Table of Contents
The secret mixture to the failure of your startup and the collapse of your entrepreneurial venture, here are 10 signs that shows you are a bad entrepreneur, you should avoid them and learn from your mistakes to be a successful entrepreneur.
how to improve yourself from bad to a successful entrepreneur profile :
1- It took years to crystallize your great idea
Many entrepreneurs take months and years to formulate the idea, study competitors, and try to bring all the characteristics and advantages that competitors and the market have for the idea that he is working on, and he ends up wasting his years of life without starting the implementation of the idea on the ground and in the end he will not catch up with the updates and will not be able Do something.
2- Start your business with a loan, debt, or an advance, or investment and financing
The entrepreneur imagines that obtaining a high capital at the beginning of his business is the path to success, and that he can invest that money in the correct manner, and he finds that the simplest way to obtain money is a loan, debt or advance, which forces him to live the rest of his life in repaying that Debt and interest
3- Be you all and master all divisions in your business
One of the most important lessons of the book (The Myth of Entrepreneurship) by Michael Gerber is that the reason for 80% of entrepreneurship and startups fail is that the technical person (founder) builds a company and performs the tasks of marketing, sales, operating, accounting, contracting, procurement, human resources, and everything, This causes the project to fail quickly. It is noticed that most of the founders of emerging projects do not rise to the level of the general / executive director, as some of them are an application developer, mechanical engineer, or doctor, and you find him carrying out all the responsibilities of his sub-departments.
4- Believing dreams and expectations more than numbers and analyzes
Everyone believes in their financial expectations and accounting outlooks, as it was found through an interview of 30 entrepreneurs monthly that everyone is certain of his profit forecasts and future views of the numbers and unfortunately most of them are not based on #financial analyzes or market studies or citations for any Financial studies for competitors (optimism outweighs reality) to the extent that most entrepreneurs promise their families and wives to travel, shop, villas and cars, all of which are based on incorrect expectations
5- Hire a team that is weak and has no knowledge or experience
Many of the owners of companies and entrepreneurs do not invest in the work team, you find someone who employs those who are less than him in experience, and you find someone who performs the recruitment process himself without having experience in evaluating the job title or job experience in this field, and you find someone who enjoys that Be a manager and so he hires useless people.
6- To make your company a company family friends and loved ones and close ones
Advice from a fitter, stay away from hiring your family, sharing your family, or employing your friends, and for the sake of the (false view) you hire a relative, your sister’s husband, or or You can imagine that these mistakes were the cause of failure of 44% of companies in the world.
7- Paper, pen, sound recordings, and whiteboard only
Many entrepreneurs ignore the importance of the system, and this leads us to the question, how many startups have decided to use ERP, use CRM, use Marketing Automation, or use Outlook for correspondence, or use Lead Generation, or or Unfortunately, many people depend on paper and pen, meeting recording, and paperwork.
8- Concerning about the product and ignoring the role of marketing and public relations
Never care about the product and the service and forget that # the sale depends on 75% on advertisements, marketing and the reputation of the product in the market, you must pay attention to the marketing before the start of production and services and make sure that you will get impressive results. Spread through newspapers, magazines and the media, and you will find many people flocking to you.
▪️9- Financing investing and bringing in funds quickly
It was recently discovered that 90% of startups and entrepreneurs seek financing before the start of the project, and many want to get an investment while they are in the idea stage Major failure and failure, finance, venture capital companies and even the angel investor are in the end seeking profits and returns, and it will be you who lost part of the profits and part of the ability to make decisions 60% of those who obtained financing and entered into investment rounds regretted it later and discovered that they had lost a lot
10- Fail first to succeed, and most importantly to be a failure
Many entrepreneurs imagine that failure is the way to success and that there is no objection to failing once and a thousand in order to succeed in the end, based on the myths of the stories that we transmit and through which we say that Bill Gates did not complete his studies, Mark and others, and therefore we imagine that there is no need for study, science or Success from the first time (This is a failure in particular) Make sure that success can be achieved from the beginning and make sure that the learner is much better than the ignorant, and make sure that science is a protection for you and your project – work to refine your scientific and academic experience.
Final points for you the Entrepreneur
Recognizing these signs is the first step toward improvement. If you identify with any of these signs, it’s important to reflect, seek feedback, and work on developing the necessary skills and mindset to overcome these challenges. Successful entrepreneurship is a continuous learning process, and with self-awareness and determination, you can improve and thrive.