Entrepreneurship, I believe, is not a steady road to success. In reality, it’s a rare situation where businesses often fail before funding. It is essential to avoid inaccuracies during this stage since it could end up costing you your time and also a fair deal of money. Whether you’re a budding entrepreneur or an established one, take a moment and deliberate if you’ve been refraining from the common entrepreneurial mistakes.
Always remember you don’t know it all!
Your business may be an establishment by partnership or self-proprietorship. In either case, an over-inflated sense of yourself is one of the paramount mistakes you may be making. Partnerships and collaborations fall apart by the mere feeling of “I am the one”. It’s important to remember that even though the idea may be yours, you’re going to need a team for a successful execution.
Don’t ignore people – you are never too busy
People who helped your business be what it is are, in most cases, your true and loyal assets. In the course of time, their contributions might become immaterial, but avoiding them is certainly something you want to avoid doing. Look out for ethical ways to pay off debts and favours instead of creating excuses that you are too busy.
Work for satisfaction and not merely money
It is always said, “Begin your business keeping the end result in mind.” Once entrepreneurs taste success and break even with what they once thought was a satisfactory end, their decision making becomes more monetary-based. In the race to always win, what most of us forget is the pursuit of happiness. Draw inspiration from the works of accomplished tycoons who aimed to contribute to society and not only take from it. One of the best examples would be the Tatas, as they always strive to work for success by valuable means and not materialistic means.
Learn to switch leadership styles
A leadership role is not about people loving you. They have to listen to you, trust you, and follow you. Being assertive can be a game-changing move in any entrepreneurial venture.
Never take the worth of your business for granted
Often, it so happens that once a person has reached a satisfactory level in their business, they begin to shut down their creativity. This is when enough funding for the business has been received. Do not limit your zeal and innovativeness. Be limitless. The key to sustaining a successful business is to not take it for granted.
Let your success do the talking
It happens quite often that entrepreneurs focus on projecting themselves to onlookers and critics more than their actual domain of work. It’s true that you are the creator of your business, but remember it is the work that should speak for you rather than you speaking for the work. In the case of entrepreneurship, your business is the protagonist.
Being ethical is hard, but also right
When leading your way to the road of success, it is essential that every entrepreneur examines and acknowledges the impact their business is bringing to the social environment. The path of having Corporate Social Responsibility may seem an inconvenient truth, but it most certainly is the ethical one.
Remember to collaborate and not compete
As an entrepreneur, we all have an eye on the new entrants to the market. But what generally causes mindlessness is only keeping an eye on the competitor. So don’t drive your energies to see what others are doing. In the end, collaboration always wins over competition.
All the money in the world
As the famous saying goes, “Don’t let success overpower you”. This phrase is something that will not only help you be a successful entrepreneur but also a better person. Knowing when to spend, on what to spend, and how much to spend is the key to sustainability. Extravagant spending through profits is a sign of saturating sooner than planned. Hence, keep your assets safe and use them wisely. If you’re one of the many who find this rule hard to follow, draw a fixed salary for spending and keep a record of it.
If your deliberation has helped you spot the common mistakes, don’t dishearten. A little self-reflection is always needed for all of us in between the constant hustle. Keen observation of your daily decisions will help you refrain from making these mistakes and thus enable you to have a steady journey.
Pratish Nair is MD and Founder of The Prahlad Kakar School of Branding and Entrepreneurship.