Eight mistakes made by entrepreneurs

By November 22, 2019 Business

You set up a company. You are glad because you finally made your dream come true. You gain new customers and then… mistake after mistake. It’s true that we learn from our mistakes. However, it will be better for you to learn from other people’s failures. Read about the most common mistakes made by entrepreneurs and try to avoid them.

Always have plan A and plan B

 

Your own business is a reason for pride and happiness. No wonder that a majority of entrepreneurs are driven by endless optimism and take actions… randomly. Unfortunately, in many cases it leads a business to collapse. You need a plan for the company. Preferably more than one. Get prepared for crises, too. This will give you a sound sleep.

Do not copy others

 

Have you heard about penalties for plagiarism? Although they are not used in business, copying procedures of other companies simply does not work. Especially if you try to imitate large corporations and you are just starting your business. Remember: always act according to your scale.

See also: Hot desk or private office? Which to choose? 

Write down a strategy

 

They say that each company has an operational strategy. Unfortunately, the majority of them exist only in people’s minds. A strategy for business, marketing and communication actions is important. It helps you create your brand image in the market. Take care of it. Write down all assumptions. You will be able to get back to them and optimize them at any time.

Do a good research

 

A business idea is just a start. Remember that competition never sleeps. If you’ve found a market niche – well done. If you’re selling a product or service which is already there – do a good research. Get to know your competition inside out. See what it offers its customers and how it does it and what plan and idea it has for development. This will allow you to run your business differently and not to sell the same products. Do you know the slogan “differentiate or die”?

Always keep your deadlines

 

When working with customers never speak idly and always keep your promises and deadlines. You will quickly learn that in business, respect pays off. If you treat your customer well, the likelihood that they will recommend you to others is higher.

Very often young entrepreneurs want to simultaneously earn and save as much as possible. In some aspects it is not worth looking for savings. Accounting is one of them. You should leave it to specialists. An incorrect tax settlement may result in an unwanted fiscal audit”, says Rafał Wilk, COO at Solutions.Rent.

Read also: Why is it better idea to book a coworking space than an office? 

Do not accept all orders

 

You take all orders at the beginning of your career? Quite understandable. But consider whether it really makes sense. If it is unprofitable already at the start and you need to spend time on preparing the offer and pay for office rent, maybe this is not the best idea?

Demand fair treatment

 

A job done requires remuneration. Each invoice has its payment date. If you accept delays you risk that your customers will not treat you seriously and every month you will think how to convince your vendor to pay on time.

There is no one recipe for success. Treat each customer individually. Create offers tailored to their needs. Respect other people’s time and do not lose their trust. Good luck!

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