The Biggest Mistakes Made By Entrepreneurs

Entrepreneurs are the ones born with the passion to pursue their dreams. They are the incredible humans who bring a change in the world with their ideas, beliefs and drive.

Entrepreneurs are the ones born with the passion to pursue their dreams. They are the incredible humans who bring a change in the world with their ideas, beliefs and drive.

While it’s commonly thought that the most difficult step in an entrepreneurial journey is to begin, what’s even more difficult is to keep going, despite the challenges. On the quest of realising their dreams, some entrepreneurs reach great heights while others are left behind.

This article explores some of the biggest mistakes that push entrepreneurs into extinction.

Failure to accept failure

Who doesn’t love success? Especially when you have just launched your start-up and your audience is in love with your product or service, your sales are soaring and it all turns out to be a beautiful dream.

'20% of businesses fail in their first year and around 60% will go bust within their first three years.' Scary odds, right?

Success is important but remember failure is equally important. Because embracing failure could be the very thing that sets you onto a path of success. How many times have you heard a successful entrepreneur lament that their first— or first half a dozen— business ideas didn't work? Only for them to move onto something that created millions of dollars for them.

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Entrepreneurs must be ready to accept both with open arms and an open mind. It is important to learn from your failures. Those who fail to do so and give up on their ideas will never achieve success.

A measure of a good entrepreneur is how they deal with their failures.

Lack of vision

When you are the leader of a business, your first job is to create a compelling vision that inspires people (including yourself) to push the venture forward.

This means knowing what you want the business to be 5 years from now and knowing your top 5 objectives for the next 12 months, while managing daily tasks and monthly targets to ensure these objectives are met. 

This also translates to knowing ‘why’ you are in business. When obstacles arise, many entrepreneurs tend to fail, because they do not have a clear vision and a strong why. Having a robust why means that, when things get tough, which they often do, you can see past the challenges and keep moving forward. 

Establish your why and a solid vision and the steps that you can take to get there before you start your own business. Need help? Our range of nationally accredited business and entrepreneurship courses help you establish a vision and plan to create your own successful business.

Avoiding risk-taking

Google the meaning of the word “entrepreneur” and you will see even the definition clearly integrates the element of risk and equates it with profits. Rightly so, it is the risk that defines the spirit of an entrepreneur. Entrepreneurs face a lot of risks. No risk means the idea will never move out from discussions and notepads into the real world.

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One of the gravest mistakes that leads to the failure of a start-up is gradual demise of risk-taking capabilities. When the identifying factor of any start-up is lost, it’s tough to find a way back to its core identity.

Missing the present

Mindfulness is a hugely popular concept in today’s world. From preachers to professors and people all over, its power has been discussed and well accepted.

When it comes to entrepreneurship, mindfulness is critical because the problem of now has to be solved before moving onto the next and stressing about all that’s not yet achieved. In the rush of achieving previously set goals, an entrepreneur makes the mistake of impatiently jumping onto the next project before completing the important task in the present. 

Becoming complacent

Sustaining your success is way more difficult than achieving it. Be it an entrepreneur or any other professional, doing great work consistently, every day, every time on every project is a challenge for anyone.

The mistake of becoming complacent over a period of time, is perhaps the most common reason of downfall for most start-ups who gain initial success, but unfortunately fade into oblivion later. In fact, complacency has been dubbed the silent business killer.

A regular job can take the toll of a complacent attitude but for an entrepreneur, it’s just not acceptable. There might be shortcuts to success, but not hard work.

Avoid common entrepreneurial mistakes by laying a solid educational foundation with our nationally accredited online entrepreneurship courses. These courses are specifically created for people like you in mind that want to do their best from the start.

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How to start your own business in Australia

Ever wondered how to start your own business in Australia? Do you have an amazing business idea? Or have you stumbled upon an insightful service that people need? Or are you tired of your 9 to 5 life? Or do you want to finally trust your instincts.