Building a business from scratch to success is definitely not an easy task. The entrepreneur has to burn the midnight oil, toil endlessly then only they can go from rags to riches.
For an entrepreneur, the journey involves peak, plateaus, ups downs and what not. And in these downs and plateaus, there is something inevitable, The Mistakes.
Anyone who has ever started a business can feel this – how hard it is to come up with a plan, survive in this cut-throat competition and yet be perfect.
Mistakes are common, in fact, they are inevitable. In the regular course of business, the entrepreneur commits a lot of mistakes. In fact who doesn’t? But some of them cannot be undone and might even cost the life of your startup, so better be warned.
So here we present you some of the wrong turns that kill your startups and some really important tips to keep them at bay…
Many startups tend to think – the more they plan, the better their entry is – but the fact is something contradictory. Too much planning, often lead to analysis paralysis. Seeking too many decisions, too much checking for the viability of each and every alternative is what paralyses the idea, even before its launch. Playing it too safe eventually, kills the innovation.
So the tip here is to Execute … After your minimal feasibility checks, analysis of market trends, you are good to go. Do not over plan, for it’s better to have something in real, then to have everything on paper.
Trying To Be A Know-It-All
This is the worst mistake, you can commit as an entrepreneur. Playing that “I know right “game in the business, just don’t work well enough. As a newbie, you need to first carefully analyse the turbulent market trends, running a business is all about application of knowledge, which comes from the experience in the industry. The experience guides you along the preferences curves of the customers and their behaviour patterns.
To avoid this mistake, an entrepreneur, must beforehand analyse the preferences of his customers and then arrange for launching the product, because producing a product in isolation to customer needs is a sheer wastage of time, money and efforts.
Expecting Customers To Spot You
One of the most common mistakes, entrepreneurs make is expecting their customers to spot them out from the market, where the market is already buzzed with a number of entrepreneurs offering promising services. It is really upsetting to see how often entrepreneurs make this mistake, not knowing of the fact how important it is. Creating a marketing plan, and online presence are as important as your goodwill. It is an easy task for entrepreneurs to get onboard and connect with their target audience, directly. Being consistent, adding value and sticking by your promises is the key here.
Not Outsourcing It Off
Trying to be a jack of all and master of none is one of the very common mistakes that often lead to the death of a business. A good entrepreneur knows well how to delegate, plain and simple. If you aim to do all by yourself, you are only setting yourself up for failure. You need to know how important it is to outsource. Outsourcing can vary as the business varies. Focus on your core business functions and outsource the rest, since expertise is essential for core business areas, and routine works can be arranged to be outsourced.
On a jist note, right from our school, we are generally taught to be shameful of our mistakes and feel guilty for committing them, which clearly explains the fact of an increase in the number of deaths of startups. A number of startups are giving up on their goals. But In fact, the mistakes actually contribute to organisational as well as personal learning. They are an essential part of experimentation and a prerequisite for something creative. So don’t worry and feel guilty for your mistakes. After all who hasn’t? You can recover gracefully and use the experience to learn, grow and evolve as an individual.
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