their team together.Young entrepreneurs who aspire to become leaders and start their business should learn Leadership skills.
10. Not being Realistic with returns of their Business
Young entrepreneurs are often careless about not being practical with the finances of their business.Not being realistic with returns of their Business is the biggest mistake entrepreneurs make while starting up their business. Having the right investment on returns is important for every entrepreneur to understand thus maintaining finances and being realistic with returns could ensure long term growth , consistency , stability and peace in the business.
