MISTAKES NEW-AGE ENTREPRENEURS MAKE

                        MISTAKES NEW-AGE ENTREPRENEURS MAKE

 

     The biggest part of starting a business is having a part then on it.  Being part of a start-up isn’t always glamorous, and often requires simply submitting yourself to the process.  However, often, the gush of success and heady ambition can lead young businessman to take few errors which can act as roadblocks to then becoming industry leaders in the long run.

SENSE OF ENTITLEMENT

     Entrepreneur must avoid sense of entitlements of any sort.  Graduates fro prestigious academic institutions often carry a misplace sense of entitlement that can be rather detrimental to their long term success.  They tend to believe that just having a certification from such institutes is going go get them investor interest and funding easily.  While a good academic track record certainly impresses those mapping your progress, ultimately the litmus test of an entrepreneur is his/her idea and the ability to execute it in such a way that it translates into the positive numbers.  What we often believe to be a leadership quality forms an image of arrogance in the eyes colleagues, peers and juniors and this is hardly going to get any one where.

FUNDING IS ALL THAT MATTERS

     Despite the fact that funding is one of the most critical aspects of venture, we are often be-fooled and blinded by the funding itself.  Having capital for your venture is as important as having the ability to spend it wisely.  To make every penny count, and not splurging it over something that is hardly likely to benefit the venture is as unwise as it gets.  Understand the market scenario thoroughly before you plan and allocate funds as a lot a relatively new business ventures have failed due to improper fund management, despite having raised significant amounts of capital.  Being extravagant is the worst mistake an entrepreneur can make.  Treat the money like your own and expand your infrastructure, team and geographical presents in a well-though-out, calculated and measured way.

NOT BEING DATA DRIVEN

    

     Data is a major part of what drives the market and the industry in this day and age.  From managing funds, to assessing the market to analyzing trends and also saturations in a specific area, data is the perfect guiding tool.  Many budding entrepreneurs lack proficiency in execution as they often undermine the value of data.  Going by your instincts and exercising your creativity is a great and it’s what will make you stand out but to ignore data and logic in the bargain is highly unadvisable.  Keeping a close watch on data and ever-altering consumer behaviour is imperative in a market of constantly changing dynamics.

REBILLION

     Too much aggression is never good for an entrepreneur.  This brings us back to the first point as well. Never have a sense of over-entitlement and never believe that you’re better than everyone else.  Think, listen patiently, take advice from others humbly and only then plan your next big move.  Of course, listening to your own institution is a great think but doing so against all logic and rationale isn’t the best quality.

     Always remember these points: don’t expect to turn a profit immediately, expect mistakes to happen frequently, realize that you can’t make everyone happy, some tasks are monotonous.