To be an entrepreneur you need to know the reasons why most of them failed in their first efforts. Entrepreneurship is tough. It is for the ones who truly believe in it and are ready to embrace the huge daily challenges that come with it. A few pointers on the common mistakes people make when starting
Passion vs Business knowledge
Passion is wonderful to have but, if it is not backed with logic and business acumen, a business cannot succeed. A lot of entrepreneurs today, have passion towards what they want to build, but lack basic understanding of business models, profitability and operational skills.
Everyone is doing it, so I should too
Aping ideas because one has become successful, doesn’t mean you will be too. Understanding why a certain idea works and why there may be a need for another and what would differentiate you from the next, is important. Most just decide that India is a large market and even a 100 people doing the same thing, will survive. Reality check:” it doesn’t work
Related Article: Life Is Short. Get Set Startup.
Too much, too quickly
We all want it all, just like the unicorns. But, not having focus and trying to do everything right now, is another reason why things go wrong. Having a slow and steady approach till you reach a certain traction and then looking for scale, that’s the way to success.
Quick shifts in model
Have seen this in some. A month of trying and the model changes because it’s “not working”.. Hey! give it time.. at least 6 months or more to do everything in your power to get traction and then if that is not working, then change the model. But, give an idea it’s due time to prove
It’s too tough
Entrepreneurship is the toughest thing. Everyday is filled with challenges that test you to your maximum, so if anyone does not have a thick skin and strong back, then it’s not for you.