It is common to make mistakes while building s startup, and that’s ok. Every entrepreneur makes these business mistakes, but there are a few mistakes made by First-time Entrepreneurs that affect your business badly. So you must be aware of them and avoid them.

So, Here are Seven Common Mistakes Made by First-Time Entrepreneurs, and You Must Avoid-

1. Not Making A Solid Business Plan

It is the most common but the biggest mistake a new entrepreneur makes. They are so overwhelmed with their idea that they forget to plan and start executing everything. I know execution is the key but starting a startup without proper planning is complete foolishness.

So in order to become successful in the business, you must have a proper Solid business plan that includes the market research, Customer research, Competitor Research, Budget planning, etc.

So, this is one of the Most Common mistakes made by First-time Entrepreneurs

2. Investing All The Savings Into The Startup

Most new entrepreneurs make this big mistake of investing all their savings in their Startup. They get allured by the shiny objects of the startup world and get so fascinated that they put all their savings into the Startup. When the Startup fails, they realize their mistake, but it becomes too late for that. I know a lot of entrepreneurs who lost their entire savings in the Startup.

So Never invest your all savings into the startup. Perhaps you should keep a certain amount separate to run your family. For this, you can open a separate bank account and keep atleast the money that can run your family for the  12 months without any issue.

3. Taking Excessive Steps In The Beginning

Any business requires time to get established, but sometimes, new entrepreneurs forget this thing. They start the Startup and start taking big decisions in the beginning. Then, they take a huge fancy office and invest heavily in marketing and hiring a big team.

Please understand it takes time to build a startup. Therefore, in the beginning, you should take baby steps carefully. You should conserve the cash to run your startup smoothly.

4. Afraid To Ask For Help

Most of the new entrepreneurs think that they are smart and know everything. Therefore, they believe they don’t need any help and can do everything on their own. Sometimes, they believe they will be humiliated if they ask for help.

But you should know that asking for help whenever needed is one of the characteristics of a successful entrepreneur. So, never feel shy asking for help. never hesitate to take the help from the network.

Also Read: 7 Biggest Challenges Faced by Entrepreneurs and Solutions

5. Giving Up Quickly

It is one of the biggest mistakes a new entrepreneur makes. They start the Startup, and when things don’t work accordingly, they give up and quit.

It happens most of the time because they don’t start with a strong reason, and their “Why” is not clear.

Please understand it takes time to build a startup and give it sustainable growth, and giving up within 6-12 months is not correct. I have never seen a single Successful startup that has not faced the challenges. So keep calm when things don’t go as per your wish.

6. Procrastination

It is one of the biggest mistakes an early entrepreneur makes. They delay most of the things needed for startup growth. Procrastination is the biggest killer of your productivity.

Most people dream of starting a startup, but they always keep delaying things because they are not passionate enough and don’t have the burning desire. This way, they never start a startup, or even they somehow start, then they could never grow their business. You should never delay the things that are required for your startup growth.

7. Leaving Their Job Too Early

This mistake is made by the people who are in the job. They think they can only build the startup once they get into this full-time, leaving their job. It is the biggest mistake most people make.

Look, to start a startup, you don’t need to leave the job. You need to do many things before you start a startup, and for that, you don’t need to leave the job. You can build the startup as a side hustle.

My advice is never to leave the job to start a startup in the beginning.

In fact, you can learn a lot about a business when you are in a job. If you are not doing any job and want to start a startup, for example, you want to start a digital marketing agency; then I would recommend you to take a job in a digital marketing agency for some time to get the experience. Because If you think by just investing in a startup, you can be successful, then it’s not true.

So for a year or two, work in a startup, and learn about all the aspects of your business. And Then Start freelancing for some time, offer your services, and get paid for that. Once you are fully convinced, then build the startup.

So there were the mistakes made by First-time Entrepreneurs. And you should avoid them to become successful.