Answered Essay: Describe the biggest mistakes made by entrepreneurs, why they make

Describe the biggest mistakes made by entrepreneurs, why they make them, and what they should do to prevent these mistakes. What would you suggest to prevent these common mistakes?

Expert Answer

Below are the biggest mistakes made by the entrepreneurs which can determine success or failure for the organization.
  • No common vision among founders and as a result there are internal fights among founders leading to failure for the enterprise.
  • Target market is too niche and very limited and as a result the company is not able to turn profitable.
  • Not developing good product offering and introducing initial product with bugs which creates negative initial experience and results in failure for the company.
  • Inadequate funding arranged by the founders and as a result company is not able to sustain.
  • Spending too much in the advertising, marketing and not able to monetize the product.

In order to prevent these common mistakes below suggestions can be made:

  • Founder should look to collaborate with like-minded people rather with different visions.
  • Look to monetize the product and target to achieve breakeven as early as possible.
  • Choose target markets carefully after analyzing competition, growth and profitability prospects.
  • Spend prudently and look to generate adequate fund raising for operation and expansion.
  • Invest in the product and platform as most of the success will be determined by initial customer experience.
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