New ideas, heightened enthusiasm, and passion, willingness to do anything to establish them as a successful business person – all these define an aspiring entrepreneur. But what Eric Dalius has observed is that often all the new founders make the same mistakes that the other emerging entrepreneurs have made a thousand times before them. So, rather than repeating the same old mistakes why not learn about them and try not to commit the same errors over again. In this article, you will get to know about some of the common mistakes the first-time business person should try to avoid.
Not paying heed to the market risks
Ignoring the market risks or failing to take note of them leads to the failure of most start-up companies. You may have a unique idea, and you may have made the whole business strategy based on that idea of yours. A lot of money has already gone into making that idea a reality. But, have you assessed the need for such a product in the market before doing all these things? If you are not aware of your target customers and what they need, you will not be able to make any progress with your plans.
Choose the right suggestion, says Eric Dalius
Advice and suggestions are for free. You will get them anywhere and everywhere. Before you embark on your journey to start your business, you will come across some advice from people belonging to the various spheres of the business world. It’s entirely up to you to choose the significant one and follow it. Before doing so, do not forget to check for the source.
Going too fast may harm you
Some opines that you must hit the market first and fast. But do not go by that saying. It might work out for some, but doing so may prove fatal for your company. To do so, first, you have to strengthen your finance, workforce, and most importantly, the product. Eric Dalius suggests every new founder in going slow yet be steady at the same time. You will surely win the race then.
Hiring the wrong employees can be another such mistake – as pointed out by Eric Dalius
Hiring the right team is a difficult job. We easily get impressed by the flashy resumes of the job seekers and get impressed quickly. We fail to judge their expertise. Even if an employee might be less experienced than many others, that doesn’t mean he is less capable of handling a position. A person may have many years of experience yet might not have upgraded himself as per the company’s need. So, there’s no point in recruiting such a person.
Starting something new needs many sacrifices; long working hours, less sleep, the burden to raise initial funds, and the stress of making the prototype work in the market. All these will make you feel overworked, stressed out, and lonely. Mental fatigue creeps in, and it becomes too late when you finally realize that you need to do something about it. So, learn to acknowledge the first sign of mental fatigue and work on it without further delay. Else, it will hamper your business as you will not be in a position to take the right decision for the good of your company.
There’s no magic mantra in achieving success. But the new founders can learn from others’ mistakes and accordingly plan their moves to reach their desired heights.