Lifewrittenbyme com biggest mistakes made by startup entrepreneurs and how you can avoid them

Biggest mistakes made by startup entrepreneurs and how you can avoid them lifewrittenbyme.com /2016/08/12/biggest-mistakes-made-by-startup-entrepreneurs-and-how-you-can-avoidthem/ August 12, 2016

As entrepreneurs we often start with a buzzing idea that we get excited about, we work on it as much as possible but when the rubber hits the road and we get stuck in the quagmire and most ventures seem to end up in flames.

What causes this, does this mean the idea was bad from the get go or are we failures? This haunts a lot of entrepreneurs and causes them to lose faith in their own abilities thereby increasing the number of wantrepreneurs.

If your start up is worth while, your ideas and values are ones you completely believe in then you deserve to be successful in them. The journey of an entrepreneur is one of tenacity and ability to learn do and teach an endless cycle that each entrepreneur must love. This is an opportunity to learn from others who have gone ahead in this journey and is not a exhaustive list but will help in your journey and unleash your inner entrepreneur

Biggest mistakes made by startup entrepreneurs and how you can avoid them

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Taking every opportunity So you have an idea, and as soon as you start working on it opportunities begin to come your way. The entrepreneur magic is slowly working its way. Being able to know what to accept or reject is the fine line between success and failure for startup entrepreneurs.

If the shoe doesn’t fit perfectly don’t take it and make excuses thinking nothing better will come your way. Keep working on your vision and wait for the perfect fit. Find the right opportunity and take it Understanding your unique niche, and style will help you narrow down the opportunities you consider. Don’t let the temptation of a quick and easy out lure you away from your authentic self. Stand firm in your truths and values. If you have built a correct foundation for your business you will stand firm and not be blown away easily. So build that foundation of your values ideas principles refine it until you are sure.

Don’t forget to make decisions that will be fulfilling to you as an entrepreneur and of service to your community and target market. That is something specific to you and not generalized to anyone and everyone. Your specific field is the place your strengths find a home to provide quality solutions.

Not focusing on the core business In trying to set up your new business idea, you may get side tracked in working on the secondary aspects of the business which ideally should support the core, These tasks most of the time are tedious and energy draining such that you lose energy and focus instead of doing the most important thing first.

Invest your energy in the core of your business and once that is going right the support functions will align. This is the central part of the idea that without it all other functions are meaningless. Work on the core as much as possible.

For most entrepreneurs this is the center of their abilities and strengths which is why once they focus on auxiliary parts the startup begins to fall apart Entrepreneurs must build with authenticity, something that can stand firm this can only be done if built with integrity at its core. The process validates the end result and once focus is shifted the whole process is compromised.

Every entrepreneur’s focus must be value addition and providing solutions to problems people are facing and hence servitude is at its very core.

Inability to pick the right team Most entrepreneurs who have limited resources tend to pick teams based on relationship rather than strategic partnership. Most find themselves bogged down by friends and family who while they can be well meaning do not have the right skillset and mentality to push the startup forward. This generally stifles the business before it can emerge by complicating the smallest of matters Connecting correctly is key to success, whether its team members, customers and any player in the value chain. At the heart of any success is the right relationships built and maintained on right values and value addition.

Going at it alone is just as bad as choosing a “bad” team. Many are tempted to fly solo in trying to get ahead faster.

While this may work for certain types of ventures it is also good to be part of a business community and system that provides a safety net, professional assistance, and back up as you take the journey. This helps us to learn from other entrepreneur’s mistakes and find motivation in the trying times to keep building

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In many parts of the world, startups are not easily funded because of the general risks associated with them and therefore the cost of financing your project may be very high. Many entrepreneurs do not project accurately the costs of their business and have a clear plan to obtain those funds making the idea fall flat Entrepreneurs have to be super creative when they face this obstacle; refusal to be limited by any resource is an entrepreneur’s best friend. If the traditional ways to access what you need is not working think outside the box.

It is important to seek advice of a consultant professional, or trusted person in the field to make sure you have been as thorough as possible. Watch your expenses and keep them as low as possible for better results.

Incomplete risk assessment Entrepreneurs who focus only on the hype, the buzz and the bright side of the idea usually face a rude shock. Every start up entrepreneur must be sober enough to assess the upside and the down side risk and have a plan for both.

While the idea phase is very exciting and by all means must be enjoyed as much as possible one must not get drunk with the upside only Do a complete risk assessment – address everything that can possibly go wrong with your idea as far as you can see and consult your mentors/ support team on things you may not see but they would guide you. Although such an exercise does not eliminate risk and will not address all issues since we know life is full of surprises and most times we only see what we want to see, it gives you a fair starting point.

Most importantly, one should have a change management mentality in place, in case your assumptions go against you, what is the recourse? What pieces of the puzzle will help you to learn. What will you take forward and leave behind. A true entrepreneur learns from every experience and as such you should be collecting lessons throughout your journey. One’s ability to adapt to the changes in environmental conditions and find ways to make it work, spells success.

The Biggest mistakes made by startup entrepreneurs and how you can avoid them is something that every entrepreneur should look out for.

Our ability to learn do and teach brings success. We must continue to learn from others as one cannot know all but we find wisdom by our ability to observe keenly, pick up lessons apply them and pass on to someone else.

Celebrating other people victory regardless of the stage you are in your entrepreneurial process builds character.

The challenge of walking a road that no one has walked and being a pioneer is the responsibility of start up entrepreneurs and the path they create is one that feeds many that come behind them. The integrity of the paths built by entrepreneurs is extremely important and a huge responsibility to each one to bring developmental ideas that will form part of the building block of our civilization. This is not something to take lightly or causally, one must do all he can, learn as much as he can and grow for the greater good of everyone else.

Would you like to learn skills that will make you successful in your business – try this free training now Every entrepreneur has a voice and value that this world need to hear, keep working on yours. Every pitfall must fuel your passion to get better and challenge yourself beyond your limitations. The strength to keep moving is inside you, work at it refuse discouragement and choose hope, faith and commitment to correct values. Remember every experience is a building block in your journey.

Are you an entrepreneur who has made mistakes that made your start up a challenge? what were they and how did you learn from it. Share your thoughts i would love to hear and learn from you. Share your comments in the dialogue box below

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Wishing you success on your entrepreneurial ventures as you continue to be the change you want to see in this world xx Thokozani Phiri Life coach and entrepreneur “be too large for worry, too noble for anger, too strong for fear, and too happy to permit the presence of trouble�

http://digitalbloggers.com/Thokozani/ http://lifewrittenbyme.com/ http://connect.thesixfigurementors.com/personal?id=Thokozani Twitter: http://thokophiri911

Thokozani Phiri

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