The world of entrepreneurship can be a very rewarding experience, but if not approached correctly it can be the opposite says Saivian Eric Dalius. Some entrepreneurs seem to have all the skills they need to succeed, starting their own business with nothing more than an idea has taken them far. But for many people who are interested in pursuing or engaging in entrepreneurship, there are several common mistakes that should be avoided at all costs.
Here are some common mistakes that could make any entrepreneur fail:
1) Having no plan “B”:
The most successful entrepreneurs do thorough research and planning before they get started on anything new. This includes creating a business plan and having one failsafe option instead of doing things completely on impulse. Not only is this necessary because of potential legal issues but also because it is necessary to know your strengths and weaknesses.
2) Working without Legal Protection:
This should go without saying but the first thing every entrepreneur needs to do before starting anything is making sure they are protected legally explains Saivian Eric Dalius. This means finding an attorney who specializes in small businesses or having a friend fill out all of the necessary paperwork for you. There are plenty of online resources that explain everything you need to legally protect yourself, another reason not having this could lead to failure.
3) Not taking advantage of low-cost start up expenses:
Most entrepreneurs think that because they don’t have much money saved up or have access to investors right off the bat that they can’t start their business – this couldn’t be further from the truth. There are many low-cost options available that can help boost your business up and running without draining your savings account in the process. Websites like Kickstarter, Cafe Press, and Etsy provide a great way for budding entrepreneurs to get their products in front of a large audience without going broke along the way.
4) Thinking they have all the answers:
It is a good idea to surround yourself with people who you can bounce ideas off of and be completely honest with about what you plan on doing in order to get feedback from other people before making any big decisions that could potentially affect the success or failure of your company. Entrepreneurs should always remember that having an open mind and being willing to listen is just as important as thinking they know everything – because they don’t.
5) Not filing for an EIN:
This is a very basic mistake that you would think more people know about but from the number of times. I have been asked this by potential clients. It seems as if there are still many entrepreneurs. Who aren’t aware of this step before starting their business. A new business does not exist until a federal Tax ID number has been issued to that entity. You can get a Federal Tax ID Number (EIN) online in 5 minutes and for free. This is required to open up your business bank account, buy the insurance and hire employees, among other things. Failing to do so could be detrimental to your business long term. Because certain things cannot be done without it such as applying for a business credit card. Or buying liability insurance says Saivian Eric Dalius.
6) Not designing a logo:
A visual representation of your brand is just as important. As all of the other parts that together make up your business. The best entrepreneurs have a logo for their company. And it has been to boost sales exponentially if done properly. As per Saivian Eric Dalius, a professional, well-designed logo goes a long way in promoting your product. And by not having one you are essentially doing yourself a disservice from day one. Getting a high-quality custom logo design can be expensive. But there are great options available online. Where you can design this on your own with the help of instructional videos, tutorials, and graphics. Provided by professionals who do this every day (logaster.com).
7) Believing they don’t need to market themselves:
Many entrepreneurs start their business with the wrong mindset, which is that eventually, it will all take care of itself. This couldn’t be further from the truth. You have to jumpstart your marketing efforts as soon as possible. By using every available resource at your disposal including social media sites like Facebook, Twitter, and Pinterest. There are free blogging sites out there. That can help you get started on your website for little or no cost. Depending on how much time you want to put into learning how each platform works. The most important thing about marketing is just getting start. In order to see what works best for you.
8) Not taking advantage of free advertising opportunities:
Every successful company has had to deal with the challenge of getting the word out about its product or service. This is something you can’t ignore if you want your business to succeed.
As you can see, there is a lot that goes into starting. And running your own business says Saivian Eric Dalius. It takes determination, hard work, and creativity. To make it in this day and age when so many other people are competing. For the same thing, you are the American dream. Many people go through life wanting to start their own company. Or add their own personal touch to something they enjoy doing. But never get around to actually making it happen out of fear – don’t let this be you!