Top 5 Common Mistakes New Entrepreneurs Do - SockSeed
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Top 5 Common Mistakes New Entrepreneurs Do

M-I-S-T-A-K-E-S. Such a small word but in reality this small word can destroy completely a business, don’t you think? This ‘OOPS‘ you make every time you do something wrong may be fatal for your business idea.I do not want to scare you, I just want you to understand that it’s natural to make mistakes but let’s not repeat them again and again because as I said those mistakes may be catastrophic for any business.

Let’s see 5 common mistakes that most of the new entrepreneurs do, in order for you to avoid them.

 1. Not seeking for help

The very,very first mistake an entrepreneur can make when launching a new business is not to seek for help. People will not judge you if you ask for help,in fact they will think that you are open to new ideas and opinions and this is a good thing! So, do not pretend that you can achieve everything correctly by yourself. There are so many qualified and experienced entrepreneurs or companies like SockSeed who will be happy to help you if you ask them. If  you struggle on something the answer be may found by asking the person next to you.

2. Not knowing your business idea well

Before you even start hiring people and promoting your business ask yourself the following question: ‘Do I really know what my business idea is going to be?‘  By asking this question I mean to think the market you are about to enter.What customers will you have? What about the competitors? Does the price you have in mind for your product matches the demand and supply equilibrium of the market? Each market has its own competitors, customers and price. Do your homework before you even start launching your idea!

3. Give what is best for your customers, not for you

When brainstorming your business idea do not make the mistake to think what is best for you, but what is best for your customers. You may have the best idea but when you launch it you have no response from the customers. I will say it again and again. Do your homework before you start. Research on what is missing from the market and what customers are looking for.

4. Not believing in your ideas

If you do not believe in your ideas and you do not treat your ideas as your ‘babies’ then who will do it for your? The key to success is to believe that you are going to succeed otherwise you are one step closer to failure and failure is definitely something you do not want right? So, stay positive and you will attract positive vibes.

5. Hiring friends or relatives

Hiring friends or relatives may be a risky thing and you have to think twice before you do it. You do not hire your friends just because they are unemployed or because you THINK you can collaborate well. If in the end they do not work as you expected you will need to fire them and  your friendship may be at risk too. In my opinion if you want to hire relatives or friends they must have the skills you are asking too.

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Of course there are so many more mistakes which should be avoided and we, as the SockSeed team, can help you to avoid them as much as possible.

We are next to you from your very first step towards success. Stay tuned for many more useful articles written just for you.

 

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Panayiota Pari
panayiota@sockseed.com