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5 Mistakes New Entrepreneurs Make

Have you ever wondered why so many entrepreneurs fail? It's normal for everyone to want to experience the entrepreneurial advantages, but not everyone is willing to pay the price.

The five most common mistakes some entrepreneurs make when start your business, as well as not commit them:

1. Lack of commitment to your dream

Some people want to commit to earning more money, others want to commit to adding more value to the lives of others. Those who just want to make money usually lose the game. However, those who want to generate more value in the lives of others are the ones who usually earn it. For this reason, it is important that you are 100% committed to your dream, only then will you have the necessary energy to overcome the ups and downs that occur at the beginning of any venture.

2. Business model

This is the biggest mistake of startups. “They tell you that the first thing you need is a business plan, when the first thing you need is a Business Model”. A model that combines all the parts of your business and guarantees that you earn money.

Remember that the business model comes first and then your business plan.

3. Product or service vs. sales

Focusing on the product or service instead of focusing on sales is one of the most common mistakes. Almost all of them start their business as operators and not as sellers, that is, they start focused on their product and service.

Sometimes when they take it to market, they find that the market doesn't want what they offer. So they think they can change the mindset of the market, spend money trying to change the mindset of the market, and end up destroying their company.

Focus on sales! First research what the market wants and then create it through your product or service.

4. Money Management

Business finances are a reflection of an entrepreneur's personal finances. The main challenge for startups is called cashflow, even so, many entrepreneurs spend all the money that the company brings in and most of the time they do it on their lifestyle instead of reinvesting it to generate more cash flow. This means that the company does not reach its full potential and in a short time it disappears. Learning to manage money before receiving it in large amounts is key to the future of any entrepreneur.

5. Accelerated Implementation

When you start a business, there is a time to philosophize and another time to implement. At first it is good to clarify ideas and then it is important to implement them and make them come true.

The problem for many entrepreneurs is that they never abandon the philosophical part and keep changing ideas that can never materialize.

The key 80% of companies do not survive the first 3 years of life. If you take these recommendations into account and avoid falling into any of these five mistakes, you will increase your probability of survival in the market and increase the chances that the business you dreamed of will come true.

By: Joseph Angersoen
11 de February de 2021
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With more than 20 years of experience working in technology, web design and development, marketing and data analysis. We offer solutions to the challenges of today's competitiveness in an increasingly digitized world.

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