Most Popular Misbeliefs of a Beginning Entrepreneur by Amelia Grant

We all make mistakes. These are valuable life lessons that are supposed to make us wiser, tougher, and more professional. Nevertheless, is there a sense in making them when you can prevent them? The ability to learn on other people’s mistakes is a powerful skill and even a kind of wisdom.

When you start your own business, it is the beginning of a big journey with a totally unpredictable outcome. It brings great risks, great excitement, new horizons, responsibilities, joy, and sometimes nervous breakdowns. Let’s observe the mistakes beginners often make on this uneasy path.

1. Believing that you can predict everything

There are plenty of ready business schemes and motivating examples on the Internet. These things are useful to read and imply, but two people can do the same thing and it can turn out completely different. Good examples and useful tips are good to follow but remember there are many factors why they might not work in your case. We’re not trying to demotivate you but encourage you to be flexible and move forward.

Advise: If you want to maintain your business on the example of other, try to find as much information about this scenario, not only about the success but about the fails as well. Think of what you would do if you’d face similar problems.

2. Believing that you can sell a business idea

This doesn’t work anymore. The internet is full of wonderful ideas and even ready business plans for free. In addition, investors prefer to invest their money into something that already has results of success. Regardless of how wonderful your idea may sound, no one wants unnecessary risks for their investments.

Advise: Start working on your idea yourself. If it works, you will become a much more attractive for investments. Sure you will have to risk your own money, but this is the only way it can work, and not in regard to investments.

3. Believing that your business must be a perfect

Perfectionism can be a good motivation to move ahead and improve your business but it can also ruin it. There’s nothing perfect in this world. Being too picky and waiting for a perfect place, perfect moment, and the perfect office can make you just sit there and not make any progress. The same goes for problems – they are inevitable, and you should think how to fix them, instead of getting demotivated.

Advise: Perfectionism is your enemy when you first stop. As you develop and prosper, you can refine things and make them better. But in the beginning, there will be many imperfections, and that is normal. Build a business that will be profitable, not perfect.

4. Believing you can have a prosperous time forever

Even if everything goes well and you prosper, remember that if you stop, your prosperity will likely follow. Instead of wasting money because now you have the opportunity to afford it, don’t stop investing in your business to make your prosperity continue. If you want it to continue forever and multiply, never stop investing.

Advise: Never relax and think you already achieved everything. Stop wasting money. Find the possibility to invest and develop your business. It is a part of strategic planning that should never stop achieving new aims .

If you have questions, consult cpa today!

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