Mistakes That Solo Entrepreneurs Make When Starting Out In Business
Updated: Jul 21, 2021
The biggest lion in business has a plan that is backed by actions and consistency. Owning and running a startup is not as exciting but rather draining. It is something that requires submitting your time to it if you really want to harvest from it. Making mistakes is more recurrent than actually having a clear path. What matters from this is the lesson the entrepreneur learns and implements for better results.
The success of a startup is not just about being strategic, but rather going through a process that involves learning, teaching, and sharing what you know and being taught as well, and that is the right process to follow to fuel up your startup.
If you are starting as an entrepreneur, you must understand that it could turn out to be exhausting and require you to commit intensively. Startups are the baby that needs 24/7 and round-the-clock attention. In the future, as an entrepreneur, you have whatever it takes to have your business succeed; however, you must work hard and dedicate yourself to it much as you might also need to have some resources as well.
Common Mistakes Solo Entrepreneurs Make
1. Spending less, hoping to reap highly
The biggest challenge that startup entrepreneurs face is wanting to invest little, hoping to get more returns. Entrepreneurs are in a hurry to consider savings and profits ahead of progress. The fear of some entrepreneurs to invest in good quality products and services and the necessary business support structures at the beginning could prove highly harmful to their businesses. You ought to do a reconnaissance survey before making a final decision to invest.
2. Acting like Miss or Mister, I know it all
No man is an island.
Most entrepreneurs don’t do surveys when planning to start up a business. No basic understanding. No workable data. No reference and base details. They rush into "business." Egos have been a common factor in the decline of several startups. Business experts advise that it is better to throw away your ego and inquire from those who are legends in the field, and that will help you distance from mistakes that would cause you and your business any sorts of troubles.
3. Assuming success only
The grass isn't exactly greener on the other side. There are bound to be some dark days. Being new in the field, most solo entrepreneurs get excited because their minds are switched to only success and zero risks. Risk assessment and management are given next to no attention. However, when the going gets tough, due to lack of preparation, complications set in, there will be setbacks and problems that might require budgeting for them accordingly if you want to defeat them.
4. Failure to plan
Planning for your business is essential since it gives you direction and acts more like a guide.
5. Assuming that you have no competitors
Entrepreneurs tend to think they have no competition, especially if they have a new product or new business. For that matter, they tend to think that they are the only owners of a product or business, and that’s usually a wrong assumption. The truth is that in business, you will never have a unique product unless it’s a new invention; otherwise, there will always be competition in your clue; therefore, you have to find out where there is your competition so that you can learn about them, what they do and how you can do better than them. Competition always makes us better.
6. Minding your own business
While it is prudent to keep an eye on the competition, you ought to keep your nose busy with the issues of your business. Getting taken up by other's work will take away quality time you could have dedicated to your startup. Instead, use the lessons learned by looking at the competitors to get better at your won craft.
7. Failure to hire the right people
One of the reasons startups will sink before their first birthday is the support staff. The wrong people will sink any ship. Startups require a lot of dedication, and entrepreneurs are supposed to look out for self-driven individuals with whom they share goals. Experts advise recruitment agencies to seek the best employees who will add value to your business.
8. Failure to set smart goals
Setting achievable goals is easy to say, but walking the talk and actually putting the plan into action is not easy. It is normal to dream big. However, it is wise to weigh the factors at hand and set achievable goals. Goals give you direction. Set some short-term and long-term goals. The short-term goals are supposed to be a reality check of the whole process and should be within the long-term targets. Make sure your goals are SMART (Specific, Measurable, Attainable, Realistic, and Time-bound).
9. Ignoring marketing and selling while concentrating on the development
Because marketing requires a sum of resources, some entrepreneurs usually put it on the side, hoping for miracles of word of mouth rather than a robust marketing strategy. But, unfortunately, this is not a good perception because many people might not know about your business's existence. This might, therefore, call for investing some resources into the marketing team to go out there and do some good job. In fact, experts in the field say that businesses are supposed to invest about 10-20% of their revenue into marketing since it and sales are usually the company's heart.
10. Failure to know and find your ideal clients
To do a successful business, you need to know it, know who it benefits and those that don’t, what age benefits most, and which groups of people won't probably benefit from your business. Knowing your business doesn’t just end at knowing the products and the content, but it also encompasses knowing who your ideal customers are; this can be possible only when you conduct market research to identify the kind of people you are trying to reach out to, where you can find them and how they will react to your marketing activities.
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In conclusion, if you want to achieve success in your business as a new business entrepreneur, you must avoid the common mistakes above.