1. Believing in instant success
The first mistake entrepreneurs can make is expecting their business to be a quick overnight success. Unfortunately for them, this rarely happens. Ironically enough, this belief is also a big reason for many early company failures. The chances that everyone will be as excited as you about your product, that doors will open left and right and that you will start making money the day you launch are almost close to zero.
Even though the confidence and the drive behind this way of thinking are great and should be harnessed and used during the entire entrepreneurial journey, it is important to have a financial cushion to fall back on if the plan goes awry. Remember that success isn’t measured by the valuation, the funding or the press coverage a startup has - it is measured in the long run, after years of effort and hard work.
2. Passing on social media
Too many entrepreneurs believe that they can avoid Social Media or even the Internet. The fact of the matter is, we are currently in a technological revolution and the number of online tools that entrepreneurs can use to boost their businesses are endless.
Why should you need to be on the Internet? One single reason - the best reason of all - because your customers have an online presence and because they spend the majority of their days connected to the world around them.
3. Doing everything themselves
It’s quite common to believe that no one can actually do the job as well as you can. However, taking on multiple roles that can be easily delegated is dangerous, time consuming and often leads to failing businesses and burnouts.
Take time to assign the tasks to various employees and define clear roles in order to free yourself from all the unnecessary hassle and focus on your business and its future.
4. Putting the product first and the customer last
Big mistake that many entrepreneurs can make is being product-centric and not taking into account the existence, wants and needs of the customers.
Get inside their heads, learn everything there is to know about them and try to connect with them through marketing communication, because if you’re not in sync, then they’re never going to buy what you’re selling them.
5. Hiring the wrong people
As we mentioned earlier, delegation is key. However, it only works when it is done right. To do so, you need to be able to spend money. Hiring is a crucial step for your business - being able to find creative, brilliant minds is time consuming but it also doesn’t come cheap.
But as the saying goes “it takes money to make money” and if you want to achieve success, you need to be surrounded by the right people. Talent should trump costs as the leading driver in the hiring process.