Entrepreneurship is only one of the most preferred goals of any thinking person in the present day. While many have gained success in the field but also there are even others out there who aren’t that successful. And surprisingly the number here is substantially higher than the number of successful entrepreneurs around the globe today. But then again don’t get the misconception that entrepreneurship is rocket science.
According to famed entrepreneurship specialist Ahmed Nashaat , it is quiet less complicated than what people thinks it to be and what majority does wrong is that they only concentrate on what to do instead on going on on one when it comes to the pitfall factors.
And even more worrying is the fact that many budding entrepreneurs out there are not aware of the common pitfalls in entrepreneurship. But there are definite ways on how to avoid these pitfalls:
- The most important factor which one has to keep in mind when advancing into entrepreneurship always understands the terms of payment in total crispness. Many times payment takes time. Depending on the field of your concern you might even have a stipulated period after which you will get paid. And also there are fields out there where payment is done and then comes in 60 days of credit and the money rolls as such. So whatever the model of payment in your present business scenario is, one thing you must keep in mind. That is to be prepared and equipped for situations when you will get paid late. It basically depends on the contact. It is possible that you will get paid after 30, 60 or even 90 days.
- It is vital that you always leap in deals with other companies only after there is a proper formal contract signed between both the concerns. Never work unless and until you have the entire terms of agreement and all other terms and conditions ready in your hand. First go through it and then only decide that whether you want to proceed dealing with that specific concern or not.
- Avoid going on any joint ventures with another company unless you have an agreement stating the terms of both. Make it a point to be specific and intricate in your approach. This encompasses a lot of things as to what your company will do and which spheres will be monitored by your concern. Also you need to have a clear knowledge on what the other company’s role is in the joint venture. And obviously both the companies shall decide prior to working together about the segregation of the revenues.
- As per Ahmed Nashaat , the most significant way to avoid a pitfall for any entrepreneur is by keeping an eye on the legal matters of one’s company. Unless and until all the legal dilemmas are covered, a company can go haywire anytime without you even getting the hint of it. So it is wise not to take any such risks.
Therefore now that you are aware of these ways you can easily avoid an entrepreneurship pitfall.