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The 5 Biggest Mistakes That First-Time Entrepreneurs Make

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Becoming an entrepreneur is the dream of many, and that’s understandable, seeing as it comes with a lot of amazing benefits. However, when they finally achieve this dream, a large percentage of people often end up with failed businesses. 

Based on information from the US Bureau of Labor Statistics, over 20% of startup businesses fail within the two years of establishment and about 50% by the fifth year. Overall, it was concluded that 75% of new businesses don’t make it to the 15th year.  This is mostly a result of some rather common mistakes that could be easily avoided. 

Sebastian Scheplitz, Founder and CEO of an agency network of five agencies and two e-commerce businesses, has had his fair share of problems between being in a coma, being bullied, and being unemployed. Before founding his first company, he got a degree in international marketing, PR, and business. And now, his content marketing agency for the iGaming industry, Translation Royale, has grown to become one of the top three agencies in Europe for this expertise. Shortly after, he created four more agencies, The Content Spa, Hotcopy Asia, Mastercut Video, and oak & bao, and has started two e-commerce brands. 

Sebastian provides insight on some of the 5 most common mistakes first-time entrepreneurs make: 

Not Having a Clear Plan and Business Strategy

The current business world is developing rapidly and therefore becoming more complicated and competitive. This is why it is more important now than before to always have a clear plan and sound business strategy. Entrepreneurs have to stand out in the market, so copying the business strategy of another business and hoping it works out may end up being disastrous for the business. 

Improvising when it comes to business strategy is also not encouraged as it can often lead to a waste of capital and resources. Sebastian suggests that you have clear goals to succeed: “Don’t say you want to make more in sales; say ‘I want to sell x number more. This means x phone calls per day/x amount of ad spend more.’ Don’t say, ‘My own business would be nice’ say ‘On Saturday, I’m planning to research business ideas for four hours; and on Sunday I’m going to research competitors for each. This weekend I’m going to write a short non-detailed business plan, and print it, laminate it – so I can work with it going forward.’”

Having a Bad Support System

One of the best traits of a successful entrepreneur is accepting that you can’t handle everything alone. So you need to create a support system of people who can contribute to your goal and give you the moral support you need on your goal. According to Sebastian, nothing ruins your life and, therefore, your business more than toxic people. 

The business world can be a risky place. There are factors you cannot control, like the fluctuations in the global market and environmental factors. But there are also factors you can control, and one of them is your support system. This is why you should not take it for granted. 

Waiting Too Long To Launch 

A lot of first-time entrepreneurs end up wasting a lot of time overthinking the same things. They always want to launch the perfect product and end up delaying the launch. But the longer the delay in launching, the more they will start to obsess over inconsequential details. Sebastian advises that you should not fall for the trap of over-researching and over-strategizing. 

Waiting too long to launch can lead to a significant waste of time, capital, and resources to create a product that does not align with the consumer’s needs. The best thing to do is to launch an MVP, a minimum viable product, test for market fit, determine areas that can be improved and modify the product as time goes on. Think of it this way, iPhone 12 is a long way from iPhone 1. 

Not Having a Target Audience

One of the most common mistakes first-time entrepreneurs often make is not researching the market properly to determine their target audience. It is very inefficient to build a product for every possible audience. Although everyone is a potential customer, without a target audience, even the greatest marketing campaigns can become useless once the message is misdirected. 

So, in order to create a successful marketing campaign, it is important to narrow down your target audience. While researching your target audience, you need to understand all their pain points. You can even create different campaigns to target different groups for the same products. However, Sebastian recommends that you start with one of them first and focus your efforts on this group instead of trying to appeal to everyone.

Not Having a Good Work-Life Balance

New business owners are often tempted to always put their business first and neglect other aspects of their life. However, this can be very harmful to both your business and your personal life. It is important that you dedicate adequate time for both your personal and business life because any negative effects on your personal life will affect your business and vice versa. 

Sebastian, who also spent time on Japanese Studies at university, explains that according to Ikigai, a Japanese concept referring to something that gives a person a sense of purpose in their lives, there are four pillars to find happiness. They are work life, relationships, wealth, and health. He further explained that if you leave one out, your life will lose its stability. You can always choose to emphasize one or two of them for a short period. But ultimately, your life, and therefore, the business will only run smoothly if all of them are stable. 

