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6 most common mistakes of beginning entrepreneurs and how they can be avoided

A man who has started his business at least once in his life will surely tell you how hard it is. First you have to create a viable product or service, and then find your niche in the market and the target audience ready to buy this product. The next step is to increase the scale of your business and make decisions on which the future of your company depends. Unfortunately, most start-up businessmen are guilty of the fact that when creating a business they do not have not only a business plan, they do not even have a step-by-step action scheme. In addition, many of them do not realize that before the receipt of any significant profit will take more than one year. Entrepreneurs fill their own bumps, learn from their failures and mistakes, and only then begin to understand (and even then not all) the principles of conducting a successful business.

6 most common mistakes of beginning entrepreneurs and how they can be avoided 6 most common mistakes of beginning entrepreneurs and how they can be avoided

Errors are usually standard and very common; In fact they are inevitable and even useful, since they give you the opportunity to turn into a cautious and wise entrepreneur. Some wrong decisions are quickly fixed and eliminated, while others can cost you precious time and money. The following tips will tell you how to avoid the six most common mistakes that businessmen usually allow when starting and developing their business.

1. Carefully and accurately approach the analysis of the information obtained

Do not be afraid to seek advice from trusted coaches, friends or acquaintances. Feedback is a valuable tool for start-ups, especially when it comes from an experienced business owner in your market or in your industry. But be careful. Even advisers with good intentions can mislead and partly confuse novice entrepreneurs. Too many tips can lead to paralysis. Give yourself time to make important decisions, but do not delay, otherwise you run the risk of missing chances or just marking time. You can correct the mistake, but you can not succeed if you do not dare to act.

2. Ask questions (customer)

Feedback, especially at the beginning, helps to improve or adapt your product or service. Sometimes what you consider an excellent idea simply does not find a response in the market and does not arouse the interest of consumers. If you ask your customers questions and find out what they need, then you will have a chance to adapt to their needs and needs, and therefore successfully implement their products. Just remember: customers need to be sure that they will get exactly what they want. Before starting a new program, product, service or presentation, first test them with a small group of consumers.

3. Use any opportunity to build a broad network of contacts

The important thing is not who you know, but who knows you. Your schedule can be written in seconds from sunrise to sunset, but even 30 minutes daily devoted to creating a network of useful links, acquaintances and contacts will pay off in the long run. To be on hearing and in sight is the first rule of networking. Starting your own business, get acquainted and join all public and business clubs and associations of your region (district). It is from there that the list of corporate contacts begins to grow. At first, it may be a little uncomfortable, but such contacts in the future will serve you well. In order to promote your business, you need to be able to show yourself and see the people you need.

4. Try not to be distracted and know how to concentrate

Most likely, you, like most entrepreneurs, have more ideas than opportunities for their implementation. Do not fall into the trap of a “brilliant idea.” You risk completely distracted by it and lose sight of your core business. Instead, start a journal or a folder for good ideas. Write your long-term and short-term goals on the board or flipchart so that they are daily before your eyes. Periodically look through your list and think about what ideas deserve immediate implementation, and which can be postponed for the future.

5. Hire the right people and fire unnecessary

Decisions on hiring and filling vacancies are among the most difficult. By the way, they require the most time for thinking. Think twice about hiring close friends and relatives, unless they are exceptional and unique professionals. Many personal relationships can be complicated or even destroyed under the influence of complex working situations. Make sure every new employee has the appropriate qualifications and skills, that he wants to learn and understands the nuances of working ethics. You can consider hiring people whose strengths and virtues level out your weaknesses and shortcomings. If employees do not meet your expectations, give them training or leave them resolutely.

6. Always react promptly and keep your word

If you are not on vacation, try to respond instantly to any voice and email. Even if you can not immediately take action on a particular request, just at least notify the person that you received his message. If you do not keep within the deadlines or forgot to call back, do not be ashamed and do not be afraid to apologize for the situation. When you promise something to your customers or colleagues, always keep your word. Do everything possible to maintain your reputation as a responsible and reliable entrepreneur.

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