Entrepreneurs are the individuals who are charismatic in the way of doing or executing an idea. They are in the category of people who are managers of their own and can lead an organization.
The three main characteristics of an entrepreneur are leadership, innovation, and motivation.
An entrepreneur can be a great leader who can innovate with ideas and motivate his or her personnel to bring the idea into ”life”.
Entrepreneurs make mistakes too
Even though an entrepreneur is perceived to be a talented individual, by default like all human beings, he or she can fall into pitfalls that cannot be avoided or are part of the growing and learning process to one’s life.
The nine major mistakes done by entrepreneurs are the following:
- Spending too much money on an idea that could be done with a lower budget or spending less for an idea in need of further financial boost
- Thinking that there are no any direct competitors that could threaten his or her idea or organization
- Hiring personnel on a cost-effective plan, emphasizing on short-term savings and sometimes failing to understand the long-term negative implications that may arise
- Sometimes, entrepreneurs do not set reachable or attainable goals as enthusiasm is their major driver, thus failing to calculate risk as such
- There are cases where they fail to understand the importance of marketing and believe that their products or services are so innovative that word of mouth and PR can make the difference
- Having low margins, meaning lower profit in the short-term for survival purposes, but risking long-term presence
- Thinking that they can do everything themselves and do not delegate tasks to others, fearing that delegation can hurt the outcome
- Putting the products or services as priority and people last
- Having the fear of ”what if” something goes wrong
Are you a true entrepreneur? If so, aim to overcome the above errors and make the difference in peoples’ lives.