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So, You Want To Be An Entrepreneur? 5 Mistakes to Avoid

“It’s fine to celebrate success but it is more important to heed the lessons of failure.” –Bill Gates

 

I have made enough mistakes as an entrepreneur, some of them quite costly. Then recently, I bought the April issue of  Entrepreneur magazine and it contains an article that mirrors some of my mistakes. Here is a chance to learn from five common entrepreneur blunders, hopefully, you can avoid them.

 

#1: Choosing the wrong team – choosing the wrong team will result in not only lost income and time, but also in depleted morale. Choose people with varying skill sets, people who share common values and have the ability to trust each other in tough situations.

 

Mistake #2: Waiting for perfect when good will do – the longer you take to launch, the longer you go without money streaming in. Come up with the simplest, basic version of your product or service that gets the idea across and try to find someone you can sell it to. Then, continue building.

 

Mistake #3: Bad pricing – if you don’t have an accurate understanding of your costs, you won’t price your products correctly. However, setting price based purely on costs could yield a price that is either higher or lower than customer’s perceived value. Neither is good for your business. Set price based on your customer’s perceptions of value.

 

Mistake #4: Being cheap about marketing – it’s not about just being mean with money, but also with your time. Marketing doesn’t happen by accident; rather, it is intentional, consistent, and systematic. It shouldn’t be something you do sporadically whenever the flow is slow. To thrive, you need a marketing plan that lays out activities for the week, month and year.

 

Mistake #5: Not understanding technology – if you utilize technology correctly, you can do more, better and faster. If you are not technical, take some “tech” classes to gain some expertise.

 

©2014 David Waweru

Credit: Entrepreneur, April 2014

2 Comments

  1. Cee Cee
    May 16, 2014    

    Hello David.

    I really found this list helpful. For me, number two is of particular importance, since I am often expecting more from myself than I feel I am giving, so I wait for that perfection. The result is .. no result at all! If I cannot get started, I’ll never get anywhere, so for me this advice is really helpful and that #2 is critical!

    Thank you. Take care.
    Cee

    • dwaweru dwaweru
      May 18, 2014    

      Hello, Cee

      Thank you. I like the counsel of Entrepreneur Richard Branson, “There is always something new to learn. The day you stop learning is the day you stop living. We should all pick up new skills, ideas, viewpoints and ways of working every day.”

      And talking of perfection, here’s a quote I really like, from Vincent Thomas “Vince” Lombardi, a 1960s American football player, coach, and executive: “We are going to relentlessly chase perfection, knowing full well we will not catch it; because nothing is perfect. But we are going to relentlessly chase it, because in the process we will catch excellence. I am not remotely interested in just being good.” So, take this day Cee and lead it to perfection.

      All the best and take care.

      David

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