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What are the most common mistakes first time entrepreneurs make?

TimitytTimityt subscriber Posts: 6 Member
edited April 2016 in Business Planning
What are the most common mistakes first time entrepreneurs make?


  • Joseph789Joseph789 subscriber Posts: 0
    There are a number of mistakes that the first time entrepreneur do. One of the important one is that they just involve in it so much that they does not care about thinking what is happening around. Now everything is at our fingertips with the advancement of technology. Even writing the thesis and dissertation could be available to students from the no. 1 thesis writing service that is http://writeversity.com
  • CodyDeeganCodyDeegan subscriber Posts: 0 Member
    I think what first time entrepreneurs' common mistake is doing everything by themselves.
  • TheEntrepreneursYodaTheEntrepreneursYoda subscriber Posts: 0
    Having seen entrepreneurship from every conceivable angle here are the 6 biggest ones - http://bit.ly/1QlgFcR. Hope they help.
  • CodyDeeganCodyDeegan subscriber Posts: 0 Member
    Yes that is true. That is why intellectual property protection is very important so that if anyone who wants to screw you over by stealing your ideas won't get away with it.
  • ejung1205ejung1205 subscriber Posts: 2
    My friend who is a business owner of a small company, says HR is one of his biggest issues. Employees tend to come and leave his company due to the lack of compensation, but he was able to resolve this issue by partnering with a Professional Employer Organization (PEO). Although he can't offer them a better package than the big corporations, he was able to obtain a steady talent pool while just focusing on making revenue for his business.
  • erichmond_521erichmond_521 subscriber Posts: 1 Member
    I think entrepreneurs have to keep themselves informed all the time.
    It is easy nowadays, as long as we have internet technologies and different devices.
    Working on my coursework I always keep in touch with other students and learn the news about latest events in student's life through informational blog courseworkinfo.co.uk
  • melodyspencermelodyspencer subscriber Posts: 26 Bronze Level Member
    1. Hiring Employees Based On Salary Requirements Rather Than Talent Or Experience
    2. Waiting to launch the perfect product. 
    3. Failing to create and listen to an effective support group. 

  • Sandra YanceySandra Yancey subscriber Posts: 34 Bronze Level Member
    Today anyone can be in business. It’s easier than it ever was. Software, tools and hardware you needed to build your company that used to cost thousands or tens of thousands of dollars just a few years ago now only cost a few bucks or are for free. But the truth is, it takes a lot more than that. Here are a few things I came across while reflecting about my own experiences, mistakes and failures over the years and patterns I came across while working with other people from all over the place.
    • It’s not about being pretty. It’s about being effective.
    • People want to know what your company does — and then they want to know about you, the founder.
    • Chase the passion, not the paycheck.
    • You don’t need motivation. You need more hours of experience.
    • Failure isn’t the enemy. Fear is.
  • Colleen WColleen W subscriber Posts: 10 Bronze Level Member
    I think what first time entrepreneurs' common mistake is doing everything by themselves.
    I agree. You aren't the jack of all trades, remember that.
  • RjMaanRjMaan subscriber Posts: 28 Bronze Level Member
    I think the most common mistakes that most of the entrepreneurs make is that they do not make a good team. Because starting a company is a team work and not a single man effort.
  • Justin evansJustin evans subscriber Posts: 69 Bronze Level Member
    The most common mistakes that first time entrepreneurs make is that not having a clear picture and estimate about their budget and time. Well for entrepreneur must have enough knowledge about what they are getting started. Entrepreneurs need to keep them self-updated with latest market trends. 

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  • JamieAlexanderJamieAlexander subscriber Posts: 7 Member
    The first and important mistake is lacking a great business plan. A good business plan helps to get excellent turn over and the business will keep developing regularly.
  • Diana.kasimDiana.kasim subscriber Posts: 23 Bronze Level Member
    Financial mismanagement and poor marketing 
  • AsfandiyarAsfandiyar subscriber Posts: 25 Bronze Level Member
    To make a decision on emotions, you need a sober thinking.
  • AllenaAllena subscriber Posts: 1 Member
    edited September 2018
    The excitement about a new product or business can often lead new entrepreneurs to think they really have no direct competition, or that their product is so head-and-shoulders above those of their rivals that they’re in a category of their own.
    In reality, it’s extremely rare to have no direct competitors. Unless you’ve invented a completely new product, there will be someone who already has market share in your niche. Do your due diligence to find out what these companies are and how you can differentiate your business.
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