8 Common Mistakes First-Time Entrepreneurs Make

When it comes to being an entrepreneur, this can be a super stressful and exciting position to be in. You have the opportunity to spread a new product around the world and take your company from the bottom of the barrel to the top of the Forbes list. However, it’s going to take tons of time, energy, and determination before you find success. And the fact of the matter is 9 out of 10 entrepreneurs don’t find the success that they’re looking for. That’s because a lot of entrepreneurs don’t know about the most common mistakes that they should be looking out for when launching their product. Keep reading down below to learn about these mistakes so you can keep them in mind and not make them while you’re developing and launching your awesome new product.

1. Trusting Your Gut, Rather Than Testing Out Your Idea

Many entrepreneurs rely on their gut way too much then they should. Sure, you should be able to trust yourself and your intuitions, but that can only go so far. This is especially true when you are thinking about what to name your product, what the product’s features will be, and where you are going to set the price. These things should be tested in the actual marketplace instead of relying on your own gut to determine them.

2. Being Too Slow in The Launch

Another big mistake that’s made by entrepreneurs is not launching fast enough. Now, you might think that the best thing to do when it comes to your launch is to take your time and be cautious about everything. However, that’s not the case. If you really want to have success, then you should be sure that you are launching fast and getting onto the market. Once you have done that, you will be able to see what features and price points are the best and which need to be tweaked.

3. Not Knowing When to Pivot at The Right Times

If you get some advice when you’re just starting up that completely changes what you should be doing with your business or product, then you should know when to take that advice and pivot your business. Many entrepreneurs don’t want to take the advice that is going to drastically change their company, but if it’s what you need to do, you’re better off getting it done now!

4. You Either Took Way Too Much Advice or You Didn’t Take Any at All

There are two ends of the spectrum when it comes to taking and asking for advice. You either are going to be asking for way too much advice and never making decisions for yourself and your business. Or you are going to be way too confident in yourself as an entrepreneur and never ask for any advice at all. No matter if you’re a Certified Public Accountant or a tech guy looking to launch the next big social network, this is one of the biggest mistakes you can make when you’re designing and launching a new product.

5. Thinking That the Product Is Going to Sell Itself

You have got to be marketing in the physical and digital worlds if you want your product to actually sell. No matter how amazing you think that your product is, there is no way that it’s going to sell itself without some marketing efforts to help out. Be sure to put plenty of backing into your marketing plans to get people interested in your product.

6. Putting the Customer at The Back of The Line

You want to make sure that the customer is always at the center of everything you do. One of the biggest mistakes that entrepreneurs make is assuming that customers need their product or service and trying to force it down their throats. Learn from your customers and determine what they need based on what they tell you.

7. Not Choosing to Fundraise

Every entrepreneur needs to be a fundraiser, as well. There’s no way that your new product is going to be super successful without the help of funds from outside donors.

8. Not Networking Enough

And lastly, if you’re not networking as an entrepreneur, then you had a better start! One of the biggest mistakes made in the world of business is underestimating the importance of networking and reaching out to new key contacts. Be sure to remember the importance of networking as you go about launching your product.

Keep in mind these key mistakes that many entrepreneurs make if you want to find success with your new product or service that you are launching. You’re going to be way better off when you do that!


A traveller by day and reader by night' is how I would sum up my life. My wanderlust led me to quit my cushy job at 28 and finally embark on a journey around the world. Since then, I have lived in many countries and soaked in as many books as possible during my travel journeys. Among them, the "Book of Mirdad" is still my personal favourite and holds a special place in my heart. My progression towards writing was inevitable and happened quite naturally. I have been writing for a few years now an...

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