Often entrepreneurs who are new to the field have certain misconceptions about the industry or their product/service. This might be because of lack of experience or understanding which is why a lot of businesses don’t work out. However, if these delusions persist, success eventually becomes harder to achieve.
Here are six delusions that new entrepreneurs often have:
1. It’s easy to start-up
Once you start your own business, you realise that there are various factors which do not let you exists in the company. Sometimes, even getting a licence to start your own things seems like a difficult task. What is more, the competitors might try to hinder your success. Thus, an entrepreneur needs to be completely prepared for all the hurdles that might come his way.
2. Going digital isn’t important
A lot of entrepreneurs believe that going digital isn’t important for a business. However, in the age when everything’s digital, entrepreneurs need to be up-to-date with everything and explore options to remain in the business.
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3. Financial maintenance isn’t necessary
A lot of entrepreneurs make the mistake of not managing their finances. This might end up on you spending a lot of money on unnecessary things. Thus, managing the money you are earning is important.
4. Your idea is completely unique
You might believe that your idea is completely unique and nobody else is doing it. However, if you research enough, you might find somebody in the field doing the same thing as you. This might pose threat to your idea.
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5. There’s no competition for a unique product
You might believe your idea is completely unique which is why you might have no competitors in the market. This is a blatant misconception as your product might not have close substitutes or competitors but have distant competition. The distant competitors might be the reason for your start-up to face issues.
6. You can work as a one-man team
A lot of entrepreneurs believe they can handle various departments all by themselves including marketing, sales, social media etc. However, this might result in complete chaos and your business going downhill because you aren’t capable enough to manage a business all by yourself.
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