Building a company isn’t an easy task. But, once you see the gains and happy people benefitting from your venture, you are assured that your efforts were worth it. However, there are certain things an entrepreneur needs to learn early to avoid making basic mistakes.
1. Building a team to work with is an initial task
Spending money on hiring the correct people to work for you is probably the best investment ever. One can hope to save up all the cash and grow as a one man team but sometime in the future, s/he will definitely need a loyal and hardworking team. All efforts and money spent into creating a team will reap higher dividends in the future.
2. Aim big and believe in yourself
When you’re starting out, why not start out big? Don’t let your power to rationalise become your foe. Dream and strive to achieve the bigger goals in life and watch how easily the smaller ones are won over. Also, to successfully achieve the bigger aim, you will need to put in more effort but the end result will definitely be worth everything.
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3. Do not put off tasks that need to be done
In an itinerary of an entrepreneur, there might be an array of tasks one might not like to do. You might have the option of delegating these tasks, but someday you will face something you hate, which absolutely needs to be done. Do not put these tasks off and try to get the important yet much hated tasks done as soon as possible for a fruitful outcome.
4. Do not focus on things that aren’t important
A basic mistake a lot of entrepreneurs make is that they devote too much time in doing things that aren’t absolutely crucial. Have a basic to-do list and eliminate the activities you believe aren’t necessary and are being done only for the sake of it. Also, refusing to focus of unimportant tasks leaves you with enough time to focus on the necessary ones.
5. Receive information only from the credible sources
We live in an era in which we are bombarded with all kinds of information, half of which isn’t true. Trust only the sources you believe are credible and do not get lost in a kaleidoscope of unnecessary data which can hamper your current thought process.
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6. Have your reasons sorted in the very beginning
You need to have a very strong reason and belief sorted already regarding why you’re doing this beyond financial gains. This reason becomes your sole motivating factor on days when nothing’s going right and on days when you realise exactly how hard it is to build a company.
7. Let go of inhibitions
Initially, everyone has certain inhibitions regarding what approach s/he should take and certain decisions. Let go of your inhibitions and do what you thing is correct and important for your venture. It may be a wrong decision, but it’ll definitely be a great lesson.
8. Measure the pros and cons
Whilst struggling to keep up with the competition, it is also important to weigh your pros and cons because having a fair understanding and idea of what is happening will give you more clarity in your thought and next plan of action.
9. One plan of action is sufficient
While starting out, it’s good to dream big. But, it is also very important to remain realistic. As a budding entrepreneur, do not make the mistake of venturing into 10 different categories. Have a single idea, work towards it and work on expansion plans when the correct time arrives.
Example: Ola started as a cab-service app. After it grew big in the cab-service sector, Ola then branched out to offer other services like Ola Share and Ola Shuttle services.
10. Make and maintain contacts
Treat everyone you meet during your job as an important asset as you never know when you might require them. Be cordial and pleasant with the people you meet. An occasional e-mail or a phone call can help to secure a long-lasting relationship.
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