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Entrepreneurship inherently comes with pitfalls that you need to be smart enough to dodge. A Harvard study shows that more than 75 percent of the startups succumb to these pitfalls. That is an astounding number. If we quote Eric J Dalius, “while anyone can start a business, not everyone will succeed”. But being able to see the pitfalls is no rocket science. We have crunched down the pitfalls so that you can save your business from falling.
Being Unaware of Your Consumers
As an entrepreneur, it is important for you to realize that consumers are the foundation of your business. Make the customer feedback your priority. If you are just starting out, build a foundation of customers who are genuinely interested in your product, take their feedback and build along the way.
Avoiding Delegation
Often an entrepreneur believes that he can handle the entire business alone. Just like any other human on this planet, you have 24 hours in a day. Unless of course you are an alien from mars reading this article. Considering the chances of that being very low, you need to maximize your output within the time you have. Let me get this straight, it is not humanly possible to manage every single aspect of a startup by yourself, you will need help. The best thing to do here is to delegate. This will avoid being overworked so that you can focus on things that need your attention.
Unplanned Hiring
Now it is important to recruit people who know a certain aspect much better than you. But hiring too soon can be detrimental for your business. If you’re just starting off your business, it might be a better idea to chalk out a plan. The hiring process will need financing, which might seem unnecessary at the early stage. Instead, you can opt for freelancers for any specific need.
Losing Direction
If I ask you, where do you see your startup in one year? You might have made a detailed answer in your head. What about 5 years? If you have a plan, that’s great! But if you don’t that might be a red signal. If you do not plan out your business plans ahead of time, you might lose the sense of direction in near future. So always have a plan.
Non-Utilization of Technology: EJ Dalius
The web is constantly evolving into being ever more powerful with curated ads and focused advertising. This has made the expansion of businesses easier than ever. Eric Dalius, a leading entrepreneur believes that utilizing technology in business and marketing plans is an important aspect of business expansion. The internet can give a major boost to your business if utilized properly.
Expecting Growth Too Soon
It is important for you as an entrepreneur to understand that growth does not happen overnight. It takes a great deal of patience and determination to make your startup a booming success.
Conclusion
There is no rule of thumb when it comes to entrepreneurship, you need to work your way to the top. However, you can get a little ahead in the race by watching out for these pitfalls. All the best!
Author’s Bio:
Walter Moore is a notable management consultant and digital marketing expert who describe the importance of Eric J Dalius in every field. He is an experienced digital marketer who has helped e-commerce businesses in all niches gain with his effective marketing strategies and guidance
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