Starting a business is easy but making it successful is hard. According to statistics, almost half of the business started will fail within their first year, while 90% of the remaining will fail within their first 5 years.
No matter what industry you are in, even in this export business industry, getting started can be pretty hard.
So if starting a business is that hard, what can a newbie entrepreneur do to make sure that he or she succeeds.
There are two ways to find out.
We can either start a business today and take the 1year challenge or simply ride on the shoulders of giants.
I prefer the second option.
That is why today, I bring you three experts in the field of helping people succeed in business to share the #1 business mistakes they see most entrepreneurs make.
Let’s dive in.
Name: Evan Carmichael
Website: Evan Carmichael
The biggest mistake I see is people quit too soon. It always takes longer than you think and you likely won’t get immediate results – because you’re just starting to build momentum and because you are still learning the skills of how to create something amazingly valuable to people. So don’t quit. If it’s your passion you can’t quit. Keep going. Or you’ll regret it for the rest of your life.
Name: David Stok
Not meeting with enough customers to validate their idea before trying to build the product, which results in them building a product that doesn’t meet the needs of the market, and needs extensive change before it can get to product/market fit.
Name: Katie Alteri
Website: Fora Financial
At Fora Financial, we notice that many business owners don’t take the time or money to invest in the future of their business. Initiatives such as updating equipment or expanding a business location can be expensive in the short run, but will ultimately lead to business growth. That’s why we are passionate about providing financing to business owners – so that they can pursue their goals and grow their business!
Name: George Meszaros
In my opinion, new entrepreneurs underestimate the time and effort it takes to succeed in business. To start a business you will work more hours than in a full-time job, and you will make less money. Most businesses take years to really take off. There will be many obstacles. Quitting will seem very appealing. Only a small percentage of new entrepreneurs have the commitment to make their business a success.
Name: Heather Smith
It’s important start-up entrepreneurs identify where the money will come from, and ensure the return is worth the effort they forecast they will need to invest in bringing the product or service to market.
Name: SharonDrew Morgen
Website: SharonDrew Morgen
In 1983, I convinced some folks to fund a startup tech company that I envisioned. I got the funds, and went to London with no idea – no idea – how to build a company. I did everything wrong, and yet we grew to a $5,000,000 company in just over 3 years, with no computers, no internet, no Google.
What I did know was how to create an environment of integrity, creativity, and collaboration. We all had to treat each other and our clients with kindness and integrity. We would always be honest regardless of the consequences; that included honesty to each other, to our clients, and with ourselves. We could try whatever creative thoughts we had so long as we built in a Danger Signal well in advance, to recognize a problem while it was still solvable and collaborate with others to find a solution before the problem blew up.
We made every mistake in the book. But together, we flourished.
Thank you to everyone who contributed to this article. If you find in useful, please share with someone who think will benefit from it.
Now over to you. Which of these mistakes do you see entrepreneurs make as they start or run their own business?