Millennials are looking up to guys like Bill Gates, Mark Zuckerberg and Aliko Dangote. This could be enough to convince most millennial today to venture into entrepreneurship. But funnily enough many people that venture into entrepreneurship end up getting frustrated.
Now who is an Entrepreneur?An entrepreneur is an individual who creates a product or business, either in a new or existing industry. They aim to provide solutions to some problems and make money in return. Entrepreneurship can be very difficult and involve a lot of risk, but it can also be very rewarding. Many entrepreneurs are susceptible to making regrettable mistakes especially when starting out. This article is aimed at educating the reader on six of the common mistakes top entrepreneurs confessed they made and how to avoid them.
1. Not Planning
As I said earlier, most entrepreneurs dabble in entrepreneurship just because they want to make a fortune, and the worst of it is that they do it without making any plans and this happens to be the perfect recipe for failure. As stated by Benjamin Franklin, “If you fail to plan, you are planning to fail”, so the first mistake you have to avoid is not having any plan at all! Here are two ways you lay plans for a successful business;
- How do you plan to start?
- How do you plan to grow the business when you start?
2. Expecting Results Too Soon
After making a great business plan another mistake is expecting a lot of money, and milestones in an unrealistic period of time. What is required of you is to make the necessary plans and be patient while you work towards them. It takes an average of 7-10 years for a business to start making a lots of money consistently. Preconceived expectations leads to desperation
3. Copying Others
You can never get everything right but you can try and dare to be unique. Business strategies are drafted based on various factors affecting that business and those factors might not also affect yours equally, so a persons business. Copying without consultation leads to a dead end
4. Doing it Alone
Entrepreneurship is more of SYNERGY than ENERGY, they say “If you want to go fast, go alone but if you want to go far, go together. of individuals along the road. Ponder on this. “Entrepreneurship is about entrusting and enabling others, delegating tasks, and using the abilities of those that can even perform the task better.
5. Thinking Busy Means Productive
Being busy is not the same as being productive. There’s a distinction to be made between busy and productive. Being busy entails working longer hours, but being productive entails working smarter. Being frenetic is one thing, but being productive is another. These are 9 fundamental steps if you want to be productive rather than busy
- Prioritize what is important.
- Learn how to say “no” to the things that don’t matter
- Create a schedule and stick with it
- Create templates and use them
- Engage in deep work by having a period of uninterrupted work
- Do the most difficult activity first.
- Focus on one project at a time.
- Schedule rest the way you would schedule an appointment.
- Understand that being busy may not meab you are productive
6. Not Starting Today
Whatever idea you carved out, you cannot determine if you will fail or succeed in it. You just need to start, and when you start, start small and grow from there.
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