The journey from being an aspiring entrepreneur to an accomplished one requires not only having a brilliant business idea and the drive to launch it.
Working in this field, I had the chance to analyze a lot of business ideas to try to understand what exactly stopped entrepreneurs from putting their brilliant winning ideas into practice.
Here are 5 common mistakes that entrepreneurs make when starting a business.
1. Obsessing over the ‘right’ idea
The most common mistake made by a lot of aspiring entrepreneurs is not having enough confidence in their business ideas. They start worrying about not having a great idea to start something. Well, an idea is not enough! If you think you’ve got it (the idea), just go for it! Create something out of it! Investors will never give away money for just an idea. But once you let them sample it, they will gain more confidence in your product / business / idea.
2. Thinking that capital is mandatory
You don’t need a capital to start a business! Rahul Varshneya co-founded Arkenea Technologies with zero capital. All you need is a strong business plan with reachable targets.
Try bootstrapping if you plan to start a product company. Sometimes struggling for money is unavoidable. In this scenario, try taking out a loan to show people how much you care and trust your products’ potential.
Try outsourcing. After you have proof that your concept can be done, present it to investors or to your first potential customers. You will see that, if you have a strong strategy, your developing team will form itself with people that are valuable to your project.
In business every hour and every decision is important. Do not postpone anything! You want to start a business? Do it! Not sure where to start and the project seems overwhelming? To make it seem doable, break it down in smaller steps and start with those tasks that seem easiest or that you are most comfortable with.
4. Getting over failures
Nobody gets it right from the first time, every entrepreneur meets failure at some point, so the difference between them and the wantrepreneurs stands in the way they deal with it. You can either learn from it and make sure you won’t repeat the same mistake or you can let it defeat you. One famous example that needs to be mentioned is Thomas Edison, whose most memorable invention was the light bulb. It took him 1000 tries to come up with the final prototype for the bulb. When asked “How did it feel to fail 1,000 times?”, he answered “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” So embrace failure and learn to gain confidence!
5. Having faint goals
Don’t make “money” your primary goal, because, trust me, it will never work! Choose to be inspiring and creative. Create goals that will change the trends and tendencies within a business sector, that will make a difference. Giving a sense of ‘changing the world’ will surely influence your potential customers into trusting you. That way, money will follow!