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7 mistakes made by entrepenours:

Many entrepreneurs recognize that they have failed to succeed "overnight. I extracted from the economic and business literature 7 lessons learned from mistakes recognized by entrepreneurs throughout their activity:

1. You have not provided enough capital to support yourself financially. Most small businesses fail not because of the business or because of the lack of entrepreneurship, but because of financial expenses. Most entrepreneurs are left with no money before the business becomes profitable enough to sustain themselves.

Tip: You should make a special fund for your personal expenses in the start-up phase of your business. This money should be about two years until the business will produce the expected revenue.

2. The estimates you made were far too optimistic when you planned the business. Many entrepreneurs because of their overwhelming enthusiasm are very confident in their business success. They dive forward, take their tide, then realize that they have forgotten to take into account the seemingly minor aspects or have been too optimistic about some things. There should be more sincerity and objectivity. The time needed to create a first customer base should not be underestimated. Also, ought not to overestimate the demand for the services or products that are the subject of the business.

Tip: Ask two or three objective people who are not family or circle of friends and ask them to be the "devil's advocates" to identify the gaps they see in your business plan.

3. The business model was not properly assessed and the potential for profit. Every business wants to be profitable.

Tip: Use SCORE or another small business evaluation model to evaluate your entrepreneurial chances. An outlook from outside will be useful to see things through the eyes of others, much more experienced and more experienced.

4. You tried to do it all alone, because you thought you would save money. Nothing more fake. You can not know all of them; a

5. You did not work at the beginning in order to relax later. Some entrepreneurs work "25 hours a week" and wonder why they do not have very high incomes. It's simple: they prefer to "burn the stages" and avoid the hard work that is so necessary for a successful entrepreneur. True "players" work day and night and weekend, do not sleep very much and have vision and goals that they want to meet with ambition.

Tip: At first, any business will take up almost ALL your spare time. If you do not get along well with this idea, it's not good for your business.

6. You have placed too high (or too low) prices on your services and products. Study the market to see what the prices are in that field; if the market is chaotic, bring something new with which the market is not common and depending on that, set up your own brand and your own personality in the business.

Tip: Provides value for that price and proves that you can increase the price according to this value.

7. You do not have a strategy to expand your business We all know even a restaurant that was once awesome, and after expanding its range of services and menus it has gone bankrupt. The unit gained a not very good reputation and the business failed. While many businesses believe that their goal is to gain a larger market share, it is not a universally valid truth. Sometimes you risk being "choked" by too many customers, which endanger the viability of your business model.

Tip: Analyze your long-term growth and growth goals and expand just "how much you can go" for that business.

 

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