The truth is all entrepreneurs make mistakes. According to CEO of Bimbeads, Bimbo Balogun,” In business, we make good and bad decisions, that is business for you.” The most important thing is to learn from the mistake to avoid repetition. Here are some mistakes entrepreneurs make:
Not doing enough research
Not conducting enough research to see how your product will sell, or how it can be better than existing products in the market. Most people think business is all about advertising; the truth is, if you do not have the knowledge of the gap your product is going to fill in the already over-saturated market, then there is every possibility it will fail.
Not having a backup plan
Have a plan A-Z if possible. Always think about what the future holds, and we all know the future is full of uncertainties and we have to plan towards those uncertainties. Try to save for the raining day. You do not have to buy the latest car because you landed that contract deal. Nurture your business for at least six years before rewarding yourself.
Running a one man show
Trying to do everything not only slows down productivity, it can also interrupt fresh ideas from springing up. Most entrepreneurs have the habit of trying to do everything alone. They apply this term, “if you something to be done, do it yourself” to everything. If you do this, then you need to take a leadership class to learn the act of delegating duties.
Not changing business model when it fails
This doesn’t mean you should change your business model frequently, but when you notice a particular model is not helping you achieve your desired result after trying it out repeatedly, then you know it’s time to change it. We need to be open in changing our plans or processes when it is absolutely necessary. Flexibility is allowed in business, albeit carefully. Observe, Orient, Decide, Act (OODA), is the way forward.
Making customers the least of your priority
This is a very bad move because at the end of the day, your products and services are made for consumers who might be customers. Entrepreneurs should focus more on customer success, as this could rise or sink your business. Focus on building and nurturing existing relationships before trying to get new ones.
Thinking about money and not falling in love with your ideas
You have to be passionate about whatever you are delving into, if not, you may not last long in it. Thinking about money makes you nervous and as such, it is difficult to come up with great ideas because that part of the brain is constantly engage. When you keep money at the backseat, you will be interested in creating values.
Most times, most entrepreneurs think they are made because they just got a contract running into millions, and so they go on a spending spree without planning for the future of their business. There is a saying, “If you buy what you don’t need, some day, you will sell what you need”. Being frugal with your spending is the best sacrifice you can make for yourself as an entrepreneur because serious issues to be resolved with money can spring up at anytime and you do not want to be cut up in regrets.
Not consulting the right kind of people
Not everyone is business oriented. For example, your mother might be good in teaching economics as a subject but she might not understand the concept of business model canvass. You cannot discuss business with every tom, dick and harry, no matter how intelligent they may seem in other areas as they will give you wrong advice and end up making you more confuse than you were when you first came to them.
Other mistakes include lack of solid knowledge on how to develop a lean business model, developing complex product rather than a minimum viable product(MVP), lack of business pattern and prioritisation techniques.