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n my last blog, I discussed the benefits of starting up your own business- being an entrepreneur has many benefits, especially if your business gets off the ground successfully. But, what if your risk doesn’t pay off? Many times entrepreneurs can take a huge hit both financially and personally if their dreams of a successful business never come true. So why, as an entrepreneur, would it be worth the risk? For most, it is the financial and professional payoff. But, in order to be willing to take that risk, entrepreneurs need to be fully aware of the different pitfalls and problems that they may encounter. Here are some of the most popular pitfalls that you should be aware of if you are thinking about heading down the entrepreneurship path…
1. You picked the wrong partner: Many times when starting a business, entrepreneurs begin with a partner. By sharing responsibilities, bouncing ideas off of one another, and conjoining skill sets, business partners can be successful. Unfortunately, many businesses fail due to the fact that sometimes entrepreneurs confuse best friends with business partners. For example, in the 2001 documentary Startup.com, long time friends Tom and Kaleil decide to start a government website together but end up losing it all, including their friendship for a while. Why did this happen? Although Tom and Kaleil got along great as best friends, they did not fully evaluate one another’s skill sets and how they could/would be able to work with one another while running a company. Eventually, as their business and website grew, struggled, and eventually failed, so did their friendship. Tom and Kaleil did not have personalities that could maintain a friendship while running a business with shared leadership. Before thinking about starting up a business with a friend, make sure that as business partners you can work together and build off one another to be successful and efficient, not destructive and disorganized.
To read the full, original article click on this link: Entrepreneurship Part 2: Common Pitfalls of an Entrepreneur : DreamFetcher Blog | Job Advice and Recruiter Advice
Author: Dena Beacham
