While entrepreneurship requires particular personality traits; Most important is passion for the idea, faith in it and the ability to develop it, with a spirit of creativity and adventure, as well as risk-taking, flexibility and the ability to continuously grow. , especially in the start-up phase, which may lead some of them to stop the project and end it.
Entrepreneurship projects contribute to finding innovative solutions in various sectors, as well as developing and developing human capacities, and improving the standard of living of individuals by creating employment opportunities that contribute to moving the wheel of economic activity, so that these projects become an indispensable element in the engines of different economies, and a refuge Many ambitious young people seek to realize themselves away from traditional routine work, tracing the impact of successful global experiences whose owners have become Lebanon and the proverbs of success.
Starting to build a new project from scratch requires considerable effort, hard work and forward planning that takes into account volatile market factors as much as possible, with the ability to measure risks and ways to manage them. In this context, here is a set of common and repeated mistakes that Entrepreneurs usually make, and a set of tips to avoid making these mistakes:
Failure is only the beginning of success
In the beginning, a professor from American Merrimack College, Joseph Stasio, in statements exclusive to “Sky News Arabia Economy” provides a set of tips for entrepreneurs, to avoid common mistakes, as follows:
Entrepreneurs should never accept failure. Failure is nothing more than an opportunity to pursue opportunities that already exist due to the inability to succeed from the first experience. Entrepreneurship is a way of life. It’s a way to connect to the world. Entrepreneurs live with the challenge of making something out of nothing. Entrepreneurs must continue on their way, regardless of the obstacles. This should be their motto.
He points out that “often entrepreneurs make the mistake of not planning the need for money properly”, and this is one of the most common mistakes that many of them make, pointing out that “of course, capital is important … there is always a lot of money.” Capital for good plans.
He also adds: “Entrepreneurs need a great team to help them…they can’t be successful alone”, on top of that “entrepreneurs shouldn’t fall in love with their ideas, there should be support objective of the market for them, otherwise the idea will fail”, in An indication of the importance of not overstating the valuation of the idea without studying the market and its acceptance of this idea and its interaction with it.
In entrepreneurship projects, it is generally advisable to follow a set of precise steps, starting with defining the idea, its dimensions and its main objectives, then studying the market and collecting information (feasibility studies), then proceed with the modification of the idea based on the available information and the development of a practical plan for implementation, including the identification of resources and the appropriate size of capital. Then begin the implementation process with a plan for further development, then evaluate and measure reaction and feedback.
Five common mistakes
Doctoral researcher in entrepreneurship at Syracuse University, USA, Muhammad Junaidi, explains in exclusive statements to the “Sky News Arabia Economy” website, five of the most common mistakes made by entrepreneurs in the Middle East, on the basis of various studies on entrepreneurship, as follows:
Underestimating the role of the entrepreneur and the importance of the business “network”, such as suppliers, customers, public institutions and any other relevant stakeholders Overestimating the idea, products or services , because entrepreneurs are usually obsessed and exaggerated in their beliefs with their ideas, and this leads them to ignore Many important factors that can lead to the failure of their business Negative ideology towards failure: Entrepreneurs and people in general tend to see failure as something negative. I disagree with this to some degree, but with failure comes learning, which is usually ignored or overlooked by entrepreneurs. Entrepreneurs are usually overwhelmed by the failure of their business and do not learn from their failed experiences, which in turn leads to more failures in the future (by repeating or related mistakes). Another common mistake, especially among entrepreneurs in the Middle East, is that they expect “early” returns from their business. This expectation makes them prefer short-term returns (profit) to stable long-term returns. It also makes them less likely to reinvest in their business for growth and expansion. Last but not least, most mistakes Also common among potential entrepreneurs in the Middle East, they underestimate the world outside their country of origin. More specifically, they are generally limited to their regional market and their regional customers and fund providers.
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