Being an entrepreneur is a great thing in itself! It means that you are ready to ditch the 9-5 hectic schedule and ‘rule your own world’; you have a fantabulous idea and are all set to build your own business with no road map. As an entrepreneur, I can understand
how amazing this feeling is, but I would like to remind you that most of the startups fail soon even though they have a unique idea just because of a few silly mistakes. Here I’m sharing a few mistakes entrepreneurs usually make, so that you can prevent them,
act wisely and take your business on the top.
Not determining the goal!
Having a ‘big idea’ is not enough, you must have a full-proof plan. You must set realistic and achievable goals (both short- and long-term) so as to taste success. Once the goals are set, you should plan specific steps to be taken to attain the goal. Also,
always keep in mind that no matter what you build (or about to build), you will always have a competitor in the market, and thus you should be prepared for it.
Planning to work as All-rounder!
In the beginning, you might feel that no one can do this job much better than you, as you are the one who knows your product completely and has the passion required! But, it is not easy to do everything single-handed. You need to seek the guidance of proficient,
experienced mentors and professionals, you need a team of qualified and skilled people.
Not hiring the Right people!
Always remember a wrong team can sink your business. If you hire someone only because of family relations, you might be able to cut down the cost of hiring, but this won’t take your business to the next level. To turn your dream into reality, it is required
that you hire the deserving people who have the capability, strong work ethics and ready to learn & work. If you ask me, I would hire a person whose strengths complement my weaknesses, as it would decrease the chances of failure.
Not just during the hiring, you must also pay attention to your staff afterwards. If you find that your staff is not working as per your expectations, provide them some kind of training or replace them in the worst situation.
Keeping your Product above People!
The very first rule of business is to be client-oriented and not money-oriented. No doubt, making money is among the prime goals of a businessman, but you should always give more preference to your clients. Always think like a client to offer them what they
really want! Do talk to them, take their feedbacks, listen their issues and resolve them- this is the key to enjoy a sustainable business. The best way to do so is to get people’s review without letting them know that it’s your product. This way you will be
able to get both positive and negative feedbacks- the true feedbacks.
Not Keeping Your Words!
An entrepreneur should respond to every email, message and voicemail with 48 hours until and unless he/she is not on a vacation. If you forget to respond someone or miss the deadline, apologize immediately. Keep in mind- If you make a promise, then keep
it! The market values your words & efforts. So, do everything you can do to maintain your brand’s reputation.
No Marketing Strategy!
New entrepreneurs think that their product will gain popularity on its own, but it’s not the reality. A few free PR and ‘word of mouth’ won’t offer you revolutionary outcomes. You have to invest heavily in marketing, which includes SEO, paid advertising,
content marketing, and so on. Remember, business is all about investment & strategies!
Not spending enough money or spending lavishly!
Some businessmen spend a lot of money, once they earn profit while the others do not spend even a single penny. In both conditions, you are doing wrong. To flourish your business, you have to maintain cash flow, but a calculated one. Always save money for
the future of your business, but don’t resist from investing in good people and quality products as they will take your business to new heights!
No Communication with outside World!
No matter how busy your day was, always find 20-30 minutes time for a networking event or site. This gives you an opportunity to link with more people, share your ideas and thus, promote your business.
It’s true that it is not easy to reach on the top without making mistakes. But if you take planned steps and learn from mistakes you made in the past, you can surely make a ‘million-dollar’ business without suffering much.