10 Most Common Mistakes First Time Entrepreneurs Make

10 Most Common Mistakes First Time Entrepreneurs Make

 The road to entrepreneurship is filled with casualties. Forget about people who tell you that failure has been over-glorified. Those people have no idea what business or entrepreneurship is all about, or how to start one. They either live in the ivory tower, or they were born with a silver spoon in their mouths.

Ok, here are some reasons why first-time entrepreneurs fail:

1. Giving Up Too Early. Success in entrepreneurship is usually hidden around the corner. Far too many would-be entrepreneurs quit just before they see the promised land. That’s the cold hard truth.

2. Lack of Vision. Many would-be entrepreneurs quit because they never knew why they got into it in the first place. Majority of first-time entrepreneurs go into business by copying others, and, as such, don’t have a vision of their own. And so, when things start getting tough, they quit.  Here is how to make goals that work for success in life

3. Wrong Reasons. Most people who go into entrepreneurship do it for the wrong reasons. They read about a guy who became a millionaire because he/she became an entrepreneur. Money is an effect—it shouldn’t lure you into entrepreneurship. Hard work is the cause.

4. Lack of a Clear Strategy. How can you execute a good strategy if you don’t have a clear vision? And how can you have a clear strategy if you don’t know where you’re going? The backbone of any business is a proper strategy of execution. The entrepreneur who wins is the entrepreneur who knows how to execute a good strategy.

5. Fear of Failure. Fear of failure is the overhanging demon that looms over the success of many would-be entrepreneurs. Sometimes they can see the success on the other side of the fence, sometimes they’re blinded by fear.

Read also: 9 Habits That Keep Men From Getting rich

6. Fear of Success. Fear of success can, and often does, prevent people from success itself. Yes, people really fear the limelight because they don’t know how to deal with it when it comes.

7. Procrastination. Procrastination is the enemy of success because it represents inactivity, especially when an opportunity knocks. This is a big mistakes for first-time and established entrepreneurs because it denies them the ability to react quickly when an opportunity or threat arises.

8. Lack of Patience. Patience is the art of sitting in the cold regardless of the severity of the cold. Many people forget that if you want to cook a good meal, you must have the tenacity to endure the heat.

9. Lack of Persistence. Persistence is the art of hanging in there even when nothing seems to be forthcoming. Most would-be entrepreneurs give up when the going gets tough and the money doesn’t seem to be forthcoming, and turn to employment or something easier. They’d rather work as slaves in Egypt so they can eat water melons and onions instead of fighting on to overcome obstacles standing between them and Canaan.

10. Lack of Self-Education. Someone said that: “Formal education can earn you a living. Self-education will earn you riches” Someone said that success and riches are hidden in books. That’s right. All the secrets of life are hidden in books.

The reason first-time entrepreneurs fail is because they run away from books. Yet, a self-taught entrepreneur, industrialist and philanthropist like Andrew Carnegie, who had no formal education, had a library of books. Heck, he even established universities like the Carnegie-Mellon University.

Read Next : How to attract investors to fund your business

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