KATHMANDU UNIVERSITY

Dhulikhel kavre

Assignment: 01

NAME Bikash sharrf Submitted to:

Mr. Suraj Shrestha
Roll no : 41111

Group : ME- DESIGN

Level : 4th year / 1st semester

SEPTEMBER 26, 2019

1 What is an entrepreneurship?
Answer: An entrepreneur is person or group who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significance
opportunities and assembling the necessary resource to capitalize them.
The capacity and willingness to develop, organize and manage a business venture along with any
of its risks in order to make a profit. The most obvious example of entrepreneurship is the
starting of new businesses.

2 What are the 5big mistakes the entrepreneur makes?

Answer: the 5 big mistakes entrepreneur makes as follows

2.1 Management mistakes

In most small business. Poor management is the primary cause of business failure. Sometimes
the manager of a small business does not have the capacity to operate it successfully. The owner
lacks the leadership ability, sound judgement, and knowledge necessary to make the business
work. Many managers simply don’t have what it takes to run the small enterprise.

2.2 Lack of experience

Small business manager need to have experience in the field they want to enter. For example if
an entrepreneur wants to open a retail clothing business, she should first work in retail clothing
cloth. This provides practical experience as well as knowledge about the nature of the business,
which can spell the difference between failure and success. One aspiring entrepreneur who want
to lunch a restaurant went work for a national chain known for its quality of management
training program after he graduated from college. After completing the training program, he took
on a variety of tasks from cook manager in one of the chains restaurants. He took the advantage
of every subsequent training opportunity the company offered and ask lots of question. He began
developing a business plan based on his idea for the restaurants and after nearly five years he left
to start his own restaurants. He credit the knowledge and experience he gained during the time
for his success in the business.
2.3 Expecting success right away

If you are expecting success right away from your business, then you are setting yourself up for
disappointment. Yes, it is great to have the confidence and the drive to want to be successful fast,
but you shouldn’t expect these results right away. It takes a long time to grow a business. It takes
an even longer time to make money from a business.
You need to be realistic about your expectations and try to be patient. One of the many reasons
that so many businesses fail so early on is because entrepreneurs expect they can open their
doors and just like that they will start making money. Many times these companies go out of
business because the entrepreneur can’t afford to pay the rent anymore, they were expecting to
earn money right away to cover their expenses. This is why having a cushion to fall back on and
being realistic about how much money you can actually make at first is so important.

2.4 Trying to do everything yourself.

A good entrepreneur knows how to delegate, plain and simple. If you try to do everything
yourself, you are only setting yourself up for failure. You need to know how to outsource.
Different entrepreneurs will have different types of tasks that they want outsourced. No matter
what those things are it is important that you are delegating them to others so you can make
better use of your time and put yourself in the best position possible, to do your
best work possible. Doing everything yourself will only cause you to burn out or draw focus
away from the tasks that actually need your expertise and attention.

2.5 Ignoring your true passion and just going for the money

If you aren’t passionate about your business and the field you have chosen to open a company in,
then you will never be successful. One of the biggest mistakes that any entrepreneur can make is
ignoring their true passion and just opening a company to make money
Entrepreneurs who do this get no fulfillment out of life, even if they are successful.
3 How to avoid these five big mistakes?
Answer: to avoid the mistakes an entrepreneur should works on the cause of the problem .

3.1 1. Don't be afraid to fail.

"The biggest mistake you can make is to be afraid of failure. Failure is key to your success, and
jumping into your fear is very positive for your future business. How you pick up after failure
and learn from your mistakes is the key to great success."

3.2 Get organized.

"Being organized is key. Running a small business is like being a circus ringmaster. It's normal
to have dozens of things happening at once. So, you should have a daily task list, things that you
need to do. And list them by their priority. It sounds simple, but it works, and makes far more
productive."

3.3 Don't misinterpret your market.

"The biggest mistake a business owner can make when launching a startup is misinterpreting the
market. Whether it is underestimating [or] overestimating costs, appealing to the wrong target
demographic, or poorly gauging the demand, misinterpreting your market can end your business
before it even starts.

3.4 Learn how to delegate and avoid micromanaging

"As a startup, there is sometimes a lack of self-awareness. Founders in the early stage are not
great at delegating work to their team members. They try to do everything that they possibly can
to cut costs, but really, in the long run, they should have delegated the things that they are not
good at and focused on their strengths. If you are aiming for multiple targets at once, you are
very unlikely to hit one."

3.5 Don't hire too soon

"By far, the biggest mistake a startup can make is hiring employees too soon, such as hiring full-
timers when a part-timer might make more sense, or hiring an employee when a subcontractor
could have done the same job/function. It is very easy to run a small business with part-timers,
subcontractors and the services of other professionals."