An idea is like a seed that must be first conceived with passion, then incubated with care, let to develop with watchful nurturing and allowed to grow and spread its roots as well as its wings.When a brave individual decides to introduce and integrate a novel idea into the growing stagnancy of an already rigid and expectant world he is bound to make mistakes.One should be aware of what they should not do and what should be done will ultimately become clear.Such is also the case with entrepreneurs and the only thing separating them from the rest of the crowd is an indomitable spirit and aprophetic awareness of the world around. One is not born with all these qualities – exceptions excluded – but builds them within themselves and those around them with all the guidance they need.

Here are some common mistakes that aspiring entrepreneurs tend to commit while spearheading a venture:

Dreaming Small or Dreaming Wrong:

A common mistake one can make is to think of an idea that in your head will lead to a glorious future but in reality will have consequences affecting the market at a level much more miniscule than intended.One must carefully assess their plan of action to set up a good foundation and one that will stay up to date with the demands of the market.

Failing to Identify the Behaviour of Cash-flow :

Sure the cash will flow once your business is booming but there must be stages where the business had not reached that ‘booming’ stage. To ensure their startup does not end up winding down before it launches or worse, just after it launches one must have a strong financial backing before venturing into the market.

Failing to Identify the Instability of the Market:

It is easy after foreseeing the impact of your idea to get the notion that the market will bend to your circumstances and the customer will mould their wishes according to your set requirements. The customer’s tastes progress forever and consequentially there is a change in the market. To avoid this mistake one must have a flawless business plan with an evolving market strategy which caters to the demands as needed.

Thinking that Branding is Only for the Weak:

Once the business plan is set up and set in motion one of the first things an entrepreneur must focus on is to have the startup reach out to the masses it desires to do business from. Intriguing the customer as to why they must buy/invest in your product with their hard earned money should be a top priority. Understanding the economy of the market is a certain help in this regard. Remember, there are competitors always hovering over an established startup like vultures.

Focusing More on Office Space rather than the Customer Base:

Quite often, people overspend in their office space rather than in their effort to understand and meet their customers’ demands. Remember, Facebook was started on the window of a college dormitory; sure, Harvard’s dormitory but a window in a future dropout’s dormitory nevertheless. Focus should be on the customers’ needs rather than your personal ones. It is the idea of the product that intrigues the customer not the office it was shipped from. It also shows where your priority as an entrepreneur lies.

Hiring the Wrong Employees:

Once the startup is up and running and the market is evolving as usual after certain intervals one will need to increase/decrease the amount of workload. It is a business progressing with the market and one can only face the reality of the situation and sometimes, startups can end up with too many employees or too few after they carve their niche in the market.  This can result from hiring the wrong people at the right time.

Failing to Relate to the Customer:

The most common myth every entrepreneur wishes were true but fortunately is not true. With the world developing with each passing year, one will be foolish not to update their products according to the needs of the customer. There are competitors always looking to improvise and overshadow the achievements of their predecessors; an endless cycle. This does not mean one gets greedy and overprices the product to keep the generous flow of profits going or increase the workload on their hardworking employees.

Following Wrong Advice:

If one has got through many obstacles during the course of establishing their startups and avoiding costly mistakes they are now highly capable of understanding the physics, chemistry and biology of the market. What next? Staying afloat. This calls for more planning and seeking the right advice.

An entrepreneur is merely an individual with a novel idea. The idea will reach nowhere if not for the right advice and marketing strategies and lots of hard work!