Overall an entrepreneur is a person with a lot of creativity, visionary and constant attitudes, thanks to this these people see business opportunities almost everywhere, not only need to want also need to experience, the main reason why many businesses fail .
we have prepared a list of the most common mistakes entrepreneurs that lead directly to failure.
1. Lack of experience in the field or industry
Before you undertake research about the market in which you are entering to determine whether your project is demanded by the public and what is the competition that you face and your ability to deal with it.
2. A bad location
For your business location is everything, If you do not have a correct location we will not get to find or convince customers to go visit.
Before you lease or buy a local, you must make a study of the number of people who daily pass through that space and features. Try to settle in a commercial area of good turnout.
3. DO NOT have a Business Plan
You need to know at least the key data about your project and the sector. For that, you must study the market, analyze the pricing policy, costs, profitability, investment and financing required. A good business plan will help you understand the key points, avoid mistakes, make projections and above all, to raise capital and loans for your business.
4. Wasting time to develop the product and strategy
No product is perfect nor any strategy is foolproof. It is much better to take a decision analyzed, make mistakes and correct. Although you should enter the market with a good plan and strategy, if you delay much someone else can implement your idea and you win the business.
5. Start with little capital
Entrepreneurs usually calculate a financing need a little above the initial investment and rely on the success of the company to finance itself from the beginning. However, it is common that things take months or years to generate enough cash. An initial capital can condemn too short a kind project within a few months of its inception.
6. Do not have market
The tendency to look for a market without competitors leads the entrepreneur to find a market that is not enough to market a product or deliver a service. It is very important that you identify your potential consumers and ensure there is sufficient demand for your offer.
7. Will start big
It is an unnecessary risk. For that, equip your business with second-hand equipment, rent instead of buy, begins with a set template and open one branch.
8. An overgrowth
Sometimes entrepreneurs develop their business so quickly that ends up dying by their own success, which in most cases is due to financial reasons. If your company starts will go well, you must develop a strategic and realistic plan of sustained growth.
9. Insufficient Advertising
You must remember that you advertise and promote your business, but not excessively but have the resources to do so. It also happens that some entrepreneurs think that customers will come alone and not do any advertising or marketing strategy. The important thing is that you have to inform your company to consumers.
10. Being too lonely
A company is built on the team forms. Being surrounded by more people, you can rely on the rest and together face the challenges, so you'll be more motivated to move forward with your business and overcome failures.
11. Leaving too soon
Entrepreneurship is not an easy task, you require a lot of patience and perseverance to stand firm on your idea to take it forward. Many times you will feel overwhelmed, but if your business is good you will soon see the fruits if you work hard and effort. Remember that, generally, the benefits do not appear in the short term.
12. Surround yourself with some capable people
You must not be afraid to hire more capable than you people, because it is precisely that kind of employees you need to make your company successful and not poor workers who do not perform their duties.
13. Do not put the customer in the first place
You should always keep in mind that the customer is the most important of your company; You have to listen and put their needs first, because their requirements are the raison d'etre of your business.
14. Lack of commitment
The task of undertaking is very hard, because it requires hard work, effort, make difficult decisions, endure many things and make many sacrifices. The decision to create a company requires your commitment to 100%, if not, many businesses fail for the same reason.
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