7 Common Mistakes New Entrepreneurs Make

Here are the entrepreneurial red flags and how to avoid them

(Image: istock by Getty Images)
(Image: istock by Getty Images)

We all make mistakes.

The thing about mistakes, however, is that they are not created equal, but hold varying weights—some heavier, thus more costly, than others.

[Related: Expert Kevin D. Johnson On What Makes a Successful Entrepreneur]

The gloomy downside of mistakes in entrepreneurship is that they can ultimately cost you your business, livelihood, and your reputation—far too high a price to pay. Your job, as an entrepreneur, is to carefully side step those simple mistakes that can potentially send your business crumbling down, fast.

BlackEnterprise.com doesn’t want to see that happen to you so we’ve provided this trusty warning. Be advised.

  1. Your business is not needed. Ever stop to consider that perhaps that idea that you think is so cool is also so unnecessary? Be careful to ensure that your business is providing a service or product that customers can use to enhance life or make life easier. If your business is doing neither of these things, is it really doing anything at all?
  2. Great idea but no plan. A business plan is not just there for you to do extra work. It actually allows you to strategically plan your business! Have a solid business model with actionable steps to take to get you where you desire to be. Lay a solid foundation, build a solid business.
  3. Overspending. Yes, it may take some capital to get your business off the ground, but there are quite a few things that can be accomplished with little to no budget. Start small, gain customers or clientele, have that “gain” fund your next steps.
  4.  Lack of network. Your friends and your family are superb, they really are, but there are so many more people to touch, get feedback from, and convert to customers. Social media is your best friend! Reach out and touch that keyboard in hopes of connecting to the people—all the people.
  5. Lack of delegation. Find people who you trust to do what you can’t do and allow them to do it. You are multitalented, and that’s great, but you simply can’t do it all. Just think, the jack-of-all-trades is rarely the master of any.
  6. Pausing for perfection. Listen, your business will be a constant work in progress. Don’t hold off your launch until things are seemingly perfect or you could be holding off forever. Trust that you haven’t gotten this far to be dropped off. Take one step at a time and watch the path appear in front of you.
  7. Too much attention to competition. Hear this: No one is better at doing you than you. Sure you should know what’s happening in your industry, but don’t allow the work of others to serve as your distraction. Focus on what you do best and go for the gold. You have what it takes!

Now, go and be great.

Register now for the 2016 BE Entrepreneurs Summit, May 4th-7th, Loews Hotel Miami, Miami, Florida, and learn more on how to avoid those common, yet preventable, novice entrepreneurial mistakes.

Be sure to follow Black Enterprise on social media @BlackEnterprise for Entrepreneur Summit news, highlights, and updates. Use hashtag #BESummit to stay in the loop.

Please be on the lookout at BlackEnterprise.com as speakers, activities, and sessions are announced.