Entrepreneurial failures: here are 3 common pitfalls of entrepreneurs to avoid.

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ENTREPRENEURSHIP

When we talk about entrepreneurship, in general, we like to emphasize the "positive" aspects: being your own boss, being able to manage your time as you wish, having a huge income, etc.

Real or fictitious, these arguments encourage more people to embark on an entrepreneurial adventure that most of the time ends in failure. The harsh reality of the business world then imposes itself and very quickly brings the people who are starting out of their cloud.

In this article, we propose to list 3 mistakes not to make when deciding to start your business.

1. Paying yourself too big a salary, or not paying yourself a salary at all.

Even if you're the boss, you have to pay yourself a salary. If you don't do this, you don't want to limit your spending. However, poorly assessed expenses are the ideal breeding ground for failure for a company, regardless of its size or age. Pay yourself a salary, even if it means working harder to increase your sales in order to pay yourself a better salary in the future.

2. Not adapting to changes in the market.

Innovation is the key to success. It's one thing to work to make sure your product finds its place in the market. It's quite another to make it a long-term habit of consumption. To do this, it will be necessary to adapt to the new needs of a constantly changing market.

3. Making a mistake in choosing your partner

You may associate yourself with one of your parents, but the fact remains that this act should not be taken lightly. Cases of conflicts between partners are legion. It is therefore important to frame this choice with a contract that clearly defines the roles and obligations of each party. The number of shares, the actions to be taken in the event of illness or death. Nothing should be overlooked.

There are more successful entrepreneurs than successful ones. And in fact, the majority of success stories have been from entrepreneurs who have failed in the past. From their mistakes, they learned and were able to bounce back. Giving us the tools we need to avoid making the same mistakes.

MS

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