Entrepreneurship’s Ten Deadly Mistakes

Entrepreneurship offers limitless opportunities to those who actually trust in it and live by it. But at the same time, entrepreneurship is a way of life that can entirely alter the course of your life if misinterpreted. Entrepreneurship is not something one can forge the way through; one can either be doing it right or not doing it right simple. There are no ways around it.

It is not just luck that has to be blamed for a failure. There are some common reasons of failure of a new business venture as indicated by researches. The causes of small business failure may comprise of:

  1. Management blunders
  2. Inability to make the entrepreneurial move
  3. Nonexistence of experience
  4. Improper pricing
  5. Poor financial regulator
  6. Inappropriate inventory control
  7. Weak marketing efforts
  8. Poor location
  9. Failure to develop a strategic plan
  10. Hysterical growth

Putting failure into perspective, it is said that entrepreneurs don’t fail; it is the project that fails. Some of the things to remember are that there are no such things as failures, only results. One should always look to turn a negative situation into a positive opportunity. They should not fear from failure and be sure to have an emergency plan. Only people who never fail are those who never do anything or never attempt anything new.

The prosperous entrepreneur recognizes the meaning of these clichés and knows how to deal with hardship in a pre-emptive and optimistic way.

To avoid drawbacks, researchers have indicated that entrepreneurs can surge the likelihoods for victory if they:

1. Know the business in depth.

2. Develop a well-written business plan.

3. Manage financial resources.

4. Comprehend financial statements.

5. Learn to manage people efficiently.

6. Set your business apart from the competition and work on USP.

7. Maintain an optimistic attitude.

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