PITFALL TO AVOID AS AN ENTREPRENEUR BY @ubongudofot

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Hello my great entrepreneurs, how are you all doing over there at your end, I hope you are good over there? I am doing well here with the help of the Almighty who keeps up sustaining me.
So, despite my busy schedule, I thought of publishing very educative content this afternoon for the benefit of all of us great entrepreneurs. Trust me the information is worth Sharing that is why I take my time to compose this and finally publish it. I know by Virtue of contests or personal content posting

we have had a series of publications where we all looked at what interned entrepreneurs should do and why they should consider such a course along the line. Interestingly, in this Publication of mine, I would be focusing on a specific 5 mistakes that startups make and how they can actually avoid them.

May I also bring to your notice that, there are actually thousands of mistakes to avoid, but I would be focusing on just five, perhaps, you could share some of your opinions below the comment section.
These points I want to list here are not just a mere thought but are based on my research gotten from my experience, and interactions with other great-minded entrepreneurs and business experts.

By way of raising your curiosity for what I’ll list as a mistake, any entrepreneur should avoid, I’ll highlight those mistakes below and later explain them, they include the following:

Introducing or Launching your business before a valid/proper registration and legal setup
Handling all tasks by yourself
Employing new workers too soon
Neglecting agreements and legal contracts
Staking the price of our product High or lower than the moderate profit range

FIVE MISTAKES TO AVOID AS A NEW ENTREPRENEUR

INTRODUCING OR LAUNCHING YOUR BUSINESS BEFORE A VALID/PROPER REGISTRATION AND LEGAL SETUP

Oftentimes, most entrepreneurs have in the past or sometimes now made the mistake of rushing to start a new business without doing the proper legal requirements. Well, it is understandable to a layman that the reason for such action could be in a bid to save costs, or sometimes to test out the business first and see if it would succeed in a good way before going the legal route.

This is one great mistake we all need to avoid because its consequences are dire. If for any reason you do not register your business, pick up the right entity or protect your intellectual property before starting it, I am not wishing you but I can assure you that it will cost you valuable time and money to correct it when things start to go wrong in the future, though, that’s not my wish to anybody.

Now, think about this, let’s say you have started that unregistered business of yours and you have started gaining some market attraction only to find out that another entrepreneur is already doing business with your intended business name somewhere else. The truth is that you will feel bad, but at this point, you can’t do anything, since legally, that is not your business, it is not in their database.

My Certificate Of Business Registration

Last year, I registered my business name and that is what I am using till now, even though I haven’t gotten to the point I wanted yet, I still have hope that I will get there, hopefully through some incentives from steemit platform.

HANDLING ALL TASKS BY YOURSELF

If you want to do it alone, maybe you can go faster depending on how large the business is but in the other way round, you cannot go far just alone, you will be slow, so my advice to all of us great entrepreneurs is that at such point you need to get trustworthy business partners and advisors to take care of some part/ department of the business, or give you constant check or feedback. Doing this will help move the business forward. Do you remember that topic in Elementary/High school about Division of labor? well, this is where it comes to play.

EMPLOYING NEW WORKERS TOO SOON

Another mistake to avoid is avoiding employing new workers too soon as this may affect the growth of the business, having a full understanding that all workers are to be paid, and also not forgetting that this is a virgin business that needs many funds to maintain. You need to know exactly when your business needs extra hands in a particular department or section. At this stage, discernment is needed.

NEGLECTING AGREEMENTS AND LEGAL CONTRACTS

In some parts of the world, many really rely on trusting in the personal relationship they have built with Folks, but it is always safer to have everything in black and white. It is good to spell out the terms and conditions, avoid gentlemanly agreements, even though it involves a family member, yeah, by so doing, It will not only save your business, but it will also save your personal relationships with people or the public.

STAKING THE PRICE OF OUR PRODUCT HIGH OR LOWER THAN THE MODERATE PROFIT RANGE

If your product price is too high above the moderate profit range, you may lose customers and if it is very low below the moderate profit range, then you will lose.
I know that most times, Market competition might make us want to do a lot of discounts in other to gain more customers. Please while considering this be very careful. As an entrepreneur, you might likely conclude that such a strategy will help you steal a significant market share if your prices are less than the competitive price. But my advice on this is that you avoid this pitfall. It is not sustainable.

CONCLUSION

To Succeed as an entrepreneur, we all need to give attention to the above-suggested points, however, please feel free to drop other suggestions in the comment section if you have any. I believe we can grow together if we stick to the rules and we can actually do more if we support each other. I am a graphic designer and a cyber Security Analyst. Please read about my business using this link: INTRODUCING MY GRAPHICS AND DIGITAL BUSINESS TO MY FELLOW ENTREPRENEURS . Please support me to achieve my dreams and I will impact humanity with my ability, thank you very Much.

To Succeed In Business you need Use to Use the right Approach