10 Business Mistakes Entrepreneurs Need to Avoid in 2020

According to Wealth-X, 62% of American billionaires are self-made. That’s an incredibly encouraging statistic for any young entrepreneur starting out. It’s also great for learning lessons. Whether you’re creating a start-up that’s going to be the next best mobile app development company or a tech giant, here are the 10 missteps you need to avoid to succeed in your venture.

1. Don’t fail to plan
Starting out without a solid sketch of the business is the first and most fatal mistake an entrepreneur can make. So plan what you want to execute and research how to execute it.

2. Don’t just talk, ACT
Don’t be that guy or girl who has this amazing idea that everyone knows will never be followed through. Rather than wasting your energy constantly talking about that one amazing idea, work on it.

3. Don’t shy away from asking for help
It’s not easy to get a business off the ground and you need help to pilot that idea. Trying to do all of it on your own spreads you too thin and crashes the venture. So, get help.

4. Don’t be impatient
All good to those who wait isn’t just a random saying, but a fact. Building a successful business takes time and patience to push through. Don’t let one instance or lack of expected response deter you.

5. Don’t hire friends as employees
While joint ventures are pretty common, hiring a friend as an employee can lead to many administrative and personal issues down the line. Choose new team members objectively.

6. Don’t forget the customer
End of the day, the customer is the king. Losing sight of that along the way is a mistake many entrepreneurs make. The priority of any successful entrepreneur is always the customer.

7. Don’t let fear hold you back
It’s easy to get apprehensive about your idea in today’s competitive marketplace, but don’t get paranoid. Fear of failure or fear of theft is understandable but don’t let it keep you from succeeding.

8. Don’t pull back your selling skills
Pitching your ideas and conducting effective presentations are essential to growing your business. If you can’t sell your amazing idea, it won’t take off. So, work on your selling skills.

9. Don’t aim for perfectionism
That’s a sure way of dooming your business. Effectiveness is a good expectation to have, perfectionism is not. There will always be something small or big that is not as it should be and if you let that bug you, it will drag down the business. Breathe, and improvise.

10. Don’t forget to this is your passion
This is the most important. In all the whistles and bows that come with starting a business, people often lose sight of the very thing that started them in the first place. You believed in this idea, and that’s why you’re doing it. Kindle that passion and let it drive you.

For young entrepreneurs, the market is wide open for ideas and innovations. While most talk about the giant companies that started small, I like to point to smaller ventures that are still growing. Take an example from any sector – the digital marketing strategy agency Street73, or the healthcare company Elder, or the hospitality company Airthrive – the lesson is simple. By avoiding these missteps and going after your goals passionately, you can be a successful entrepreneur at any age.