The Pitfalls of Being an Entrepreneur That One Should be Aware of By Athulya - August 31, 2018 Last Updated at: Nov 23, 2020 0 1553 The US Consulate in Kolkata has recently launched a project for women entrepreneurs in the Northeastern India. This global programme will help the women to explore the fundamentals of business and capital and to build a better future. This project brings together 150 women entrepreneurs and early-stage business owners from five northeastern states of India and to boost their startups. If you aspire to start your own company, then you should have a good understanding of the pitfalls, risks and problems associated with the same to avoid the major catastrophes. It is for these reasons that many aspiring entrepreneurs give up their dreams even before they make an attempt. Here, you will get to know the pitfalls that you should be aware of. Many people have a dream of starting their own company, the experience can be anxious about pitfalls, problems and risks that can blow up in catastrophes. As always if you’d like to know more about professional help on startups, registrations or compliance, browse our services and find our how we do it differently from others. Register a Company PF Registration MSME Registration Income Tax Return FSSAI registration Trademark Registration ESI Registration ISO certification Patent Filing in india This is the reason why many of the entrepreneurs fail or give up even before beginning the journey. But being an entrepreneur does not mean that one has to dodge calamity on a regular basis. When one is aware of the common entrepreneurial pitfalls and knows how to avoid them, then it will save you and your company and streamline the entire entrepreneurial process. Ask a Free Legal advice Here are some of the pitfalls every entrepreneur should be aware of Being stringent with the budget As a small business owner, one cannot afford to have startup costs become their personal liabilities. At the same time, little money also cannot be put into the company as it never gets off the ground. One of the difficult yet most important things about being an entrepreneur is to learn to develop the budget. Nowadays, spending money on the content marketing is increasing every year, and finding a balanced budget that works will necessitate taking a close look at the priorities, existing resources, and goals. Try to understand that there is no “one size fits all” rule for a budget, and too much budget or too little budget can do severe damage to the young company. Impossible goals While the slogan in the entrepreneurial community is failing fast, fail often and fail forward, one can’t fail every time. Not reaching the goals will be disheartening and disappointing over time. Due to this, to be on the safe side, it’s prudent to avoid setting impossible goals. Reaching for the stars is always appreciated, but at the same time, one needs to achieve the objectives. Setting realistic goals is the way to keep morale high and forward the progress. Outsourcing responsibilities Even if the company is started as a one-man show, it is important for outsourcing to become significant once the business starts growing. Make sure the biggest pain points are outsourced. For instance, if one hates to write the content and learn new things to blog for the business, but are in need of written material, then outsource the content to a professional copywriter. If the functional website is needed, but coding is not your cup of tea then find a web designer to help you. These days there are many websites which allow the entrepreneurs to connect with the skilled freelancers at affordable rates. Entrepreneurs who outsource the responsibilities which take a lot of time will find that they have a lot of time, energy, and effort to focus on the growth of their business. Focus on sales One of the major mistakes which entrepreneurs make is to focus way too much on selling than necessary. There was a time when the hard-sell was normal, but it has fallen out of the league in the recent years. As a basic rule, most of the customers are turned off by forceful sales methods. With this in mind, focus on building the relationships first and then focus on the sales. For instance, when the customers reach out to you on social media, try to respond to them personally. When a problem is presented by the customer, address it comprehensively and quickly, even if it means losing some money during this process. When building the relationships is more focused, the sales will follow naturally. Smart entrepreneurship Entrepreneurship is a rewarding pursuit but at the same time a difficult one. By understanding all these above pitfalls one can smartly avoid them and attain the goals with smart entrepreneurship skills of becoming a successful entrepreneur with a flourishing business. Well, you would have understood that being an entrepreneur does not free you up from responsibilities. You need to know to be stringent with expenses, be aware of impossible goals, be able to outsource responsibilities, focus on sales and more. Basically, smart entrepreneurship will be quite rewarding and let you avoid the pitfalls successfully.