While there is no one sure-fire, one-size-fits-all blueprint to becoming a successful entrepreneur, there are certainly pitfalls that every entrepreneur should be aware of, in order to avoid them. Making mistakes is a part of succeeding – and is, in fact, a part of it that every entrepreneur will experience – but some errors are so crucial that they can cripple your entire business before you even have a chance to get it off the ground. Following are 5 common mistakes entrepreneurs make.
Developing vs. Selling
Developing a great product that you’re proud of and happy with is important, but too many entrepreneurs focus far too much on developing their product to perfection and far too little time actually marketing & selling the product. As the best indicator of how your product actually performs (and the best way for you to fix any flaws) is for it to be tested by the public, the smartest thing you can do is to get it out there. You should think of it as a 50/50 balance – 50% developing, and 50% marketing.
Product > People
The best way to go about developing a new product is to have a customer-centric mentality. Yes, you want to profit from it, but the profit cannot come first and the customer last. The only way to have a successful, sustainable business is to build a loyal customer base that will remain loyal to you long-term.
Ignoring Market Trends & Target Audience
This is more vital than ever in today’s constantly changing market. Marketing is done differently now; and in order to make your break, you need to be on top of, and utilizing the current market trends as much as you can. Similarly, you must decide on, and understand your target audience. Without a target audience, your marketing efforts will never be successful, no matter how great your product might be.
Lack of Marketing
Perhaps one of the biggest mistakes a start-up can make is to not focus enough on marketing. Yes, you may have a great product, but you can’t build a business on word of mouth alone. Be serious about marketing, and willing to invest in it. Study your competitors’ marketing strategies, and apply yourself to finding a competitive edge that will bring you the customers.
Late Launching
Remember that your product will not be perfect. Obsessing over tiny details will only delay & frustrate you. Instead, build a simple, working version of the product and launch it as soon as you can. The feedback you will receive is what will actually help you improve your product; otherwise you are simply wasting time, energy and finances on a product that is not even aligned with your customer’s needs.
