Doesn’t entrepreneurship seem to be an exciting and gratifying experience? You can set your own rules and enjoy the perks once your company becomes successful. But, before that an entrepreneur has to face a darker side and there will always be a haunting probability that the business might collapse. Besides this, what differentiates a successful business man from a good one is the ability to figure out the way to maintain success and knowing that your past mistakes can teach you how to lead a promising and productive career.
Here are the top mistakes entrepreneurs make while starting up:
1.Inopportune time to launch:
Timing matters the most, it can make or break the startup. The company shouldn’t launch too early or too late. Timing does not specify a particular month or day; however, it is about market conditions that ensure the entrepreneur that it is the right time for their startup to get into the market.
2. Not knowing the ideal customer:
One of the important parts of a good marketing strategy is knowing your ideal customers. Companies must do research to identify their target customers and how will they respond to the product.
3. Not setting Goals:
There are no defined purpose and nothing to strive for, without goals. Goals are basically the steppingstones to an end result. In order to gain success, it’s important for companies to set goals which will provide a direction to work towards.
4. Not listening to customers:
If you don’t want problems to come in your way then you must focus on what your customer has to say. It is not necessary that they will always provide you a positive feedback, but once you know there is something negative, you can easily act on it.
5. Too Small Margins:
Having too small margins will make it difficult for you in future, as your customers won’t likely be thrilled when you would want to increase the price later. Also, there will be customers who will bargain on every purchase they make.
6. Not hiring right people:
Hiring right people for your company is one of the most challenging tasks because it’s the right employees who makes a good team that lead to productivity.
7. Neglecting company culture:
It gets harder to build company’s culture, the longer you take to establish it in your company. For long-term success, it’s really important to build company’s culture that aligns with the goals of the company for long-term success.
8. Neglecting relationships:
One of the false notions is, all that you do must instantly give u ROI. Entrepreneurs often focus on their work so much that they forgo the opportunity to create important connections that have long-term benefits.
9. Assuming they don’t have direct competitors:
Generally out of excitement of their new product, entrepreneurs think that they don’t have a direct competition. But in reality, it’s very rare to have no direct competition. So, it is better to find out a way to differentiate the product from competitors.
10. Expecting success at an early stage
You will settle yourself up for disappointment if you will expect success in the initial phase of business. One of the reasons for the failure of a business is because the company can’t afford to cover the expenses, as they expect that the business will start making money right away and cover the cost.