THERE is no golden bullet to making money fast as an entrepreneur, but there are some dumb mistakes that many make that will ensure failure: No clear vision/goal One dumb mistake that entrepreneurs make is a lack of vision or goals. It isn’t clear what you want to achieve and even more unclear as to how to achieve it.

Goals and vision will help you work out how much effort you need to put in to make your idea or product a success.

Lack of focus It’s all well and good having a goal or vision, but lack of focus and sitting on Facebook all day thinking this will grow your business will see a young entrepreneur fail quicker than you can say Steve Jobs.

Unwillingness to admit faults We all make mistakes.

When you make a mistake you have to acknowledge it, learn from it and move on.

By admitting your mistake you are less likely to make it again, and more likely to ensure success. Remember you will probably make more than one mistake in your entrepreneurial journey.

Not listening As a young entrepreneur it is wise to listen to those who have ‘been there and done it’. You may have a great idea or product, but do you know how to get it to market successfully?

Dumb entrepreneurs think they know it all. Do not be a dumb entrepreneur.

Greed This isn’t just dumb, but just plain wrong. If you are building a business to make money it will affect your customer service, your ability to manage and also stop you carrying out the necessary research needed.

Don’t focus on money.

Focus on your customers and what you do to fulfil their needs, and the money will come.

No plan There is no excuse for this. If you have no business or marketing plan it will cost you time and money. A clear plan will ensure that you don’t head off in the wrong direction and will keep you focused.

Have deadlines and stick to them. And ensure your suppliers stick to theirs.

Impatience Being patient is a virtue.

Success rarely happens overnight, and you will make more mistakes in the beginning than you have successes. Be patient, understand this and keep on going. Consistency is key. Work hard and work smart.

Not enough money Don’t expect everything for free, or bleat poverty. If you are a young entrepreneur then try to get some financial support.

It is not expensive to market in the digital age, learn how to market your business or get a marketing coach. Get help, you will grow quicker, make more money and live the life you want.