3 Mistakes Every Entrepreneur Makes

An ancient adage says, "a mistake is an opportunity for learning and growth." However, a mistake can be too costly in the cut-throat business world. Statistics reveal that about 50 to 70% of businesses fold up within the first 18 months of their launch. Being an entrepreneur is among the most challenging professions that require skill, sacrifice, and commitment. Irrespective of the nature of your business, it is vital that you recognize some of the mistakes that tend to plague so many entrepreneurs in today's market. Some of the errors are so big that many business owners are often forced to quit even before they taste success. Therefore, it is essential to avoid such mistakes at all costs, and you will set yourself up for success.   

Having said that, it is essential to remind you that regardless of the number of companies you have worked at before, how many advanced degrees you hold, or the industry experience you have collected, you are sure to make mistakes. Some mistakes will be exasperating, but you will bounce back as there will always be a learning curve with anything you do. Imagine what would happen if we could avoid making the same mistakes that force other startups to down shutters.   

It is chall enging to identify which actions cause failure and learn how to avoid them. For instance, choosing the wrong co-founder is one of the most common problems that entrepreneurs encounter. Your relationship with your partner and the skills they add to your startup can be responsible for the success or failure of your venture. Very often, entrepreneurs do not have sufficient self-awareness of their strengths and weaknesses and do not choose a partner with balancing skills.   

Going by the firsthand experiences of several entrepreneurs, most founders make 3 common mistakes. These entrepreneurs admit that they have committed these three mistakes and eventually learned the hard way how they would avoid repeating them in the future.  

Not Hiring Staff Based on Talent    

You often hire less talented and experienced employees to cut costs when you lack funds. Seldom do you realize that such short-term savings can haunt you in the long run? Compromising on talent and experience for money are first-time entrepreneurs' most common mistakes. There are some real bene fits of hiring talented employees. When you hire talented people, they know their value. Some may agree to a slight pay cut to join your company, but they will not work for you for peanuts. Many startup owners usually use cost as the main driver for hiring decisions, which is a big mistake.    

Often, they are advised against this approach, but they still go ahead with their wrong instincts to hire untried and inexperienced employees. Such entrepreneurs consider themselves to be wise, but they are not. They believe that they can train the greenhorns to compensate for their inexperience. Unfortunately, this seldom happens, and these entrepreneurs get paid for their poor execution lacking quality and quantity. Therefore, you should always hire a person who is best suited for the job at hand.   

Long Wait for Launching the "Perfect" Product    

Some entrepreneurs are unsure about the right time to launch their ventures, while those already in business wait too long to launch their "perfect" product or service. While there is no perfect time to start a new business, remember that your product or service will never be perfect. The longer the wait, the more you will be obsessed over details that would not make any difference to the user. Therefore, you should build something quickly, get the early model out and start testing. Or else, you will risk losing valuable time, energy, and money on a product or service that may not be aligned with the customer's requirements.    

Many startups are fussy about launching their products or services despite having them ready. Such an approach keeps them way off from their timeline. Consequently, these entrepreneurs lose valuable time and money. The "wait game" is another common mistake that most entrepreneurs make. Ideally, they should have launched their product or service with a minimal viable standard, tested it for market fit, identified problems, and evolved accordingly.   

Not Listening to Support Group   

Not listening to a support group or having advisors is another common mistake that first-time entrepreneurs make. As an entrepreneur, you should have a dedicated support network. Many entrepreneurs are so overwhelmed by day-to-day management that they fail to build a network of advisors. Consequently, they make strategic mistakes that experienced advisors would have advised them against. Being a successful entrepreneur takes more than only accepting that you do not know everything. At the same time, you must proactively take steps to surround yourself with the people who can make up for the knowledge gaps and speak up to stop you from making mistakes. You should seek their advice regularly and act on it.    

The Biggest Mistake

The biggest flaw of most entrepreneurs is how they react to mistakes. Even if you avoid making mistakes, other mistakes will likely happen. So, do not allow your business to become a failure. Acknowledge what went wrong; mend where necessary and keep moving forward with a new plan.