Entrepreneurship is a journey of taking risks and opportunities. Being an entrepreneur is not always charming because sometimes you have to submit “yourself to the process“. Eric Ries stated, in his book The Lean Startup, “I have learned from both my own successes and failures and those of many others that it’s the boring stuff that matters the most. Startup success is not a consequence of good genes or being in the right place at the right time. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught”. Here are three common mistakes to avoid during your journey.
Forgetting your direct competitors
Many entrepreneurs think that they do not have direct competitors, and their product/service is better than their rivals or “they’re in a category of their own”. Jayson DeMers, the founder and CEO of AudienceBloom, said, “in reality, it’s extremely rare to have no direct competitors. Unless you’ve invented a completely new product, there will be someone who already has market share in your niche. Do your due diligence to find out what these companies are and how you can differentiate your business”.
Spending money or not spending enough money
Most entrepreneurs consider saving and making money as a priority. Jayson DeMers stated that entrepreneurs usually divided in thinking about money into two parts: either some think that “you have to spend money to make money” while others think that “I’ll spend the bare minimum until I have some decent cash flow.” Jayson DeMers criticized both sides by saying “both of these attitudes, when taken to the extreme, can be harmful. Spend your startup cash wisely, but don’t be afraid to invest in good people and quality products. This will bode well for you in the long term”.
Thinking that you can do everything by yourself
Doing everything by yourself will burn you out and impede your success.