Entrepreneurship is fun until you step into the real startup scene. Everything you see from outside seems luxurious, but once you plunge yourself into this you’ll realize how hard it is to be a successful entrepreneur. In fact the hard truth is that 1 out of 10 become a successful startup today.5 Mistake first time entrepreneurs Commit..!!If you are a first time entrepreneurs then the odd of failing increases. You need to keep some basic things in mind and avoidthe common mistakes to ensure that these small things shouldn’t be the biggest hurdle for you in the long run.They Are Not RealisticThis might be a common mistake if you are plunging yourself to the startup scene for the very first time. Most of the startup founders fall in love with their idea and live in a glow of giving birth to a beautiful dream of an innovative product; but fail to realize that the baby might be ugly.Entrepreneurs need to be preparedfor worst situations and be realistic that the idea may fail. It is not compulsory that the startup has to succeed just because you think it’s a brilliant product if the consumers are not willing to adopt it.They Work With FriendsIt’s great to have such friends who stand by you in the toughest times,but friendship and business should not be mixed. In most cases your longtime friend might not be a goodchoice to be the co-founder of the startup, your personal mindset can match but not the professional one. Especially if you talk down on each other.They Lack In Cash Flow ManagementThis is one of the crucial problem and most common mistake done in any startup. The founders lack in cash flow management.
To overcome this you have to create abusiness plan, even if it consists only of a competitor analysis/market niche strategy and your financial forecast, along with assumptions. Expect to work a lot of hours, especially in the first three to five years. If your businessdepends on intellectual property, protect it. Read and carefully consider every contract before yousign it.They Take Ego To The Work PlaceTaking your Ego to the workplace can be quite dangerous for the startup. In a startup there should not be a “Yes Boss!” policy. It’s rather a place to work together for a better product of your idea. You are not the most important person in the startup. The belief in the vision of where the company is going to go should be much greaterthan any of the founding partners.They Are The Only FounderIf you want to raise funding for the startup then it might be a no no from the investors if you are the only founder of the startup. Investors don’t put their money on ideas because there are hundreds of people with the same idea of yours; they invest in the team. The better tean you have the better is your chances to grow. It’s not all about funding, also you need a helping hand who has the diversified skill sets and can help in operations while you code; just for an example.Would love to know your thoughts on these points. These are only a few, your success depends on many factors and mostly the determination to never give up.
Best Of Luck
