Most Common Mistakes Entrepreneurs Often Commit
The idea of being an entrepreneur and beginning a business of your own is a rather attractive one. Most people aspire to enter this dynamic world full of potential and opportunities. This is one of the dreamlands of enterprising people who are fueled by self-motivation and are looking for every possible opportunity so that they can prove their worth to the rest of the world. These are the people who have faith in their own dreams and visions and harbour the idea that they can make some worthwhile contributions and can also possibly bring a considerable change in this world with their entrepreneurial endeavours.
Having said that, it needs to be mentioned that the idea that has been expressed in the opening of this discussion happens to be one of the rosiest depictions of the world of business enterprises and startup ventures. In reality, this is a world that is full of pitfalls and is one of the most difficult environments where you can sustain. The American Small Business Association has summed up the situation and has opined that nearly 50% of the small business that begins often sees a complete decline by the fifth year of their existence. There are a number of factors that can work towards the dilapidation of these startup ventures such as the external elements, the internal dynamics, the policies and the regulations of the government, the business plan of the company, the quality of the company products and services, the element of pricing, the aspect of competition and a bunch of other unexpected events that can create a huge challenge for entrepreneurial startup ventures.
While understanding the basic reasons that lead to the downfall and the failure of such business ventures, the trade experts have come up 4 most commonly made mistakes by the entrepreneurs. These are some of the mistakes that can come with a very high cost and can even cost a company its sustenance.
Let’s be Grounded
One of the paramount mistakes that are made by the business entrepreneurs is the unrealistic expectations that begin with the harbour in the context of their companies, business and the end results that they can attain out of it. There is every reason why you will think that your structure of the business is one of the most profitable ones in the current times, but that is simply no reason to become unrealistic in your approach. This is the biggest problem that can finally embed your death nail. Keeping very high and ambitious expectations and setting very big goals from the very beginning is one of the most common mistakes that you can make in your entrepreneurial enterprise. It is always best, to begin with, smaller goals and targets. It is really important to have your feet firmly rooted to the ground. At the time of investing, taking decisions and making investments be very sure of the capital you have in hand and the tenure for which you will wait for the plan to success. If the time in consideration is a too-long one and if the capital amount that is being invested is too high one then you are making one grave mistake. Always begin with smaller investments, smaller goals, and attainable targets. This will mean that even if your returns are small, there will be sure. This will provide regular financial and also a psychological boost to you and your business organization.
Listening is Very Important
In most of the cases, it has been seen that entrepreneurs tend to brag about their business ventures. These people are so sure of their business plans and framework that all they can do is talk, talk and talk all the more about it. This deprives these entrepreneurs of real valuable opinions and suggestions of more experienced people in the domain. Talking about your business and what it is all about is good. It is one of the most important ways through which you can tell people all about your business concept and can attract important investors. However just talking about your company, the business plan, and its advantages and core benefits are never enough. It is always important that you gather enough reactions about your business from people who are experienced in the domain. Once you have spoken about your business never back away from questions that will be generated by more knowledgeable people and also their opinions and advice regarding your business. There is yet again another person whose opinion about your business and its services and products that is paramount importance – your customers. Always spare a patient ear to the questions, queries and also suggestions of your customers. This is one of the most important and effective ways through which you can bring a lot of improvement in your business and the quality of your products and services.
Marketing is Mandatory
These days no company can exist without solid marketing plans. When we talk about marketing it is not something that could be done with a mere word of mouth. Well, that is not the case! The market has a large number of players so the list of your competitors happens to be pretty long. Some of them will be real established brands in the market and yet again some of them will be new and novel companies and brands just as you and will be supported by some real dynamic ideas. The best way to make your presence felt and reach out to the customers in the market is by letting them know all about your companies and its services and products. Now, this is a task that requires investment in terms of effort, time and also financial capital. You must select marketing channels and strategies that will be cost-effective and will also reach out to a maximum number of people. The streams of social media, digital marketing, SEO and content development are the most suitable channels that you can select for your purpose. Similarly a strong in the house marketing team is also a requirement for such companies. Always remember that such teams come with a considerable investment. You need to be ready to make it.
Management of People and Tasks
Often it has been seen that entrepreneurs consider this business to be like their babies. Hence the company, the business, and the organization belong to them; they wish to manage the whole thing on their own. They like to be involved in every aspect of the business and micromanage every aspect t of the business, whether it is people or the operations of the company. Now, this is something that is not a really feasible option. In fact, it can be said that this is one of the faultiest ways of managing things. Often at the time of recruitment, the business entrepreneurs like to hire people with a considerable skill amount and if possible the best talents in the business. This they do so that the employees can take care of the assigned job on their own. It is not possible for an entrepreneur to know all the minute details to make a business work perfectly. These are the niche skills and knowledge’s that are expected out of the trained and experienced professionals of the domain who has been hired to do the job. Now the entrepreneur ideally must know what is the best thing to being done in any circumstance from his or her employees’ rather than controlling them at all points of time. Again to speak from a reasonable perspective a [person cannot handle an entire business on his or her won. Hence the art of delegating tasks and then collecting feedbacks and end results is of paramount importance for a successful entrep0renurs and successful business.
Beginning and continuing with a business framework is not an easy task. The life of an entrepreneur is often a rather challenging and taxing one. Such entrepreneurs are always under some of the pressure which takes a toll on both their health and also their personal lives. These are some of the pitfalls of the world of entrepreneurial endeavours, that people seldom see and realize before they embark upon the domain. Often doing the job for someone else is a lot less taxing than doing the same thing for you. There are so many other aspects that must be borne in the head to create a successful business. One learns about them as they cross the bridges that come their way.