The 5 Worst Mistakes An Entrepreneur Can Make

Before you open a business, contemplate, contemplate, contemplate.

Take time to think about how you will achieve your greatest vision in mind and what it will take to get there.

Plan everything. Be diligent, creative, and innovative.

Let your passion do the work by choosing a field that speaks to your heart and soul.

Never give up until you achieve everything your heart desires.

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1. Zero Strategy

If a business doesn’t have a strategy, you can be sure that any sort of growth will be slow, flawed, and costly.

A business with no strategy is relying on a stroke of luck by God, leaving everything to chance.

Crystallizing your business strategy helps define the brand, its set of values, and its mission.

There are so many crucial reasons for establishing a strategy in business. It helps companies understand what their idea of success actually looks like and the roadmap they will need to create to achieve their goals.

Marketing, sales, partnerships, financing, and everything in between requires a strategy.

Hiring, firing, and brand development all need a strategy.

Scaling, expansion, and growth require a strategy.

Do not underestimate the importance of this step. Your business will likely suffer and fail to reach its maximum potential without a strategy.

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2. No Marketing Budget

A business with no marketing budget is aiming to fail.

You can have the best products, services, and concepts in the world, however, if you don’t have a strategy and budget for marketing, the world may never even know.

Marketing is essential for a variety of reasons including client retention, brand awareness, and increasing sales.

Many business experts believe that marketing is even more important than the product and service itself.

It’s a very powerful tool that every business must utilize to achieve their brand’s greatest vision.

If a business expects to increase revenue, sales, and brand awareness, marketing is an absolute must. Social media, marketing campaigns, advertisements, brand partnerships, donations, and influencer marketing are examples of ways to market a business.

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3. No Business Plan

A company without a business plan is asking for trouble.

Of course, you can probably find lots of immigrants and entrepreneurs who have success stories without a business plan, but if you’re looking to avoid mistakes and create a successful business, don’t skip this step.

A business plan is essential for every aspect of one’s business.

A business plan clearly defines a company’s goals and how it will achieve them.

The purpose of a business plan is to identify, describe and analyze a business opportunity while examining its technical, economic and financial feasibility.

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4. Lack of Financing

If you can’t afford to open a business, don’t do it.

As with everything else, spending money in places you simply cannot afford is only a recipe for disaster.

A lack of finances will only create greater stress and anxiety for an entrepreneur.

You want to do it well, or not at all. If you’re going to open a business, do it the right way. Ensure you have enough money set aside to pay for all your expenses and services necessary when operating (such as payroll, utilities, rent, and other upfront costs).

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5. Bad Employees

An entrepreneur could come up with the greatest idea in the world but if they fail to hire individuals who fully grasp the business concept, vision, and end goals, they will fail to see their dream a reality.

Bad employees will make or break your brand.

Be cautious when selecting individuals to be ambassadors for your brand. Cashiers, salespeople, social media managers, and c-scale executives will all impact a company on micro and macro scales, so don’t think one is less important than the other.

These people represent the face of your brand and the reputation you wish to build.

Be careful and choose wisely. 

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ABOUT THE WRITER:

Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.

Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.

Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.

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