5 Mistakes New Entrepreneurs Make

On the journey to starting and building their business, every new entrepreneur is bound to make mistakes here and there. The most important thing is to make sure these mistakes do not mean big costs - or ruin - for your business. Luckily, there are former entrepreneurs and experts who can give advice on what to do (and not do) when it comes to starting their company or business venture. Here are the five most common - and avoidable - mistakes a new entrepreneur may make.

Not considering marketing

A new entrepreneur may make the mistake of thinking their products will sell itself. This is almost guaranteed to never be the case. Therefore, it's important to do deep research into the type of marketing your company will need. Who is your customer base? What platforms do they use? What will make them respond to your product and mission?

Marketing is a process that can run into a lot of trial and errors, so it is important to start thinking about it right away and thoroughly.

Not setting attainable goals

Every business has to have long term and short term goals. However, many new entrepreneurs might not know that these goals should be yearly, monthly, weekly, and maybe even daily. Setting constant targets for your startup will help gauge whether it is making the necessary process.

However, it is also important to keep in mind that every new business has long processes and setbacks. If the goals you are setting are vague or unattainable, the mission and necessary steps of the business may get lost. Prep yourself with realistic goals and prepare for a plan B when setbacks occur.

Not delegating

A new business may feel like a newborn baby. Therefore, it could be difficult to trust anyone else with any part of it. However, if we try to do everything ourselves with a brand new startup, costly mistakes are bound to be made.

Strong entrepreneurs know both their strengths and weaknesses. While one entrepreneur may be fantastic at numbers and spreadsheets, another one may have expertise at web design and launching. And no entrepreneur is strong at everything. So, it is important to be comfortable and hyper aware of weaknesses and reach out to contractors or employees to take on certain tasks.

Cutting hiring costs

The costs of hiring new employees or contractors for a startup can be intimidating, so many new business founders will focus more on finding the cheapest option available...rather than the best.

Just like with most things, when it comes to freelancers, there is usually a reason behind why someone may offer to do a job for a low price. We usually get the quality that we pay for. For example, if someone quickly designs your website at a low price, there is a chance your website might not turn out how you like and have malfunctions.

When it comes to hiring, look closely at the experience, portfolio, and quality you will receive. Don't be afraid to splurge because it can make a huge difference.

Waiting too long

While making rushed decisions to hurriedly launch a business is not a good idea, waiting too long to take the leap can be just as detrimental. Sitting on the product, marketing, or design decisions until you find perfection will not be productive (especially since perfection will be impossible to find).

Being an entrepreneur and starting a business is all about taking leaps. Although these leaps should often be planned and thought out, it's necessary to take consistent action. The sooner you launch a startup, the sooner you can gauge its success and take on the next hurdle.