You are a fresh entrepreneur who is keen to make an early impact. With commendable enthusiasm and a passion for growing in your career, you have all the right ingredients in place to become a great entrepreneur. However, like any inexperienced professional, your chances of making mistakes are high, which is normal. They say experience is nothing but a myriad of mistakes committed over a while, so don’t worry about mistakes. You can learn from the experience of Brian Bonar. However, try not to commit the following mistakes that young entrepreneurs often do, as these might damage your reputation and harm your business:
Not Preparing A Feasibility
Your business is important, but so is the feasibility report. How practical is your business, if at all, and should you even think about investing in it? Can you imagine starting a business without looking into the overall possibilities and relevance of the business? The market your business will exist and operate in, and the audience it will tap into and make them customers, every dynamic is important. Without feasibility, your business is likely going nowhere. Besides it, the feasibility and the business plan will serve as the basis for your business, according to Brian Bonar.
Startup Without A Business Plan
A business plan serves as the building block for any business regardless of its magnitude. A lack of a business plan or an incomplete, improper plan is a recipe for disaster. Sometimes, fresh entrepreneurs overlook the need to have a business plan, which is a mistake and can cost the business dearly. Imagine building a structure without foundation. It will surely collapse no matter how much you invest in it. The same goes for business. Invest your mind and money on the plan so you can come up with a resilient, relevant, and versatile plan, as per Brian Bonar.
Investing Too Much Or Too Little
A very common mistake fresh entrepreneurs are guilty of committing is either they invest too much, too early, or grow reluctant to invest. The best course of action would be to expertly steer your options and consider the market before you decide to invest in the business. It should keep the business afloat even during challenging situations.
Likewise, each time you invest, wait for its impact and see if it was worth it or not. If your business is demanding too many investments too frequently, there is something wrong somewhere. Run diagnostics and ask your troubleshooters to do the needful to address the problem says, Brian Bonar.
Hirings Based On Cost
Do you believe in hiring based on cost? Though the strategy makes sense, it might not work in some cases. For instance, stopping hiring when the funds are tight may be the right decision in some cases, but not always. You will still end up paying the costs in the long run anyway, so there is no point in cost-based hiring.
The Verdict
Avoid these mistakes so your business and profile as a fresh entrepreneur can flourish. Keep your eyes open, and don’t be shy of making brave decisions, though.