Concluding Thoughts

Launching a business is the simple part; even if it doesn’t always feel like it, keeping the business alive can be even more challenging. Statistics have shown that the odds might not be in favor of new businesses. 

Despite this, one should not despair because the reason why most new businesses fail can be traced back to a few common mistakes; Not having a clear plan and business strategy, Having a bad support system, Waiting too long to launch, Not having a target audience and Not having a good work-life balance. 

So as long as you work hard and avoid these common mistakes, your chance of creating a successful business is very high.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

VPNRanks Report Uncovers User Discontent with Majority of VPN Services

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A groundbreaking report by VPNRanks reveals significant user dissatisfaction with the majority of VPN services, showing that 89% of VPNs globally fail to meet user satisfaction standards. This revelation comes at a critical time when digital security is paramount, and the demand for reliable VPN services continues to rise.

The Importance of User Satisfaction in the VPN industry

According to industry statistics from Global Market Insights, the global VPN market size was valued at USD 45 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of around 20% from 2023 to 2032. Driven by the growing instances of cybercrimes and data thefts, coupled with the increasing proliferation of wireless devices and digital infrastructures across industries, user satisfaction remains a critical challenge for many providers. High user satisfaction is essential for customer retention, brand reputation, and long-term success in the competitive VPN market.

“User satisfaction is the cornerstone of success in the VPN industry. In a market flooded with options, it’s the real user experiences that set the leading providers apart. VPNScore helps users navigate this complex landscape by highlighting services that excel in meeting user expectations,” said Muhammad Saleem Ahrar, COO of webAffinity, the team behind VPNRanks.

VPNRanks is a leading VPN review platform that leverages sentiment analysis to provide comprehensive and unbiased reviews of VPN services. Its VPNScore is based on an AI-driven analysis of publicly available user reviews. The platform aims to simplify the process of identifying the best VPN provider tailored to each user’s unique needs.

VPNRanks Untangles Complex Findings on Key Features

VPNRanks evaluated four key features — ease of use, ease of setup, ability to meet user requirements, and quality of support — to identify the VPN companies that excel at customer satisfaction. To determine a final rank for each metric, VPNRanks combined a popularity score, which contributed 20 percent of the total, with a satisfaction score, which contributed 80 percent.

The study sifted through reviews on 93 paid VPN companies to determine the top providers. The VPNRanks report, issued in June 2024, provides rankings for each key feature and overall customer satisfaction. ExpressVPN achieved the top VPNScore — 6.29 out of 10 — for overall satisfaction globally. The next four top companies in that category, listed in descending order, are PureVPN, NordVPN, PrivateVPN, and Surfshark.

By assessing a variety of categories, the VPNRanks study reveals the challenges users face when trying to identify the best option to meet their needs. For example, NordVPN received a nearly perfect popularity score of 9.46 out of 10 but only a 4.7 satisfaction score. PrivateVPN received a satisfaction score of 6.69 out of 10, which rivaled ExpressVPN’s score in that category, but received a popularity score of only 1.23 out of 10.

The global rankings for ease of use illustrate how challenging identifying a quality provider can be. VeePN received a very high satisfaction score of 7.18 out of 10 while receiving a popularity score of less than 1 out of 10. The findings reveal a gap between user experience and market penetration that can effectively keep the best option hidden from the consumer.

The VPNRanks report gives users insight into satisfaction and popularity while providing a balanced assessment via its VPNScore. “Users should choose based on their priorities, whether it’s user satisfaction, market presence, or a balanced option,” the report states.

VPNRanks Shows Providers How to Become More Competitive

In addition to serving as a guide for consumers, VPNRanks also maps out a pathway for VPN providers seeking greater market share. The VPN providers that consistently appear in the top spots on the VPNRanks charts are those that have achieved a balance between popularity and user satisfaction. Those who neglect one or the other cannot keep pace with market leaders.

The report explains that those with high satisfaction scores but low popularity “might be well-loved by their users but need to increase their market visibility to compete more effectively.” Achieving overall success in the VPN market requires balancing user satisfaction with market presence, it advises.

Conclusion

As the need for VPN services continues to grow, businesses can expect to see more providers enter the market, making the task of identifying the best option more difficult. The insights VPNRanks provides stand as a timely beacon, guiding users to providers who can satisfy their needs and support their operations.

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