4 methods to fail as an entrepreneur
Recently, there has been an increased focus on entrepreneurship in Denmark. Entrepreneurs have become today’s rock stars. This also means that more and more young people find it attractive to start their own company. However, it is far from all where it goes well. Many failure steps are repeated, and unfortunately, many companies have to turn the key again. In this article we have compiled some of the most common error steps among entrepreneurs in Denmark.
You think you have to invent the deep plate
This is exactly why many people never start a business. Many people think that you have to invent something extraordinary before you can be an entrepreneur. It’s not like that at all. After all, you can also sell window cladding or established clothing brands. The entrepreneurs who move on with this thinking also get it very difficult because they think everything should be brand new. We are living in 2018 and many things have already been invented. Of course, try to differentiate yourself from your competitors, but few are able to invent new needs in life. Once you get beyond the ramp with your business, you can continually find your angle in the market.
You do not spend time on accounting
Many entrepreneurs break their necks because they forget to post. If you take, for example, VAT, many people leave this for the day before settlement. If you want to keep a good overview of the finances of your business, you need to keep posting. Otherwise, it becomes difficult 100% to know which direction the company is heading I. If you wait too long with the bookkeeping you also risk losing some documents, which can cost you unnecessary money. If you do not feel that you as an entrepreneur have time to book, then you may want to consider hiring a bookkeeper if the finances are for it. After all, it doesn’t have to be more than a couple of hours a week.
You are bad at prioritizing your time
As entrepreneurs, it is inevitable not to wear many hats. Especially in the startup phase. New tasks are constantly coming into the desktop, and it really demands that you be able to prioritize your time. If you can’t, you end up spending your time on things that aren’t important to your business. You may be spending all your time updating plugins you are not using anyway. Is it now wise too?
You think customers come by themselves
Many entrepreneurs think that being self-employed is a bit like being an employee. It is not at all. When you start, there are no existing customers. You will need to work hard on your own. It demands that you are good at marketing and selling. It is a trait that many entrepreneurs do not possess. You don’t have to be a world star to sell when you start out. You just need to be fresh on working with yourself so that you can become it in the long run. Being self-employed requires tremendous hard work. It was so easy, everyone was self-employed.