“Mistakes are costly and somebody must pay. The time to correct a mistake is before it is made. The causes of mistakes are, first, I did not know; second, I did not think; third, I did not care” ~ Henry B. Buckley.
Business failures are real and can be very costly! Yes, they can. Making certain mistakes in business can even cost you your entire life. After losing money, you can also lose your respect, reputation, and even some great opportunities. This is how serious business mistakes can be!
According to data provided by the U.S. Bureau of Labour Statistics, 20% of new businesses fail during the first two years of operation, and roughly half of all businesses do not survive past the fifth year. That is a serious phenomenon, to say the least.
Startup mistakes are real! Business can be both exciting and challenging. Starting your own business is wonderful and challenging and exhilarating and difficult. Many new businesses succeed, but about 50% of them fail and only about one-third survive 10 years or more.
As entrepreneurs and consultants, we believe that the mistakes we have made personally as well as those committed by others should be put into writing for up-and-coming businesspeople to read and learn from. In the writing process, we have consulted with several entrepreneurs and business consultants as to what they think when it comes to startup mistakes.
Startup mistakes can be avoided
Entrepreneurship has proven to be an essential component of economic growth and development in most nations. To this end, various interventions have been initiated by both government and the private sector, all geared toward addressing the concerns of and empowering the startup entrepreneur. This book is no exception.
As entrepreneurs with several years of experience, we believe highlighting these mistakes will help upcoming entrepreneurs be empowered to overcome them. It is an open secret that most entrepreneurial startups fail within the first few years of operation, not necessarily because of the economic environment but because of certain ‘deadly mistakes’ committed by these startups. Startup mistakes can be avoided.
The culture of learning must be improved
In as much as we believe these mistakes can be minimised, we want to state that this can only be achieved when these entrepreneurs develop the culture of learning and self-improvement. It is disheartening to see so many startup entrepreneurs who seem to be ignorant about business and what it takes to succeed, and yet are making no effort to learn the rudiments of starting and running a business.
What this new book, Top 21 Startup Mistakes Every Entrepreneur Must Avoid in Business, seeks to do is highlight the top 21 most common startups mistakes so upcoming entrepreneurs can avoid them.
We are of the opinion that most businesspeople commit these mistakes ignorantly – hence the needed education. It is our firm belief that the contents of this book will help you become a better entrepreneur in your chosen field.