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5 Mistakes of First Time Entrepreneurs

Thursday, June 22nd, 2017

Recent studies show that more than half of all business startups fail within twelve months. Knowing the common causes may help your business survive the critical first year, mostly by knowing what to avoid.

5 Mistakes of First Time Entrepreneurs

Pretending you know everything

Most first time entrepreneurs are naturally confident, which is great. But confidence can lead to believing one knows plenty about everything, and therefore need not seek advice or assistance In Wyoming when it matters most. Such overconfidence can cripple, and lead to costly, even fatal errors. The catch in getting help, however, is being reasonably sure whomever you ask has the right answers for your firm. That means doing more homework and research before making a request. No matter what, this preparation will also deepen your own understanding of the issues, always a benefit.

Starting a business in an unfamiliar field

One of an entrepreneur’s greatest strengths is experience and knowledge in your new company’s field. Without it, you’re immediately at a disadvantage, especially if cash, time, and resources are limited. If the business sector is competitive, your inexperience can be even more hazardous and less forgiving than in a quieter or less crowded zone.

Trading control for capital

Many fresh entrepreneurs are hungry for investors. But once you surrender controlling interest to gain capital, you may quickly find it far more difficult to follow through on your vision. Sometimes it’s wiser to struggle on with less funds while staying true to your own ideas and intentions. Later, when your product’s materialized, and yourcompany’s taken firmer shape, you might start looking for an investment partner.

Listening to everyone

When you start a new business in Wyoming, you hear much advice, welcome or not. In a thousand opinions, some may be useful, some fatal. Some may be doable, some impossible or impractical. Sifting through all this can distract from your proper focus, and promote dangerous indecision. Yet good, qualified advice can be a lifesaver. Learning to value one source over anotheris a key mark of a successful business owner.

Hiring friends

Hiring friends looks tempting. You think you know their personalities, and they’d be loyal staff. But the traits you value in social friends may be quite different from those your company needs. In the worst case, you might keep carrying a friend as an employee who simply can’t pull his or her weight. Some friendships you wish to maintaincan also fall apart in a company structure. However,friendships based on common interest, business experience, or knowledge in the field may provide invaluable strengths, plus great loyalty. It’s important to think twice about hiring friends for your business, and only then decide.

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