Starting a business can be an exciting experience, but it’s also very stressful and carries with it the potential for serious financial loss.
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Lets see what are some common mistakes to be avoid during the startup of a business, Its doesn’t matter you business is small or big.
Overlook the question of whether or not people would pay.
“In certain situations, the [business] concept isn’t a viable solution to an issue for which people are willing to pay money. The error that i see is that people are unable to quickly monetize the concept. For example, with the vast number of apps available in the two major app stores, most phone apps are now free and much more difficult to monetize.”
They aren’t adaptable.
“Not being flexible” is the most famous blunder. You must test hypotheses in the marketplace early on, be able to pivot, and reinvent a product or service before you have developed proof of concept. This is a continuous phase that must be completed before seeking outside funding. Early on, adhering to a strict entrepreneurship model is critical for flexible thinking.”
Devised a strategy for achieving “perfection.”
“Some of the biggest mistakes entrepreneurs make is thinking that one lap around the track is enough to get them to the finish line, so they want to make the perfect product, have the perfect strategy, and raise the right amount of money. But they quickly discover that it is a multi-lap run, which their plans do not account for, and their funding does not account for the longer race.
Not in a organized way.
“Being well-organized is important. Being the ringmaster of a small company is akin to being the ringmaster of a circus. It’s common to have hundreds of things going on at the same time. As a result, You keep a regular task list of tasks You need to accomplish. And You rank them in order of importance. It may seem basic, but it works and increases your productivity significantly.
Don’t try to do it yourself .
One of the biggest mistakes entrepreneurs make is believing they’re on their own and trying to work without the help of wise counsel. Don’t try to start a new company on your own. Find and hire experienced consultants who can help you with your business plans, plan, problems, and growth. Wisdom and influence can be found in a variety of places. Incentivize four to six people to join your company as advisors in order to receive continuous feedback so that fewer mistakes will occur.
Make sure you’re not underpaying yourself.
“It’s a mistake to pay yourself too little or too much. It’s always easier to figure out a new hire’s pay than it is to figure out the pay of an owner or partner. Consider devoting a portion of your earnings to yourself. Whatever option you select, make calculating your pay – and that of your partners – a habit and the cornerstone of a healthy management expectation.
Thankyou ,hope it will help you
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Did you know that it took me three founding teams before I was able to get the right team to start my company? It’s true.
Team number one failed because my two cofounders quit and stole the intellectual property of the company and left me for dead the day before we were going to get funded.
Team number two failed because the team wasn’t strong enough.
Team number three succeeded because we had the right combination of people that had the same vision and meshed well as a team. And yet, two of the five founders were out of the company within one year of receiving funding.
The most common mistake most of the startups make is to focus only on acquiring customer rather than retaining them.
Every New business aspires to become the next big thing in the market, and that’s where they commit their first mistake. They are so consumed in the success race that they forget the most basic principle i.e retaining their customers.
When you a start a new venture you should pay close attention to the following:
Most important: Don’t depend highly on the Discount model, the customer will be attracted to the lucrative offers but what happens when you “Discontinue”?
Top 5 Common mistakes of entrepreneurs –
1. Entrepreneurs don’t spend time doing the foundational work-
People often overlook developing the foundation of their business in favor of doing the more exciting activities. But marketing and sales cannot be performed if your business has not built the foundation to support those activities. Where are your marketing campaigns directing people? How are you closing the sale once interest has been established? You cannot bring your business to the attention of people if no follow-through can occur. Not only is this embarrassing, but it is almost impossible to get a second chance to make a good impression on people. Therefore, you need to get it right the first time by ensuring that you build a strong foundation. Get your website in order, develop your processes, have support in place if needed, and make sure your products or services have no deficiencies.
2. Entrepreneurs expect fast results for minimal effort-
Many aspiring entrepreneurs get so infatuated with the lifestyle of successful entrepreneurs that they forget their results were produced from hard work. There is no shortcut to success. You will need to work extremely hard and sacrifice personal pleasures in order to build a successful business. If you want to be a millionaire in a month, then starting a business is not something you should be pursuing. It is a process to get to that level of financial success — if it is even reached. You need to be patient and focused on delivering the best product or service before you attain such goals.
3. They apply short-term thinking when a business is a long-term commitment-
You cannot make decisions only thinking at the moment when they will affect your business in the long term. For example, you take $10,000 upfront selling the rights to your software, and the buyer ends up making millions off of what you built. You got pennies based on the actual value of your software. You cannot take this decision back and now you are looking foolish and in need of money again. This is why it is very important to think about your long-term vision before making any business decision. You are always literally one decision away from leading your business towards failure.
4. They focus on social media forgetting about the importance of email marketing-
Social media platforms are a great tool to use to build your following and let people know about your business. But, it is not the tool that we should be dependent on to turn followers into customers. Social media is only the gateway to bringing people into your sales funnel. Email marketing is how you convert interest into actual customers. Social media should only be relied upon for building your traffic. Email marketing is how you generate money through your online marketing activities. If you are not utilizing email marketing, then your business is not bringing in the money it could actually be generating from being online. Here is a secret you should know. All the six-figure and millionaire online entrepreneurs rely on email marketing to make their money.
5. Their websites are not optimized for mobile devices-
Most consumers do their online research for a business from their phones. This is also how they prefer to make their purchases. If your website is not designed for mobile users, then that is the potential business that you are losing. When consumers see that your website is not mobile-friendly, they abandon it because it does not meet their preferences. You must cater to the preferences of the consumers if you want to remain in business. If you do not have a mobile-friendly website, then it is almost certain your competition does, and their online business is doing great as a result.