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7 mistakes made by aspiring entrepreneurs

5 Mins

1. Running away from one’s own past

One of the biggest mistakes entrepreneurs make is to not see the value in their background whether it is cultural, religious or families. What they fail to grasp is that the seed for their entrepreneurial success was planted 20, 30, 40 even 100 years ago in their own personal journey or in their grandparents’ lives. Knowing the history of one’s own roots and understanding how it led to one’s development can unlock valuable motivation and hidden talents in the present.

2. Not fully understanding one’s personal needs

The second biggest mistake is not fully understanding how their own mindset and how their body works. According to the Myers-Briggs Type indicator all human beings can be classified into 16 possible psychological types and people are born with certain characteristics. Not knowing one’s own type can adversely impact how someone looks after their body, which can also lead to the spiral of negativity, fear and insecurity. So understanding one’s body and mind will help to combat the complexities of personality and decision making as well as their overall happiness and contentment of life.

3. Being fed up with their current environment

The next is forgetting how one gets to where one is. We easily forget the hard times while easily adapting to a new comfortable environment which is exciting but only lasts for a short time. After the settling-in time passes and the excitement wears off, the down time kicks in. Naturally, the entrepreneurs start looking to apportion blame – whether it is people around them, family or friends, their community or lack of it, company they work or country they live in. It is important to dig deep and realise the strands which led to where they are and find the ways to solve them or prepare themselves to get out of the rut!

4. Muddled passion

We live in an environment where there is too much of everything and the world is much more interconnected. Most entrepreneurs make the mistake, just like every other person, of reading, watching and following unrelated news items and get gradually affected by them. In turn, this affects their vision of life and their passion. It is easy to find oneself in hot debates and passionate arguments about world issues but are they the real passions of their true entrepreneurialism?! Cultivating skills to nurture one’s passion and finding the spark can be challenging in these digitally enhanced, news dominated era. 

5. Damaged self-esteem and confidence

Modern society is far more demanding and unforgiving than it was 100 years ago. Entrepreneurs are affected by the demands, such as ‘look-good’ and ‘must-have’s, just like everyone else. What they don’t realise is the race to be seen successful and the pressure of must-have’s might damage their self-esteem and confidence and lead to the loss of one’s identity. Exploring what stands in their way, building on important things and having SMART goals as well as developing respect for and an openness to feedback will help to restore self-esteem and confidence. 

6. Not being clear on their ideas

The debate around ‘ideas are everything’ vs ‘implementation is everything’ has been raging for some time and there are very good arguments for both. Often aspiring entrepreneurs make the mistake of not paying enough attention to the implementation of an idea and even wonderful ideas can fail. Dreaming of future success is only the first step, but essentially, identifying the right idea for the current market and testing it over and over again will help to build strong foundations.

7. Not being ready for a hard slog

Some 80 per cent of startups fail within the first year! That figure is 90 per cent for tech startups! These are staggering statistics and at the root of it is people not realising how hard it is to set up and run a startup, amongst the other six mistakes listed here. Thorough planning, good financial foundations, right marketing strategy and choosing appropriate strategic partners can help to realise one’s dream. It is a hard slog, only those who persevere will succeed!

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