Second Time Entrepreneur? Avoid These Mistakes

Second Time Entrepreneurs
Second Time Entrepreneurs

Entrepreneurs who venture outside their area of expertise run the risk of making wrong assumptions due to lack of knowledge regarding the new market niche.

The recent article from explains some of the reasons these mistakes can be made by second time entrepreneurs:

“What’s the most common mistake second-time entrepreneurs make?

Picking the wrong market.

Many second-time entrepreneurs who were successful the first time end up picking the wrong market the second-time. Instead of using their unique background to go after a market they have a unique advantage in, they branch out to an area where they would be more socially acceptable in broader society.

Countless second-time Internet entrepreneurs I know end up starting sustainable restaurants, private jet companies, wineries, clean energy, or other things where they (1) do not have a proprietary advantage; and (2) in an area that lots of other people are starting companies in”