Start-ups face an uphill battle—from financing, to hiring, to distinguishing themselves from the vast crowds of competitors fighting for market share and publicity. The potential rewards might be great, but there’s a lot to navigate between here and there.
In the process, they commit many mistakes. The nature and extent of mistakes an entrepreneur might commit differs according to what start-up he is involved in, yet, there are a few basic mistakes, which startup entrepreneur normally commit. Such mistakes usually remain the same irrespective of the nature of business.
Over time I’ve learnt both financially and emotionally that learning from others and leveraging their experience is a lot smarter than trying to learn everything on my cord. Life is too short to make every mistake and learn from it yourself. Therefore, it’s imperative to learn from the mistakes and failures of others so that you don’t repeat them.
Having said that, i will post the top 5 mistakes made by new entrepreneurs who have been in the trenches and made it safely past the minefields of starting their first business.