In any field of our lives, the road to success is full of defeats, triumphs and learning, all necessary to acquire the knowledge that allows us to become experts.
The journey of the entrepreneur is always different in all cases, even if you have read, studied and even planned each of your steps, there will be defeats that will be the cause of our inexperience. This is not to worry, because “failure is just the opportunity to start over, only this time in a wiser way” as Henry Ford said. However, keep in mind that there are some mistakes you can avoid; Knowing them will be the best way to prevent them. Here are some examples:
1. Confuse company with startup.
You must be very clear about the structure of your business idea. Do you plan to look for new forms of business, explore and investigate new opportunities? Startup, or, conversely, do you already have a proven business model you want to start running? business.
Answering the above question can also solve the dilemma: Business Plan or Canvas Model? If you already know very well which business model you are going to follow, it is essential that you have a business plan in advance, this is a map of your company, a guide that explains to others what your project is about, how You are going to execute it and what you want to achieve, but more than an explanation for third parties, it is a fundamental tool that helps you to be very clear all the indispensable aspects for the successful operation of your business. If, on the other hand, it is not yet very clear who will be your customers, nor how will be your product, the most convenient is that you create your own canvas.
2. Not having a plan.
When starting your project, one of the most common mistakes is to underestimate the amount of money and time required to start up your business idea. Although the issue of funding may be complicated in some cases, this does not imply that it is impossible. Your business plan or canvas will be the main tools to follow to determine if what you are doing is going well, how you are going to do it and how much it will cost to do what you want to do. Without this prior planning, you may not consider simple or even relevant details in the running of your business and you could end up without capital and even out of business.
3. Do not outsource topics where you are not an expert.
You may be in a position where you want to minimize your costs, and what better way to do it than to do it for yourself, right? However, there will be aspects in which you may be spending valuable time on topics that truly are best left to the experts. For example, in legal matters of incorporation of companies, taxes, accounting, acquisition of certain permits, licenses and legal services, among others. It can take you a long time that can be invested in innovation issues for your company.
4. Do not know the time that you must dedicate to see your fruits.
Building a business does not happen overnight. You can be lucky if you do very well the first few months, as it can also take years. Likewise you will believe that your long nights will soon come to an end because your project is on wheels, however, something new may arise, be it a new product or a new line of business, so you will have to dedicate the necessary time again .
This also applies to your salary, if you were organized and you achieved excellent results, this will mean great financial rewards for you, however, once things go well (or badly), these new profits will re-invest in your business with the Idea to make it grow or make it more solid. In theory you are growing and becoming more, but the reality is that in your pockets you will have the same amount for you. Do not despair, the work of a good harvest will be tangible.
5. Pursue every opportunity.
This is a mistake you can make if you do not know where you want to go. Are you pursuing only momentary gains or are you building a long-term utility model? These are questions asked by Lewis Howes. Entrepreneurs often have the ability to detect any opportunity, but this same instinct may also be their weakness; When this quest becomes a distraction over your final targets and metal
Howes recommends setting boundaries for the type of work and the clients you want, this is vital to achieving long term success. Remember that saying “no” at the right time can be a good practice for new businesses.
This is also related to the previous point, once you have clear boundaries, you can enjoy either more time or more money, and why not both.
6. Dream! But with open eyes.
It is okay to think big and have high expectations about what you are passionate about and you are doing, however, success is not achieved in the first six months.
Your expectations must be touching the earth. Do not let your passion and optimism seduce you so much that you do not think that something can go wrong, or that you will not need someone else to manage your company, or better yet, to manage it for you.
One of the great characteristics of being an entrepreneur is the proposal of ideas, but keep in mind that not all of them are worthwhile, there will be some that contribute more and others that are simply not valuable at all for your purposes.
Trying to test them all the one thing that can cause you is that your savings or capital is wasted in the attempt. So that this does not happen to you, first put all your ideas on paper, know their costs, the factor of the unexpected and then decide if it is worth trying, only after having it very clear go ahead.
These examples may be very logical on paper, but sometimes these practices are so obvious that we go over them. Remember very well that these are the mistakes of NOT committing at the beginning of your career as an entrepreneur.
Tell us about your experience, what mistakes have you made that you would have wished not to commit for lack of information?
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