As an entrepreneur, you know that suitable synonyms for entrepreneur include; ambitious, intelligent, enthusiastic, and passionate about business. Yet, there are mistakes you, like many entrepreneurs are capable of making. Three of such were highlighted in this article. It is said that a stitch in time saves nine.
Mark Cuban, a tech billionaire, is a long time investor on the hit TV show, Shark Tank, and from experience, had these mistakes to advise entrepreneurs against.
Do you want to be successful in your entrepreneurship journey, out of millions of things not to do, stop these three now.
Not understanding fundamentals in business
Every entrepreneur should know the basics in business. He said that entrepreneurs should know the difference between a product and a feature, explaining that, if you add a characteristic of value to an already existing product or service, you merely created a feature. He exemplified this with an entrepreneur who begins to sell blue and red shirts while a competitor sells blue shirts only. The entrepreneur would have created a feature and not a product.
Products or services SOLVE a problem. “Successful companies are founded on products – not features.” He said.
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Thinking competition equals validation
It is challenging enough to create something and more challenging to convince people that your product or service is a solution they should buy. Cuban said some entrepreneurs think that a big competitor moving into their market gives validation their business but such moves only pose a greater challenge; that of out-innovating and outselling them.
Pegging your success on a ‘star’ employee
Putting all your eggs in one basket is as dangerous in hiring and team building as it is in other life endeavors. He said, as an entrepreneur; don’t believe that your next hire will solve your biggest problem. Your business doesn’t become a story with a happy ending automatically because you hired the “best” in the industry. To grow a successful business, all hands must be on deck. Your team should not fail because one person did.