Successful entrepreneurs are constantly thinking how to fix the mistakes they have made in the past period, but also how to advance their company. But there are some bad habits that are characteristic for most young entrepreneurs in the business world.
These are just 5 of the most common mistakes made by young entrepreneurs:
1. Taking too many roles
If you are an excellent manager, that does not mean that you are also a good marketing and public relations expert. The best option is to hire people who are professionals in their area. People are often not good at multitasking as they often think they are.
2. Working every day of the week
There is a period when you are trapped and then you just have to work 7 days a week. But this should never become a rule. Every person, and so does the entrepreneur too, needs days of rest in order for the brain and body to rest, and prepare for the next efforts and temptations.
3. Constantly looking for money
Although money is your primary reason for the work you are dealing with, a certain limit of passion must exist. Once you are (if you are) financially successful, it’s very easy to get into a trap where your profit becomes the most important thing.
And that inevitably leads to decreasing the quality of the products, as well as the other components that made it successful. You need to make a plan for how much your time is worth, how much you expect to earn, but still be realistic.
4. Depending too much on friends
Employing close friends in the company sounds like a tempting idea. But often such an approach turns out to be wrong. It’s important to employ the best people with the best qualifications. If they are your friends, well that’s good, but don’t let that be the key reason.
5. Not separating the business life from the private life
This is closely related to the already listed item for too many working days. Many of us are checking official e-mails before going to bed, thinking that it’s not a business but a private area. Research has shown that such activities hinder sleep, and hence the efficiency of work the next day. Also, experts do not recommend using any electronic devices for at least an hour before going to bed.