Common Business Mistakes: How Can Entrepreneurs Avoid Them

Main Event Takeaways

  •  Xprenia and t.Hub launched the fourth webinar of their weekly series
  •  Shelby Tee, Jeslin Bay and Paddy Tan, Managing Partners of BlackStorm Consulting, were invited to share their insights
  •  The topic of the week was “Common Business Mistakes: How Can Entrepreneurs Avoid Them”
  •  Rebecca was the moderator for this discussion where they explores some of their past business mistakes and reflect on them.

May 20th, 2022

Rebecca, Xprenia's Co-Founder, moderated a panel discussion with Paddy Tan, Jeslin Bay, and Shelby Tee to discuss common mistakes entrepreneurs make. This event was hosted by Xprenia, a Singapore-based e-learning platform that provides industry insights and trends.
Running your own business is an extremely tough endeavour, as any business owner knows. The topic of discussion at this event is one that every business owner thinks about when faced with various challenges daily.

As shared by Shelby, 95% of all startups fail within the first 18 months. As a result, entrepreneurs must avoid costly mistakes that could lead to the failure of their businesses. The speakers highlighted faults that are becoming increasingly relevant as we move through different phases.
As a senior employee or employer, it is sometimes beneficial to you to take the time to listen and consider the perspective and opinions of your juniors as they may be more creative than you think!
Shelby Tee, Editor-in-Chief of Why Startups Fail Newsletter
Work environment and people have became more sensitive. Thus, employers and business owners should be more sensitive and tactful now than ever before.
Paddy Tan, Managing Partner of BlackStorm Consulting

#01 Bad practices

Consider the increasingly sensitive nature of a company's environment and surroundings. Employees and bosses must watch what they say to prevent offending another colleague, as old practices such as raising your voice at your employees are no longer acceptable. Paddy Tan expressed concern that such a sensitive environment could cause the company to lose sight of its objectives and, as a result, underperform.

#02 Reflection on business mistakes

Reflecting on their "most costly" business mistakes was also an essential element of the conversation. Shelby noted that entrepreneurs are unwilling to let go of their egos, which causes a company to become caught in a rut and eventually shut down. 
Paddy Tan went on to say that in his earlier days as a serial entrepreneur, he wished he had been more upfront with his expectations and asked for his employees' expectations. He felt it would have saved him and his employees' time and effort. 

Jeslin Bay added, "As interns, we should be more vocal about our thoughts because we are more free-spirited and may have a perspective that our employers aren't aware of," but she also cautioned that we should be courteous in how we express our opinions. She also stated that startups are more complacent because they take the assistance they receive for granted without contemplating the benefits the entity providing the support expects from them.

#03 Hard-to-avoid mistakes

Moving on to the next important topic, they talked about difficult mistakes to avoid. Controlling your employees, they all agreed, is one of the most difficult aspects of running a company. Controlling humans, to be more specific. They believed that the human element is a two-edged sword: while it is a vital asset, it can also be its Achilles heel. On the other hand, Paddy Tan said that in his years as a serial entrepreneur, he has come to terms with this dilemma and realised that it is simply part of the job.

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Events

If you're here, chances are you're interested in startups, whether you want to start one yourself or just learn more about them. Attending events is a great way to find out what makes them succeed and fail!

 Event Highlight: An Overview of Startup Failure 

Here are some tips mentioned throughout the talk that entrepreneurs can avoid making the same mistakes they did.

  • Be vocal when you're an intern. Don't be too afraid to voice your opinions.
  • As a senior employee, be more open-minded to opinions and perspectives from junior employees.
  • Be upfront about your expectations of each other
  • Mistakes are part and parcel of being a business owner, don't be afraid of them.
  • Don't let ego get in the way of decision-making
  • Be flexible. Innovate.
What changes to the business climate do you think affected the way business is ran today?
What mistakes that is relevant in the past that isn't relevant anymore or is still relevant today?
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Wrap Up
Making mistakes is natural and essential to becoming an entrepreneur because every mistake serves as a learning opportunity. Being an entrepreneur requires being open-minded and brave enough to take risks and make mistakes. If you missed the live event or want to watch the replay, we have a recording ready for you to access anytime!
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Featured Event

Common Business Mistakes: 
How Can Entrepreneurs Avoid Them?

Running your own business is an extremely tough endeavour, as any business owner knows. Learn more about the business flaws that are growing prevalent today and tips on how to avoid them.

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