TOP 10 FAILS
YOUNG ENTREPRENEURS MAKE
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1
Failure to establish a goal
Always have a goal in mind; don’t jump into the world of business without a clear goal in mind.
In the end, enthusiasm is not enough to succeed
It’s important to be enthusiastic about your ideas and achievements; however, you need more than that such as resources, clear goals and ideas, etc.
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3
Inability to learn
To succeed, you need to be able to learn new things and have the drive for it. Without that, it may be near impossible to create a steady-going business.
Poor money/budget management
Don’t throw your money around without a purpose. Always think about how money could be managed and spent in terms of improving your business.
4
5
Failure to advertise the brand/product
Never underestimate the power of advertising and marketing. With the right strategy for that, you can get quite far with your business and your own image.
Underestimating the competition
Underestimating the competition can be fatal for your business and you. Always take into account what the competition does to improve themselves and try to one-up them.
6
7
Starting for the wrong reasons
Starting a business should be meaningful to you. You should never start anything because you feel like you’re forced to or because it’s expected of you.
Poor management
When it comes to management, consider both parties. You can’t be a dictator and you can’t let people push you around. You need to be a leader to keep the morale of the people high and to let the business expand accordingly.
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9
No business plan/Terrible planning
Without a solid business plan, this task will be near impossible or at least much more difficult. Always prepare beforehand and give it much thought to avoid failure.
Surrounding yourself with the wrong people
Don’t surround yourself with unmotivated, unreliable and lazy people. Ensure that the people you hire and surround yourself with share the same or similar energy and ideologies as you.