Common Mistakes of Beginning Entrepreneurs

%Franchising PhilippinesCommon mistakes of beginning entrepreneurs

An entrepreneur is still a way different from a business man, though they seem to be alike. An entrepreneur creates, while a business man just sells. Creativity is the word. They differ in a sense of being creative. Once you become an entrepreneur, you must stand as an entrepreneur. There are lots of entrepreneurs who have failed in their businesses. Let’s find out the reasons and solutions to their mistakes.

 

Mistake 1:

It is not always about the capital, location, and advertising. It’s all about the PASSION! Many build empires without the knowledge in building an empire. This means they fail to make a transition from being a hobbyist to an entrepreneur. For instance, a person who would put up a print and studio shop without enough knowledge and passion in photography, right? This actually happens most of the time that people would rather blend in the trends of the society and follow what their friends suggest than pursuing the things they are interested in. Putting up a business which is not your thing is somewhat a ridiculous idea. Instead, go for your passion and hobbies.

I strongly believe that passion + knowledge + enough resources = successful business

 

%Franchising PhilippinesMistake 2:

If you fail to plan, you plan to fail. Planning is very indispensable. Everything starts with a careful planning not only in business but also in other activities and responsibilities in life. Though you think your planning process may seem long and tedious at the moment, it will benefit you more than you can imagine in the future. Have your feasibility studies and business plan well-stretched and thoughtfully presented.

 

Mistake 3:

Sometimes, beginning entrepreneurs team up with someone (could be a friend or relative) and offers them commission to help sell the product. There’s nothing wrong with strategic partnership, however if your goal is to escape from selling, then you’re embracing failure. Get to know your target market as quickly as possible.

 

Mistake 4:

Many beginning entrepreneurs get rid of selling their products to people they do not know as they are certain that their family members and closed friends will support them and buy their products. This is a no-no for beginning entrepreneurs. The feedback for the product would be biased since you’re a family member, it would be hard for them to give you a negative feedback. Family and friends do not count. Go and reach out!

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