Do you think that an inherent characteristic of great entrepreneurs is that they are not afraid of failure? Or, perhaps, it is that they have managed to learn from the most common obstacles to entrepreneurship during their career and, although humans are the only animal that stumbles over the same stone twice, we hope that by gathering the 10 most frequent universal mistakes of an entrepreneur you can sort them out
What is an entrepreneur?
Although we already have an exhaustive study in Lexington Magazine on what it means to be an entrepreneur and the main differences between this figure and that of an entrepreneur , we will refresh the info for you.
An entrepreneur is one who, after discovering a business opportunity, organizes a series of resources to start a business project. Although, if you need a more passionate definition, the soul of an entrepreneur is that spark in every businessman or passionate about their sector, always looking for new ways of doing things, meeting needs and starting a revolution.
And, since everything is easier with examples, these 10 young Spanish entrepreneurs are the perfect graphic description of a successful entrepreneur. Have they made one of these most common entrepreneurial mistakes? 🤔
Most common mistakes of an entrepreneur
It would be extremely difficult (or impossible) to make a list of all the blunders you can make in your career, but we have compiled 10 of the most common mistakes of an entrepreneur so that you do not have to.
BELIEVING THAT A BRILLIANT IDEA IS ENOUGH
It’s a lot, yes. It is, in fact, the most important part and the core concept that you have to be truly passionate about, but a creative and innovative idea is not everything. Build a solid foundation, have a good investment and even choose the best partner for your business.
NOVEL DOES NOT NECESSARILY IMPLY PROFITABLE
And that is why making a financial plan is so important and, above all, keeping it alive. We leave you with the basic guide prepared by our CFO, María Abraín, so that you can evaluate the feasibility of your project, its profitability… and avoid falling into one of these common entrepreneurial mistakes.
CONSIDER THAT A GOOD PRODUCT OR SERVICE SELLS ITSELF
Although it is essential to have a good raw material, in order for it to sell, it is vital to build an adequate strategy around it. For this reason, at the time you draw up your financial plan, you must also draw a business plan on a larger scale , which includes headings such as a market study, the structure of your human resources, the marketing and communication strategy. …
TO THINK THAT YOU CAN WITH EVERYTHING
Starting a good project requires a great effort in different areas, impossible to control by a single person. Form a good team of professionals specialized in different fields and they will catapult you towards success.
RESISTANCE TO CHANGE
Keeping an open and flexible mind, which does not refuse to see changes in the market, in the socio-cultural context and in the needs of your public is essential so that the product or service for which you have invested so much does not become obsolete. Rigidity is one of the most common mistakes of an entrepreneur!
LIVING OUTSIDE OF THE NUMBERS
We check the creative part, the strategic mind and leadership skills, but do not forget that, to maintain control of your business, you must be aware at all times of, for example, what are the costs derived from your activity , the benefits… For this, continuing in constant training at one of the best business schools in Spain is highly recommended for all entrepreneurs out there.
CLOSE YOUR EYES TO REALITY
A multitude of factors are involved in the success of any business; some even completely remote from your business activity but which, inevitably, affect the dynamics of your suppliers, partners, employees, customers… Although it is impossible to control them all, you must consider them to have a realistic vision of the future of your company in different scenarios and to be able to Act accordingly.
LACK OF MOTIVATION
Undertaking out of necessity subtracts a powerful engine from your project. Illusion and effort are one of the most powerful weapons to win the battle for success. And, to keep this spark always alive, having an efficient work team around you that not only pushes you forward, but also becomes true influencers of the brand and of yourselves as leaders should be top on your list. of priorities.
SET LIMITS TO YOUR BUSINESS
In an increasingly global market, it makes no sense to close doors or miss opportunities. This aspect, without a doubt, is one of the most common mistakes of an entrepreneur. To make the most of all the resources at our fingertips, digital marketing and the latest technological advances will be your best allies.
INSIST ON THE SAME MISTAKES
Although you feel proud of your business idea, your target audience may not perceive it in the same way. The SWOT analysis is an exceptional tool in this case. If you see that a certain project or strategy hasn’t quite taken off, analyzing its strengths, weaknesses, threats and opportunities can give you a much broader vision that will help you find the optimal solution. After this analysis, draw up an action plan to incorporate all the conclusions you have reached and implement one of the strategies proposed by the SWOT.
Good practices to be an entrepreneur
In addition to avoiding these common entrepreneurial mistakes, there are some initiatives you can actively take to consistently add fuel to the fire.
Having a strong, well-nourished network of contacts that is expanding more and more every day can bring many benefits to your project. And it is that not only will it provide you with infinite opportunities such as new investments, collaboration agreements and new clients, but this circle of trust will be able to greatly expand the perspective with which you look at your sector, your product or the market in general. If two heads think better than one… imagine what dozens and dozens of minds with different points of view can do. Magic!
Even if you are still in the early stages of your project, your team is not completely complete or consolidated and you do not have a workplace strategy to follow, having an office space to “team up” can redirect the success of your project… for many different purposes.
This is where flexible workspaces play their most important role: networking , work modules, flexibility in hiring and space, growth possibilities… you can, for example, start in a smaller hybrid office with access passes for the team Rotate, rent a meeting room included in your monthly get-together bonus and take advantage of the numerous benefits of being part of a premium community during the first stage of your project.
In any case, if you believe that your business still does not require a physical space, do not give up your company and the names of the best areas of Madrid and Barcelona go hand in hand. Having the expertise of flex operators for your day-to-day operations, even remotely, can help you a lot during these first steps. Domiciliation of companies, call answering, virtual office … packs designed to measure with access to common work areas and meeting rooms for those moments in which brainstorming is essential.
KOF MUGEN CRUELTY BLOOD ROSE VS RAISEN.BLOODThe KOF MUGEN series has been popular for over a decade now, spawning multiple sequels and spin-offs. The latest installment is KOF XIII, which was released in 2013. This game features two fighters: the blood-sucking vampire Raisen.Blood and the martial artist Mugen. These two rivals fight each other in a variety of brutal matches, with blood being spilled liberally on the ground.The two characters have many similarities.
Both are skilled in martial arts, and can drain
The lifeblood of their opponents to increase their own strength and vitality. They also share a love of violence and bloodshed, which is evident in their moves and dialogue.However, there are some clear differences between them. For one thing, Raisen.Blood is a vampire, which gives him an edge in terms of health and stamina; he also has access to powerful magic spells that help him power up his attacks.
Mugen, on the other hand, is completely human; this makes him susceptible to injury and damage from enemy attacks.In terms of fighting style, Raisen.Blood favours fast paced combat that relies heavily on his Vampire abilities; he will often teleport around the battlefield or launch devastating magical attacks. Mugen on the other hand relies more on brute force; his signature move is a bone crushing uppercut that can send his