8 Common Mistakes πŸ™Š of Beginning Entrepreneurs πŸ—‚ ...


Almost all businesses that start up will fail within the first five years. Most of them fail within the first two years. Why do new businesses fail? There are some very clever entrepreneurs out there, but most of them are going to fail miserably. The truth is that the only successful entrepreneurs are the ones who have failed the most.

Starting a business is more about learning from your mistakes than it is about learning how to succeed. All of the worlds successful entrepreneurs have a few failures hidden away in their past. Their ability to learn from their mistakes is what has allowed them to achieve their current success.

If you are currently an entrepreneur that has never had a failure then give yourself a big hug, because you are in the process of making your first. If you come through the next few years and your business survives, your failures then make sure you learn from them. Here are eight mistakes that most new entrepreneurs make.

1. Underestimating How Much They Are Going to Struggle

Many people are aware of how fun and liberating, starting a new business is, but few people are prepared for how much work it involves. Few people are unaware of the sheer amount of billable hours they are going to have to work, and just how little money they are going to make in return for their efforts.

The worst thing is that the first few months are often blessed with a little bit of beginners luck. This is before the bills have begun to pile up and before any significant problems have taken hold. Nevertheless, too many people underestimate just how much they are going to struggle within the first five years, and therefore will not plan accordingly. A wise entrepreneur would use their few moments of spare time each week to make contingency plans, and start contingency funds (and self-insure). Sadly, few people ever do this and therefore set themselves up for failure.

Improper and Incomplete Market Research