Mistakes that entrepreneurs should avoid | Fusion - WeRIndia

Mistakes that entrepreneurs should avoid

Mistakes that entrepreneurs should avoid

This is the era of startups. Though most people want to start their own business, only some of them generally succeed.

This is because certain mistakes they commit hinder their success.

Here are the mistakes that should be avoided by the entrepreneurs to flourish in their business:

Reliance on ‘Jugaad’:

Most of the Indians come with innovative ways to obtain certain things which they call ‘jugaad’. It works well at the initial stages. But, entrepreneurs should not forget that jugaad is just like patchwork, but not the entire thing. It is not good to depend or rely too much on jugaad, and the involvement of the entrepreneurs in the business is a must to succeed in the business.

One-man show:

A one-man show may be fine when you start a business. But, to grow your business, you should have a team including marketing, sales, delivery, administration etc. It is not good to do all the things on your own as it is difficult for any single person to do all of them. Hence, hire a good team despite financial difficulties and improve your business.

Dependence on staff:

Hiring your staff and depending on them cannot alone fetch good results. As a business owner, you have to train them, create an environment to reach the set goals and watch the results. In a single word, get your staff to shadow you to achieve the desired results.

Ignoring the value of a business:

As an entrepreneur, you should not ignore the value of your business. You have to consider many things about this. Your idea should be viable for your investors and you should value their trust. You have to deliver great solutions to satisfy your customers. You have to evaluate yourself in the form of profits. Consider all these things and do it for the value of your business.

No difference between the entity and the entrepreneur:

Both entity and entrepreneur are different and you should know the difference. You have to value your work and pay yourself for the time you have invested in developing your business. Paying yourself is essential to achieve your goals. Many successful entrepreneurs do it and respect their dignity.

Photo by Varvara Grabova on Unsplash (Free for commercial use)

Image Reference: https://unsplash.com/photos/NCSARCecw4U

Leave a Reply

Your email address will not be published.