The 10 worst mistakes that new Entrepreneurs are likely to make

By Abby Vonda

Special to the Financial Independence Hub

When you’re starting your own business for the first time, it’s all about learning from your mistakes. But it can save you a lot of time, effort and money if you manage to avoid them altogether. Here are some of the 10 worst mistakes you can make as a beginner entrepreneur:

1.) Being too inflexible

Your business idea may look great on paper but in practice things rarely go as predicted. You may come across unexpected challenges and opportunities once your business gets off the ground. Don’t be so inflexible that you fail to recognise them.

2.) Forgetting your Vision

While flexibility is key, you don’t want to move in too many different directions at once. It will spread your time and resources too thinly. Keep your vision clearly in mind. It may adapt over time. But you should always have a reference point to come back to.

3.) Beating yourself up over Setbacks

When you’re just starting out, any setbacks can really dent your confidence and motivation. It’s important to remember that every business experiences these setbacks. And it’s learning to move forward and do things differently next time that will make your business stronger in the long run.

4.) Thinking you can do it all yourself

Very few people are able to master all aspects of entrepreneurship. Try to be aware of your own strengths and weaknesses. If you struggle with business administration or copywriting or keeping track of the numbers, get somebody on board to help you. This doesn’t even need to be a full time employee: freelancers and contract workers give you flexibility as well as the necessary expertise.

5.) Failing to consider Investment implications

When searching for initial investment, it can be tempting to jump at any offer. However, it’s worth taking your time to consider investment implications. What will it mean if investors have voting rights? And how would you feel if family members lose money, even in the short term, as a result of their investment?

6.) Keeping your idea too close to your chest

When you have a great idea, it’s tempting to keep it close to your chest. You don’t want anyone else to run off with it and get there first. But unless you are able to share your vision with others you may struggle to get it off the ground.

7.) Failing to learn about your Customers

If you’re too focused on how great you think your business idea is, you may forget to consider your customers. They should be at the centre of all you do. And you should try to learn as much about them and their requirements as possible.

8.) Not investing in Marketing

Even when you’re just starting your business, you need to dedicate a reasonable budget to marketing. Otherwise how are people going to find out about you and your services? Speculate to accumulate.

9.) Thinking you can’t afford top Talent

The best talent will help you to grow your business. You may not be able to offer them the salaries they can get at bigger organisations. But don’t sell yourself short. You can, instead, offer them an integral role within an exciting enterprise, and perhaps a share in the business too.

10.) Trusting your gut, rather than committing to Research

There’s only so far you can go with research. At some point in business you always need to take a leap of faith. But make those leaps in as educated and informed a fashion as possible. Don’t rely solely on your gut when it comes to your business.

Starting out as an entrepreneur is a huge learning curve. Avoid some of the worst mistakes and you’re much more likely to see that glimmer of success moving closer on the horizon.

Abby Vonda works at Datastical.com. She specializes in entrepreneurship and self-improvement topics. She is passionate about productivity, personal and career development, as well as business and leadership.