Rookie Entrepreneur:Common mistakes and how to overcome them

There are new entrepreneurs every
year, and a lot of them are making the
same mistakes. Running a new
business is a daunting challenge, but if
you’ve already taken it on you should
want to do it right. Here are common
errors a rookie entrepreneur makes in
the beginning, when mistakes hurt the
most.
Don’t Sink All Your Savings
Into Your New Business
Rookie entrepreneurs shouldn’t think
that they have to spend big to make it
big. The $100 Startup by Chris
Guillebeau is a great book that
documents entrepreneurs who
invested a hundred bucks or less to
launch their business. Heed its advice
by not assuming that you need a huge
influx of cash in order to make your
business a success. For example, a
retail store is a huge risk, costing
thousands of dollars just to open. It’s a
much safer better to sell online at first
and work your way up.

Don’t Get Ahead Of Yourself
Entrepreneurs shouldn’t feel the need
to grow their business too rapidly.
That sense of urgency is all in their
heads and spells disaster for a lot of
companies that begin with huge
potential. Just because you find some
success selling stuff online, don’t
immediately jump to buying a physical
location. Prove yourself a pro
entrepreneur by not rushing to the
next step, letting your company keep
growing at a steady pace until you’re
actually ready for that retail outlet.

Don’t Step Away For Too Long
Your business is your baby, and you
never leave a newborn unattended. Be
sure to constantly monitor your
business so that you can put out fires
as they happen and take advantage of
new opportunities as they arise. You
have to prepare for both the good and
the bad by keeping a constant eye on
your new company.


Don’t Work Yourself Into A
Coma
One of the most common mistakes of
an entrepreneur is to overwork. Yes,
you have to be vigilant about your
business, but no, that doesn’t
necessarily mean working 100 hours
every week. If you’re burnt out you
won’t be delivering the hot ideas that
startups need to constantly be coming
up with. Let yourself recharge your
batteries every once in awhile.
Otherwise, all your hard work might
be for nothing.


Don’t Be Afraid To Ask For Help
As an entrepreneur you’re definitely
going to need help, so don’t be afraid
to ask for it. Let the people who want
you to succeed help you succeed .
Friends with the right skills can be an
invaluable resource, helping you with
the things you need but can’t do
yourself. Have a pal good with web
design? Let them design your website!
If you think that you’re weak for
accepting help, you desperately need
to change your way of thinking.

Don’t Forget Your Connections
If you’re a good businessman you have
a lot of contacts and maybe a few
favors owed to you. When you’re
starting out as an entrepreneur, a
critical juncture in your career, you
should be contacting a lot of those
people and cashing some of those
favors in.

Don’t Give Up Too Quickly
Your business will probably not be a
giant success right out of the gate.
Expect to be in the red for awhile. But
don’t give up too easily, because you
could very well make your company
soar if you just persevere. A month is
probably not enough time to deem
your business a success or failure.
Keep at it until you can fairly
determine if your company has a real
shot.

Don’t Fear Failure
Sometimes you have to call a spade a
spade and fold your hand. Admitting
failure requires strength, and if you’re
not strong you’ll lose a lot more
money than you need to. When you
are convinced that things aren’t going
to turn around, don’t be afraid to
throw in the towel.