6 Deadly Mistakes That Cause Young Entrepreneurs To Fail
With juicy gossip cropping up almost every other second, it’s easy to let important matters fall by the wayside. As such, instead of writing about ‘how to eat booty like groceries,’ I have decided to share some deep insight only known by top business entrepreneurs.
‘Why do young people often fail in Business?’ This is a question asked by many, yet only a few get to figure it out.
For young entrepreneurs, creating and implementing new entrepreneur ideas often calls for a blend of cunning ingenuity, luck, and lots of guts. These are accompanied by a huge serving of anxiety and fear; should the business go south leaving you high and dry, if not in tears/crisis.
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However, this need not necessarily be the case. By learning the most common mistakes made by young entrepreneurs especially when starting out, you will effectively avoid the following business pitfalls.
1. Capital! Capital! I Need Capital!
Yes, this is the song that everyone sings when planning to start or expand their business. Unfortunately, it is also one of the greatest reasons why businesses fail before they even start. A common mistake that most young entrepreneurs make is to assume that capital entirely refers to the business start up costs in terms of liquid cash.
Though money is part of the equation, there is more to what capital entails. Capital refers to assets or resources needed to leverage the growth of your business. Such resources include labor, skill, time, money, networks, storage facilities, land, production machinery and other physical assets.
Here’s a way to start a business with no capital: Free! Getting Started To Make Money Online Free.
The good news is that even the top business entrepreneurs do not have all the capital they need to succeed. Greater news is that everyone has got some kind of capital with them.
The only thing you have to do is to make the best use of the little capital you have, whether it is skill or time. Once you have started your business, you can then focus on continually expanding your capital base for your business to grow.
2. You Peg Your Business On Luck
It is common to hear people say that so and so got lucky that his/her business is thriving. Successful young entrepreneurs understand that business success is not as a result of luck or magic. It’s math.
It’s as a result of well-calculated effort and strategy. This includes investing in the right industry or niche, offering quality products/services and customer service, smart marketing, originality among other things. Luck only finds the prepared ones.
3. The Need To Get Rich Quick
This is the greatest tragedy that plagues most young entrepreneurs out there. They want to make millions within the first or second year of their business. I am not saying this is not possible though.
The problem with this mentality is that when you don’t get the desired results fast enough, you tend to get frustrated and eventually quit. This cycle may go on in the next five or 10 new entrepreneur ideas you try to venture into.
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Eventually, you will assume that entrepreneurship is not for you. This brings us to the next pitfall.
4. Lack Of Persistence.
Successful young entrepreneurs understand that persistence is one of the most critical elements that will guarantee success. To cultivate persistence, forget about getting rich quick.
Focus on the value you are creating for your clients, skills you are learning in the process and the success you will achieve in the long run. In most instances, business growth is a slow but gradual process.
For you to become a top business entrepreneur patience and persistence is a virtue you will have to learn.
5. All Talk But No Action.
Even the best of us are guilty of this. We tend to talk about the great ideas we are about to implement, but never act on them. Of course, you will always find excuses not to actualize them.
A common one is lack of capital, time, experience etc. The single most important secret to attain success in business is to learn to act on your new ideas an plans immediately.
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6. Failure To Consult Top Business Entrepreneurs
When starting out, you need a lot of hand-holding to avoid making fatal mistakes. The only way to achieve this is by consulting other successful entrepreneurs. This way, you will learn ways to raise capital by accessing business start up loans, how to reduce business start up costs, assess the viability of your business ideas among other things.
The Takeaway
When it comes to entrepreneurship, there is no one-size-fits-all formula. It is all about making your formula work, testing it and then readjusting it to make it work better. This is usually not a piece of cake. However, the more you fail in your venture, the closure to getting it right, as long as you keep adjusting your strategy.
For those planning to start an online business, here’ a Quick Way To Start Delivery Service Business At Home.
