Top 10 Mistakes for Entrepreneurs 2021

Businesses are different, the approach to doing business is also different, but there are mistakes that most entrepreneurs make, regardless of age, education, upbringing.

10-Friends in business

Everyone knows and everyone repeats that if you want to lose a friend, start a common business with him. But here he is so familiar and a dear friend with whom everywhere together, always close. After all, he certainly will not give, and, if not him, then who can then be trusted. And now two inveterate friends create a business together. At first, everything goes like clockwork: we bought equipment together, chose an office, hired a secretary. Everything goes so easily when you understand each other. But now one has brought 10 clients, and the second has only 3, what do you tell him – he is a friend. One wants to work with a trusted supplier, and the second has found a new one – a cousin’s nephew who has just entered the market. And now, after a while, the disputes only increase, the friendship deteriorates and both find themselves at a broken trough.

9-No business plan needed

Why bother yourself with creating a business plan and so much work? Everything is understandable anyway, you buy goods, make wraps and sell them to customers. But here it’s out of nowhere: the budget for the purchase of equipment was not enough, the goods in the warehouses deteriorated, the client still did not come himself and, as luck would have it, the economic crisis broke out. And what to do? And in the beginning it was necessary to analyze the market, niche, competitors, costs, profits and write it all down in a business plan, where, based on the data obtained, develop a work plan, risk management and a plan to overcome the crisis.

8-First, a product is created, and then they look for buyers for it

The product must satisfy the needs of the consumer and stand out favorably against the background of competitors. Therefore, in the beginning, you need to analyze potential consumers, highlight their need, study the competitors’ strengths and weaknesses, and develop a product based on this analysis.

7-Insufficient financial stock

When creating a business, you need to understand that it will not immediately begin to make enough profit for its own maintenance (purchase of raw materials, wages), and even more so for the maintenance of its owner. Therefore, before you get rid of other sources of income and go into business closely, you need to provide a margin of financial strength approximately.

6-Lack of system

Any activity needs a system, and even more so a business that needs to be managed. It is indisputable that geniuses rule over chaos, but it is much easier and faster to work according to a certain system.

5-Entrepreneur does it all himself

The distribution of responsibilities is much more effective than trying to do everything yourself. In addition, a narrow specialist will do the job much better.

4-Postpone paperwork for later

Few people like to deal with paperwork when there are more pressing problems. But papers have a tendency to accumulate, and the information for filling them out over time is lost, which further complicates the process of parsing them. And this pile of papers becomes even more unpleasant with the arrival of the inspector.

3-Ignorance of the legal framework

In business, the rule that ignorance does not exempt from responsibility does not change, therefore, before doing something, you must definitely familiarize yourself with the legislative framework and consult with specialists.

2-Trust others to be responsible

It is not only possible to distribute responsibilities, but even necessary. At the same time, one should not forget that the responsibility always lies with the entrepreneur and he needs to control all the processes that take place in his company.

1-Wrong prioritization

You always want to postpone all the most unpleasant for later, but you need to take into account the degree of importance of this unpleasant. And prioritize on a scale of importance, not your own reluctance.

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