13 Big Mistakes People Make When Starting Their Own Business

By Ellie Martin | Life Hack

Even the most seasoned entrepreneurs commit mistakes, most of which they don’t want to talk about. But imagine the many pitfalls entrepreneurs can help others avoid when they share the mistakes they have made to warn others.

Most, if not all, entrepreneurs have no problem with goal setting or in having a clear vision. Along the way, however, they fail to anticipate or even realize that the road is filled with bumps and humps that can make even the seasoned entrepreneur fall if they are not careful.

Related Article: 10 Lessons for Aspiring Entrepreneurs

When starting a business, the amount of mistakes you could make is incredible. So, making sure you have the correct software is ever so important. These HR systems are great for any type of business, as everyone needs HR.

He feels that it is not fair for entrepreneurs to commit the same mistakes over and over again simply because no one dared to talk about them.

Below are some of the most common mistakes most start-ups commit. By recognizing what they are, you can skirt around them and avoid downtime.

1. Picking the wrong partner

Having business partners is common and also advisable in the world of business. But it is quite tricky to pick the business partner who is a good fit for you and your business. Just because someone is your friend or someone is a family member, doesn’t mean they are necessarily the right business partner for you.

How do you even know that you picked the right business partner?

The primary step in choosing the right business partner is to understand that business partnership is like a marriage. That means that there will be misunderstandings and fights, but they are necessary. However, you need to realize that misunderstandings should be met logically. Therefore, it is essential that you set the right expectations on Day 1, so that both of you know what to do.

2. Lacking focus

If you lack focus, you won’t just be harming your business but your relationships with your clients and partner as well. However, the challenge of not being able to find focus is real for some people, and the advice that “you have to find your niche” can sometimes seem implausible.

Instead of feeling bad about lack of focus, you can turn your lack of focus into an advantage. Think about Richard Branson and all the diverse products he has to offer. If someone is to judge Branson negatively for a lack of focus, that person can be seen as a fool just by looking at Branson and all he has achieved through diversification. Thus, if you are having a hard time focusing or finding your niche, try adopting a diversified business model.

3. Too much planning

Lack of planning is a formula for failure, but too much planning can also lead you to the same path. Too many plans can in fact weigh you down. Instead, a good plan is always something that leads to a decision. So how do you make a plan that leads to clear decisions? Focus on a few key themes instead of addressing all your potential problems immediately. Strengthen what areas are already bringing revenue to the company before moving onto minor issues.

Related Article: This Fellowship Pays You $100,000 to Drop OUT of College and Start Your Own Business

4. Choosing the wrong investor

Just as it is crucial to find the right partner, so it is when finding the right investor. Just because someone has deep pockets doesn’t guarantee that they are the right fit for you. So how do you find the right investor for you?It all starts by understanding the investment options you have. Study all the options you have before choosing one. Second, don’t be afraid to ask what the investor can provide for you. This will also determine how involved your investor will be in the business or project. Lastly, make sure that your pitch will clearly articulate your vision and business plan.

5. Not spending on marketing

So you want your business to grow and become successful, but you don’t want to invest in marketing? Then, good luck if you want to make it past the first month. It is a no-brainer to invest at least to some degree in marketing your business.

6. Doing everything yourself

Research has already found evidence that multitasking can harm your brain and affect your productivity. Multitasking will not make your company grow quickly or increase your profits. In fact, it can do the opposite because you will wear yourself down by wearing too many different hats at the same time.

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