10 Mistakes People Make While Starting a new Business
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If an entrepreneur wants to start a business venture, he should make sure that he abstains from committing following mistakes which could sabotage any new business venture and turn it into a failure rather than a success.
- Absence of a proper business plan
An individual need to have a properly documented business plan. He should be spending enough time and resources for preparing a well thought out business plan. In the absence of a plan, it would be very hard to track various business activities.
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- Doing what you love
An entrepreneur may be starting a new business just because he loves to do that activity but that does not guarantee a successful business journey. He may be found lacking in other capabilities that are required to run a smooth business unit. An individual should choose the business in which he is good at and what would people pay him for.
- Not doing any market research
An entrepreneur may have adequate funding to start a new business but if he has not done the exhaustive market research for that product or service, he is destined to fail miserably. He should first test his product or service offering in a selective audience before he plans to launch full-scale business operations.
- Ignore the competitor
An entrepreneur must be fully aware of the current competition in the marketplace for the product or service category he is offering. Someone else may be selling the same product or service for a price lesser than his.
- Understand your own strengths and weaknesses
An individual should only start that business wherein he is aware of the required skill set and does he have that skill set or not. Everyone has his own strengths and weaknesses but sometimes our strengths or weaknesses don’t fit well with the business model that we want to use which may lead to disastrous results.
- Not understanding what you’re actually selling
A businessman needs to be always analyzing his product or service offering to understands his business activity better. An individual should first have the complete knowledge of his field and marketing techniques to craft a Unique Selling Proposition (USP) for his business.
- No Plan for contingency funding
A new business requires enough funds to first establish itself and then to survive and grow during the later stages of the business cycle. Most of the businesses do not make money first year or any significant amount of money during the next few years to come. An entrepreneur should make sure that he has no paucity of funds during the initial years.
- Not investing in marketing
An individual should commit enough resources for an effective marketing campaign. If he is reluctant to spend money on marketing initially, he can take the help of free marketing tools but these strategies take a significant amount of time and efforts before they become effective
- Not doing any online marketing
In the present era, the internet and social media consume the considerable time of any user. These provide an excellent opportunity for an effective marketing platform for any product or service. Every effort should be made that his business is found on the internet along with the use of websites like Facebook, LinkedIn, etc.
- Trying to do everything yourself
An individual cannot perform all the required business activities by himself alone. He should try to build an efficient team by delegating different tasks to the team members.