Business & IndustriesLiving

Mistakes to Avoid as First-Time Entrepreneurs

By Kajol Chavan COO & Co-Founder of One Impact

‘To err is human’. There have been instances during the early stages of starting a company where minor mistakes or even major mistakes, such as not being able to hire the ideal team, not being able to sustain clients, or not being able to achieve the desired ticket size, have made us think that perhaps this isn’t meant to be. But by learning from these mistakes and making sure we overcame every obstacle that came with them, we were able to develop and become who we are today. Here are a few mistakes that we think you can avoid if you are someone who is starting their entrepreneurial journey.

#1:Stopping On Interns

While interns can be a great asset to a company or vice versa, it is important to understand that you cannot have an entire team of interns, especially at the start. When money is tight, it’s tempting to hire an affordable resource, but don’t forget that you’ll have to put in more time and effort to train the intern. However, if you invest in a more experienced or skilled resource, you will SAVE TIME and the employee may be able to add valuable inputs to your company.

#2: Stop escaping “Personal Branding”

Never underestimate the value of the power of Personal Branding, it can be your most valuable asset. It could be your ladder to success. You want the world to see your exceptional skill set, expertise, and character. It really is the telling of your story and how it represents your actions, words, and attitudes, both spoken and unspoken. As an entrepreneur, it is crucial that you keep building on your personal brand even though you might be in the growing stage and not find enough time to spend on it. Remember when you start your own company you are being watched by your potential clients so put your story and your expertise out there for the world to know.

#3: Selling yourself too short 

It’s all about being proud of the work you do and understanding the worth of your work. It is no secret that during the initial stages it’s all about making money as much of that is true but here’s a quick reminder for entrepreneurs: finding the right people to do business with is more important than getting a deal. When selling, entrepreneurs should look to build relationships and think long-term. If you have the qualities to succeed, exemplify them by being vocal and clear about what you can do for your clients. Be proud of yourself, and your achievements, and always sell your services or products for what they are worth: creative efforts, ideation, execution, and experience.

#4: Don’t forget to know your TDS, GST, MSMEs and their benefits

When starting out as an entrepreneur, it is critical to begin all legal aspects as soon as possible. It would be ideal if you sought the advice of a financial advisor who could assist you with legal matters, but it is also critical that you understand your legal terms and the benefits they provide so that you can protect yourself if someone sues you for something you did not expect. Here’s a quick list of what you should have.

●     Permits (more on permits here)

●     Licenses

●     Registration for TDS, GST, MSMEs

●     Necessary bank account

●     Trademarks, copyrights, or patents

#5: It doesn’t stop at execution, client building is important too!

There will be a point in your entrepreneurial journey when you will be surrounded by loads of projects and deadlines to achieve and while you are running on the clock to achieve these targets you may lack the time to build on your clientele. In this given situation, it might help if you find a resource person who could focus on building your business or if you have a co-founder, then they could focus on getting the ideal client on board while you focus on getting the work done. This will help you grow the business while you put in the best work out there.

A quick tip from one entrepreneur to another “Make resilience your armour! One thing I am certain of is that you must learn to be comfortable when you are uncomfortable during difficult times”. In business, you must try to maintain a positive viewpoint so that you can make amends for your mistakes.Learn from your mistakes, pivot when you must and keep moving ahead gradually and steadily.

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