7 CAPITAL SINS OF ENTREPRENEURS

7 CAPITAL SINS OF ENTREPRENEURS

As an entrepreneur there are certain issues that you should not leave aside, let's say that these are the basics to always take into account and sticking to them is essential if you want to be successful in your company. Next we will talk about each one of them:

 1.-Not having a business plan. The business plan is the backbone of your company. So, having a well-defined one and working on it will save you a lot of headaches, especially in the financial field. Sticking to the plan as closely as possible and making adjustments along the way is a healthy practice and highly recommended.

 2.- Not knowing your strengths. Every entrepreneur must be very clear about the strengths of his company, products and services. Knowing your strengths will allow you to have a greater margin of action to make decisions about what you are doing, if you are doing it well, if it is being profitable, if you are reaching the goal or you should change course.

 3.- Not offering what your clients are looking for. At this point you must bear in mind that the objectivity with which you define what and how you are going to sell is essential to create a real offer and have the sales of your dreams. For example, if you sell cupcakes and your favorite flavor is carrot, it does not mean that this is the only flavor you should offer, you must learn to diversify according to real demand.

 4.- Bad or no training. Starting a business is not just a matter of hunches, all the time you must study, investigate, seek advice on unknown issues and, above all, always be open to criticism, whether constructive or negative. One of the great mistakes of some entrepreneurs is to think that since they already have their company established, they do not need to be continuously trained on issues related to the business, and that is when failures come and failure is imminent. 

5.-Bad financial planning. It is important to take into account all the variables that can occur and impact your capital, such as: advance payments, payments to suppliers, payroll payments, current expenses, etc. By having healthy finances you make sure not to use the money from one resource for another (the saying applies here, “you open a hole to cover another”). Remember that working on a real forecast of profitability is a must. 

6.- Not having an advertising plan and budget. Without distinction and regardless of the size of the companies, all need a plan and budget to advertise.

 7.- Do not delegate to delegate. It's tempting, I know. However, an entrepreneur must be in charge of his company at all times, be the person who makes the decisions, who gives the orders once he has everything under control and expects the rest of the team to execute and achieve the expected results. You can see being a successful entrepreneur is not easy since there are many details that you must take care of and, of course, not falling into the temptations of the 7 deadly sins of the entrepreneur, it will make your task less complicated and that you can achieve your objectives that you have considered.

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