Entrepreneurship is not just a business term, it is a way of living in an organized manner with some set of rules. Successful Entrepreneurs mostly have a lifestyle that is very close to idealism. They are extremely organized and determined. You need excellent energy and passionate love for what you are doing in order to make it successful. People are getting familiar with Entrepreneurship, especially fresh graduate students are inclined towards it. However, 75% of entrepreneurs face failure. We have discussed some of the very common reasons behind the failure of entrepreneurs.
No Solid Plan
A very common mistake is the lack of proper planning. Most of the entrepreneurs simply get started. They just follow their dream or idea, without a practical business plan. The success of any business requires a structure of workflow. A random effort leads nowhere. Entrepreneurs need to have a written business plan which will identify the goals and deadlines for them.
Low Business IQ
Another common mistake among young entrepreneurs is the lack of knowledge. The idea of entrepreneurship inspires a number of graduate students but they do not understand a simple fact that business, like every other field, requires some skills. Entrepreneurs must learn the basics before getting started with their business idea. Otherwise, they will waste triple time while handling each minor issue.
Seeking Money before Adding Value
Most of the entrepreneurs are only after earning cash. They have no passion for what they are doing and only calculate their progress with the amount of money they receive. This leads to 100% failure because if your only goal is getting cash, you will get frustrated by the struggle and hurdles. Alternatively, if you are doing what you love, you will cross all hurdles and will eventually fulfil your goals. The money will come to you by itself, there is no need to make it a target. You will have to provide some value, whether it is a product or service. This way you will care for your customers and will satisfy them, which will lead to business success.
Fear of Failure
You need to have 100% belief in what you are doing. All feasibility study must be performed earlier. Take your time to study your business idea, and do a complete analysis before making a final decision. But once you are sure about its importance in the market and you have made the decision in its favour, then forget the word “failure”. Now just keep facing all problems and solve them with your determination. Do not get your decisions affected by fear of failure.
Insecurity of Entrepreneurs
Some entrepreneurs are very passionate about their idea. It is a good thing but sometimes it turns into a sort of insecurity that they need to handle everything by themselves. They do not trust anyone with any task. They think that only they can bring perfection to every task because the idea is their own. This mistake gradually turns into a huge workload which eventually makes you frustrated and unable to fulfil your goals within deadlines. You need to divide your work among your team, however, you should obviously make a team that has the skills required for business execution.
Once you decide to be an entrepreneur, you should prepare yourself mentally for the upcoming hurdles. You should already be prepared for all issues and make a commitment to yourself that I will solve all problems and will analyze every aspect before making decisions and will learn from your mistakes.