Entrepreneurs' Common Mistakes and Myths About Starting a Business

  • 📰 IrishTimesBiz
  • ⏱ Reading Time:
  • 69 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 52%
  • Publisher: 77%

Business 뉴스

Entrepreneurs,Failure,Myths

Researchers reveal that entrepreneurs often overlook early warning signs of failure as they cling to common myths about starting a business, such as having a solution in search of a problem and ignoring financial red flags.

Researchers say entrepreneurs often overlook early warning signs of failure as they cling to common myths about starting a businessTwo of the biggest mistakes entrepreneurs make is having a solution in search of a problem instead of the other way around and ignoring financial red flags. Photograph: iStock

Turning an idea into a tangible business is a potent driving force but it’s also a potential Achilles’ heel if the drive becomes all consuming. It can be easy to lose the clear line of sight and two of the biggest mistakes wannabe entrepreneurs make is having a solution in search of a problem instead of the other way around and ignoring financial red flags.

Their findings are based on an eight-month study of entrepreneurs in a business incubator during which the researchers sat in on their financial forecasting meetings in order to assess their reactions to the figures and find out what actions they took on foot of what they’d heard. Financial problems clearly raised anxiety levels among the entrepreneurs yet, more often than not. they continued to plough ahead even though the chances of turning things around were slim.

Prof Puyou adds that entrepreneurs typically use similar tactics to overcome disappointing performance – such as redoubling their efforts, willingly forgoing a salary and boosting sales forecasts even though they often rely on as-yet-unproven new services or products for this. One way he suggests of keeping things on an even keel is to ensure that, where there’s a team of people supporting an entrepreneur, its make-up should be as diverse as possible with a good mix of both assenting and opposing viewpoints.

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 6. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

‘It’s a growing market, it absolutely is’: Meet Ireland’s online beauty entrepreneursIndustry insiders say online business as much as tripled in size during the pandemic, fundamentally changing the sector
출처: IrishTimesBiz - 🏆 6. / 77 더 많은 것을 읽으십시오 »