Five Mistakes Young Entrepreneur Typically Make

A young entrepreneur probably going to screw up at some point, and that is common. Otherwise, if you are not failing, you are never learning. However, not all fails are created equal, some mistakes are completely unnecessary.

A young entrepreneur has to learn from these mistakes rather than repeat them. Here are some mistakes you do not have to make as a young successful entrepreneur:

Mistake 1: Young entrepreneur should not do more than one business plan competition. You can do some business plan competitions since it can get you feedback from the community and network to see how other people do things and also gain publicity for your business. However, do not do more than one of them since there are severely moving back returns to the unimportant business plan competition. It is because your business plan is mostly irrelevant and you are just planning your business, not building it.

Mistake 2: Young entrepreneur takes care of fundraising like an end, not a means. You have to keep in mind that fundraising is just a small part of what an entrepreneur requires to do in order to build a successful company. If a young entrepreneur can do everything else correctly, fundraising will be relatively effortless. Therefore, you should not treat the VC dollars like they are the objective.

Mistake 3: Young entrepreneur hires for short-term needs instead of not a long-term fit. If you do this, it is alluring to reach out into your social network and bring in someone who can carry it out, as it is known that it is much easier to hire a close friend than to fire him.

Mistake 4: Young entrepreneur tend to pick advisers who are not particularly relevant, and proficient person a college student knows is most likely one of his professors. So, it is not surprising that these are the first people a young entrepreneur turns to when he wants advice. To be a successful young entrepreneur, you should focus on finding the best tacticians instead. These people will help you with recruiting, building, and selling.

Mistake 5: Young entrepreneur seeks to confirm evidence, not dis-confirming one. The successful entrepreneurs are obsessed with proving that their world view is erroneous. The young entrepreneur should always have one dashboard that management can go to and understand where they suck the most. No great entrepreneurs without conviction and vision or was not interested in seeing data that proves them wrong.

Other significant mistakes a young entrepreneur typically do are they know nothing about their investors and they did not practice their pitch. They also do not have a repeatable customer acquisition strategy, they have not talked to clients, did not do research competition, and the last but not least, they either have no prototype or they have irrelevant users.

“Learn these mistakes and you are on the way of being a successful young entrepreneur.”