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Entrepreneurship is one of the hottest topics of today, and there seems to be more startups than ever. Having all that in mind, young people are becoming more and more interested in being their own boss, instead of spending their lives working for someone else. Considering that this is the best online hub of young entrepreneurs, I thought I'd just leave these five mistakes that young entrepreneurs can learn from here.
1. Taking too much time before actually launching
Most artists perfect their work before showcasing it. The same goes for entrepreneurs. They like to perfect their product before launching it, which is a mistake. You're just wasting time. Instead, launch the first version, a minimal product that will sell and ask for feedback. After listening to user reactions, adapt your product. If you take a long time perfecting it, imagine having taken a lot of time to do it only to find out that no one really wants it.
2. Doing everything alone
I get that you feel like you have to do everything in you company on your own, but this is simply not true. For the fear of losing control, you will most likely turn to micromanaging and wasting time on different tasks that you are not very good at or even like. Don't be afraid to hire new people to do these tasks, they might be better and make your already stressful life much more pleasant. Keep in mind, two heads are better than one.
3. Being impatient
This might be obvious since I think most of us realize that success doesn't come over night, but it doesn't hurt for it to be reiterated.
4. If you're doing it for money only, don't
If you're only chasing money, it's only the question of time before you become miserable trying to get rich fast. There are a plethora of other things that you could focus on while building your business.
5. Denying making any mistakes
People make mistakes. Then there's those who admit, and correct them, and those who don't. All of us prefer the first kind of people, don't we? If you believe that you and only you know best and don't listen to others, you will not make it very far. If you don't admit your mistakes, you will not be able to learn from them.
6. Only wishing to hear “yes”
Having people who encourage and support you during your entrepreneur journey is empowering. However, make sure also to surround yourself with people who will challenge your ideas. It is only after confronting various point of views that we have the best answer.
7. Leaving university/work to pursue an idea
Many individuals say that since they have a good idea, they will leave everything and focus on making it happen. That shows motivation, but it doesn’t necessary mean that the idea is good. During early stages, keep on attending classes or going to your job. And only leave (if you wish) to build a business, when your idea is concept proven and you have your first client!
8. Saying "I don’t have competitors"
Well, maybe because your market doesn’t exist? I will take, “I have competitors, but I differentiate from them via …” over “I am the only actor”.