There is no golden bullet to being a successful entrepreneur and there is no sure-fire blueprint to help guide your way to success, however, there is a lot to be learned from lots of entrepreneurs who failed and succeeded ahead of you.
Mistakes are part of life and there is a lot you can learn from your mistakes but you should also know that there are some very deadly mistakes that can cripple your business and it is advised to avoid these mistakes as much as you can, this post will be talking about 11 deadly mistakes many young entrepreneurs make.
1. No Clear Goal/Vision
One very deadly mistake common among young entrepreneurs is the lack of vision. Many young entrepreneurs venture into business without giving any thought on its implications, they don’t know what they want to achieve and they don’t know what it takes to achieve it.
Achieving business success has a lot to do with your person and one fundamental truth is that your goals/vision can mould you up. If your goal is to build the biggest company in the world and all you do is sit down and play games morning and night you should know that you are going nowhere.
As a young entrepreneur you should make sure you have clear goals for your business, you should know what you want to achieve from the very beginning and you shouldn’t spend your time beating around the bush.
Aside having great goals you should also make your goals and vision clear to those working with you, if they know what you want to achieve they will know how much effort they need to put in to make it a success.
2. Lack of Focus
This particular mistake is a killer and has destroyed the future of many young entrepreneurs. Every now and then I see young entrepreneurs starting so many businesses without waiting for one to succeed.
Business success is not about you having 20-30 businesses, it is about you having a successful business. There is no point in you having 50 businesses if none of them succeeds.
You should also realize that results don’t come overnight so you should make sure you focus on one business model for a long time before giving up on it. Don’t expect to start a business and get results in one month, give your business a minimum of 6 months, and if possible years, before deciding if it is for you or not.
3. Unwilling to Admit Faults
It is one thing to make a mistake, it is another thing to admit and correct that mistake. There is no how you can correct a mistake you don’t admit to.
One major mistake young entrepreneurs make is that they are not willing to admit their faults, they believe their business, ideas and everything they do is the best thereby turning deaf ears to the advice of others. It always help to admit and correct your mistakes when you discover them because this will help you avoid terrible dangers in the future. Always give ears to what others have to say and don’t pretend as if you know all or as if your decision is perfect, always listen to others, admit, correct and learn from your mistakes.
4. Not Listening
Another very deadly mistake young entrepreneurs make is that they don’t listen, they just keep talking and talking and talking, little do they know that this kills rather than build them.
As a young entrepreneur I loved talking about myself, my gifts, my talents, my ideas and everything about me because I think it helps boost my ego, little did I know how foolish I was. Wise people don’t talk much but there is always sense in the little they say.
I see talkatives as foolish people and so does many serious business people. If you are looking for sponsors or partners for your business and all you keep on doing is talking, a wise partner will not associate with you.
There is power in listening and wise people say very few words and listen as much as they can. Don’t be known as a talkative but listen and think very carefully before you talk.
Another thing about listening is that it help you gain more respect as a young entrepreneur and it also help you avoid unnecessary troubles. People having negative intention will not want to move near someone who is very wise and if they see that you listen and don’t talk they will become even more afraid of you.
This deadly mistake has claimed the life of so many businesses. Many young entrepreneurs are so greedy that they venture into business only because of the money, it is these type of people who won’t do proper research before starting their business, it is also these type of people who will sell their startups at a very small stage.
If all you see about a business is the money you should know you are destined to fail. Don’t just focus on the money you can get from a business, rather, focus on other important things, including the future of the business.
6. Talking, Talking and Doing Nothing
If you are one of these type of entrepreneurs you will understand me better. There are some entrepreneurs who can talk about why their business idea is the best and how they wish to change the world with it but you will end up seeing them doing nothing.
There is no point in you talking about your business when you are not ready to do something about it, it is even advisable not to talk about your business until it has materialized.
No matter how great your idea is, your idea isn’t a business until it has developed, why not keep your talking until this stage.
7. Spending More Time on Developing and Less time on Selling
This is another deadly mistake I noticed among young entrepreneurs, especially online. It is very important not to focus all your efforts on providing quality products while doing less about marketing it, this will only kill your passion for your business.
Try to realize that there is nothing perfect and while it is important to spend more time and give your best on making your product and business the best you should also realize that you truly can’t know how great or perfect your business is until it is tested by the public.
Focus 50% of your time on your product and 50% on marketing. It is important to realize that it doesn’t matter how great your product is you will need to market it to get results. It is suicide spending 90% of your time developing quality products and 10% on marketing it.
8. No Business Plan
Lack of business plan is another deadly mistake young entrepreneurs make, they start their business and do things how they want, failing to realize that this isn’t the best way to go about a business.
Having a business plan help make your business better because you already have an organized way to do things, there will be no wasting of time on things that doesn’t matter.
Having a business plan also help you know what will be the main source of revenue for your business and how the revenue should be spent, there will be no waste of revenue because you already know where your money should go.
Another great advantage of a business plan is that it helps attract more people to your business.
If you have ever wondered why 80% of businesses fail then this is it. Lack of patience is a disease and it will only make sure you never have a successful business. Being patience is a virtue and it will help you build great businesses and opportunities.
Your business won’t go far if you are not patient because almost all the successful businesses we have now became successful years after they have been established. You should know as a young entrepreneur that there is nothing called overnight success, you have to work hard and wait patiently to achieve real success.
It is also important not to relent in the process of waiting, you never know what will change your business forever.
10. No Enough Money
I have come across questions from many young entrepreneurs such as how can I get this for free? how can I get that for free? Everybody know you are a young entrepreneur and you are not working so it wouldn’t be easy to get funds but there are some things that you should never get for free. If you are planning to start a website online stop looking for free domain names and hosting, they will disappoint you when you need them most.
Instead of looking for free things you can rather focus on spending your time working part-time or doing some basic jobs to get the main funds you need to kick-start your business. You can also ask your friends, family members, and anybody you can ask for funds. Yes, it is not easy and no true success is easy to come by so you shouldn’t expect to achieve success easily as an entrepreneur, you have to pay a great price for it.
11. Doing it Alone – Not Getting Support from Others
Young entrepreneurs love doing everything alone and this kill rather than build them. No serious entrepreneur will do everything alone so you should try to get support from as many people as you can, you shouldn’t waste your time doing everything alone.
When talking about doing it alone it is not about managing your business only but it also has to do with some external things that can affect your business. You shouldn’t just work on building your business alone but rather get in touch with other successful entrepreneurs, network with them and let them know how important they are to you and how important you are to them.
Two heads are truly better than one and you wouldn’t go far doing things on your own, try to get support from others and your business will experience a great leap.
Onibalusi Bamidele is a 16-year-old entrepreneur living the internet lifestyle, you can subscribe to his blog to read more from him. Also, get his free guest blogging ebook to learn all you need to know about guest blogging.