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G-Ten on How To Avoid Common Entrepreneurial Mistakes

GLASGOW, UK, October 2015 – Every entrepreneur will make mistakes. Nobody is perfect, and most business owners are constantly sailing in uncharted waters, learning as they go. 

While completely avoiding all mistakes is impossible, there are some that entrepreneurs make over and over -- errors that shouldn’t be as common as they are. In no particular order, here are some entrepreneurial common mistakes to avoid.

Being cheap when it comes to marketing. You might have the best product or service and provide the most value, but if nobody sees it, how do you plan to stay above water and grow? Everyone is “plugged in” these days -- a strong online presence is key and you have to be prepared to spend money to make money.

Paying huge salaries from the start. You should be focused on cutting personal expenses in the beginning and not worrying about drawing a large salary. Many startups receive funding and operate without paying close attention to their burn rates and the next thing they know the funds run dry. If you need to draw a salary, take the bare minimum needed for survival.

Not having a solid monetization plan in place. A business needs to generate revenue. You have the best chance of surviving if you have a monetization plan in place from day one.

Selecting the wrong co-founder(s). A co-founder relationship is a lot like a marriage. You need to be on the same page and be willing to work through differences and rough times. You need to make sure you and your potential co-founder(s) are on the same page and will be able to stay on the same path, regardless of how bumpy the ride becomes.

Trying to do everything yourself and not delegating. Don’t be afraid to fully trust your team members -- learn to delegate and let them do the job you hired them for.

Not focusing enough on your customers. You might think you know what your customers want, but you will never be 100 percent certain unless you ask them. Ignoring your customers is the quickest way to lose momentum and stall your growth. Your best feedback will always come directly from the people actually using your product or service.

Not paying for proper legal advice. Don’t suddenly become frugal when it comes to legal advice. While the cost might seem like a lot in the beginning, it could potentially save you thousands of dollars and prevent future headaches.

Spending money on unnecessary things. While a nice modern office in the booming part of the city might be appealing, is it really necessary. Allocate your money to areas of your business that will help you grow, ensuring your company will be around in the future. Reckless spending will sink your ship quickly.

Waiting to launch until everything is perfect. News flash: there is no such thing as perfect. If you spend too much time trying to perfect everything you could miss your window of opportunity. The quicker you launch, the quicker you can get the user and market feedback required to adjust, scale and grow your business.

Being afraid to ask for advice and help. Never be afraid to ask for help -- no matter what type of obstacle is standing in your way. There is a good chance another entrepreneur has faced the same challenge in some capacity.

For additional information, contact a member of the G-Ten administration team at This email address is being protected from spambots. You need JavaScript enabled to view it.

G-Ten’s Mission: “Loyalty to our Customers, Results for our Brands”.

 

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