A mistake is but a pause in your journey to success. “But why pause so often when you can in fact speed up the process?” asks entrepreneur Ali Haseeb. He believes that it is wiser to learn from other’s mistakes than to commit your own. Here, he shares from his in depth experiences, the five mistakes that aspiring entrepreneurs must avoid.
- Getting complacent
Most people choose to become entrepreneurs because they want freedom. But, invariably, when they finally get a job or a single stream of income, they quickly slip into the old mindset of getting too complacent. Aspiring entrepreneurs need to allocate personal time to improve themselves, gain knowledge, explore new territories in their minds, and generally put on the thinking cap to let loose their creativity. They must pay attention to their health as well as their pockets.
- Not networking enough
Entrepreneurs set themselves in the trap of isolation with their busy lifestyle. In the modern, connected world, building a network of associates is as critical as generating revenues. It is easy to lose oneself in sales and growth. But sooner or later, entrepreneurs who ignore or undermine the role of networking see its adverse effects. People tend to steal and scam and not share their resources when in fact one can go further with collaboration rather than competition.
- Putting systems on the back burner
The issue is that most entrepreneurs have limited budgets but aim to achieve unlimited potential. Though an irony, this is an important issue to consider from experience. Entrepreneurs are always unsure about allocating funds to various aspects of the business. Advertising, marketing, hiring, tech – a zillion things are waiting to grab a piece of your money. But what about operations? In this scenario, it is essential to focus on systemization because these systems are what will help scale. Today, technology and talent play a huge role in making or breaking an enterprise. Budding entrepreneurs need to allocate a reasonable budget for adopting new technologies and team members that can help systemize and automate their processes.
- Not having an online personality
Today’s businesses are more image-led than ever before. The personal brand is now the key way to build credibility. Budding entrepreneurs need to invest time, resources, and money to build and manage a positive image in the online space. Platforms like YouTube, Instagram, and Facebook, provide an excellent opportunity for entrepreneurs to interact with their customers directly through interesting digital content and campaigns. Invest in your brand and set yourself apart!
- Not exploring other ventures
Sometimes, it is vital to break away from tradition, question the status quo, and go into the unknown. In the hyper-competitive world, a business with something unique has a better chance than those rooted in tried and tested ideas. Budding entrepreneurs must be cautious not to get trapped in conventions and learn to exercise their creativity. We as humans are meant to be creative and there are a million ways to make money! Go out and find another passion you love!
Ali Haseeb’s valuable insights into avoiding these five mistakes can encourage young entrepreneurs to start their entrepreneurial journey and speed up the process of hitting their first 6 and even 7 figures.