Saturday, June 24, 2006

Common Entrepreneur Mistakes

There are successful franchise business entrepreneurs, and there are entrepreneur “wanna-be’s” who never ever manage to take their ideas off the ground.

Here are three things to watch out for if you believe that you are really serious about starting your own business:

Don’t just fantasize about your idea

Entrepreneur wanna-be’s will talk about their idea endlessly with their friends and with anybody else who would care to listen. But that’s as far as they would go. They would insist that their idea is a surefire winner and claim that it couldn’t fail.But they don’t do anything about it.

The trouble with people who are stuck in this rut is that they are primarily in love with their ideas, but do not have the drive that is necessary to get their thoughts off the ground. Real entrepreneurs act on their ideas and see them through to fruition.

If you sense that you are stuck in such a rut, then perhaps you are more of an idea person rather than a hands-on entrepreneur. In such cases, you can still make your ideas take off. All you need to do is to find a management partner who will take care of moving your ideas off the ground!

Don’t assume that you need lots of capital

Many would-be entrepreneurs assume that they have to save a lot of resources first before they can even consider undertaking their entrepreneurial ventures. This is not necessarily true: remember that smart entrepreneurs rely on a network of support rather than purely on their own resources.

You don’t have to be rich to start your own business. But you do have to have a business plan at the least. If you do not have adequate resources, you can use a well thought-out business plan to pitch your idea to potential investors. Your friendly banking partner can also assist in providing further financial support.

Don’t give up just like that

Many would-be business entrepreneurs start with a bang, but at the first sign of a challenge or of an obstacle, they become discouraged and eventually abandon their dreams. This is particularly true when reality does not seem to match with their envisioned strategies.

Don’t despair. The truth is, few strategies come out exactly according to plan. But what sets successful entrepreneurs apart is their strategic attitude—rather than let obstacles wear them down, they proactively search for solutions and try to step over them. Successful entrepreneurs keep their eyes on the ultimate goal. So while the path may turn out to be more twisted than they originally thought (because, after all, plans tend to go in straight lines), they stick to the general direction of their goals regardless of what happens.

Sooner or later, the goal will be in sight. But you cannot reach your goals if you drop the ball early on!
Keep these three things in mind and you may have a better chance of becoming a focused, driven entrepreneur who is blessed with an all-important strategic attitude!

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