Common Mistakes Entrepreneurs Make to Start their Own Business

Common-Mistakes-Entrepreneurs-Make-to-Start-their-Own-BusinessBefore you quit your 9-5 office job based off the impulse of bringing your revolutionary idea to life, consider these things.

While your idea may be convincing enough for you to look into long term, the market may not share the same feelings. It’s easy to string together a gaudy business plan and get all giddy over it. It happens to most people. And who knows, your idea could be one of the biggest things that’s ever happened to the world. If you’ve come up with the most innovative product blueprint that has the potential to save thousands of lives but doesn’t get the effective production value that it deserves, it’s as good as nothing to the market. Your execution and preparation are a key factor to your success.

A common problem with office employees turned prospective business owners is their mentality. Switching over from a role where you had someone assigning your work and taking care of all of the managerial aspects is not an easy transition. You need to put yourself in that position and experience what your capabilities and limits are. It isn’t cut out for everybody but if you feel that you have the skill set and ability to thrive in the shark-infested markets, then the world is yours for the taking.

The common image of someone quitting their job to pursue their dream is that of a motivated business man packing his things in a cardboard box and slamming the door on the way out. Burning bridges isn’t recommended as there will always be the possibility of you having to come back in case it doesn’t work out or even creating mutually beneficial business relationships if it does. It’s always good to leave on a positive note.

Bio: Ferhan Patel, CCO of Payza, has consulted for various companies related to topics in E-Commerce Payments, Mobile Payments, Digital Wallets, Compliance, Fraud Mitigation. In 2011, Ferhan was a mentor for the Montreal Startup Competition. Read an article about Payza here to learn more.