Examples Of The Mistakes Of Entrepreneurs

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Three Big Scaling Mistakes that Entrepreneurs Make

Every entrepreneur starts their business with a dream. Usually, that dream involves getting bigger, better, and making more money. It’s a good dream.

The problem is that growing your business can be tricky. If you don’t do it properly, you can hurt, or even destroy, your business. All too often beginning entrepreneurs scale prematurely, hire the wrong people, and don't create the right systems and processes. You want to grow your business to match your dream, but if you make these three mistakes (or any one of them) you may see your dream vanish before your eyes.

Killer Mistake #1 – Scaling Too Quickly

In 2012 a small tech company named XciteLogic was taking the business world by storm. …show more content…

Hire thoughtfully and train thoroughly. Then, and this is the hard part, you need to step back and let them do it. Micromanaging your employees is counterproductive and a waste of your time and resources. It also leads to unhappy employees and turnover.

Marketing – Just because you understand your business better than anyone doesn’t mean that you know how to market it properly. All too often entrepreneurs try to do too much themselves. Marketing specialists understand your local market, your competition, and if they’re any good, they’ll get to know your business almost as well as you know it yourself. Rather than wasting money trying to do it yourself, invest in a pro and watch your business grow.

Accounting and Taxes – Just like marketing, many entrepreneurs think they have the smarts to handle their own accounting and taxes. Even if you have a great mind for numbers, as a business owner, you don’t have the time to research all the applicable tax laws that can affect your business. Hire a CPA and develop a tax strategy from the beginning to help maximize your profits and avoid any IRS

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