Avoidable Mistakes that Budding Entrepreneurs Commit!!
“Never give up. Today is hard, Tomorrow will be worse but the day after tomorrow will be sunshine”
This is the famous quote given by Jack Ma, founder and executive chairman of Alibaba Group But still many entrepreneurs fail in their startup due to many reasons like persistence, self-belief or NOVELTY, USEFULNESS and SCALABILITY in your product/service along with lack of knowledge.
In today’s era many entrepreneurs start with a lot of optimism but with time it fades off, for becoming a successful entrepreneur it is important to keep learning at every phase of your startup but it is not as easy as I write, just like Steve jobs (the chairman, (CEO), and co-founder of Apple Inc.) before opening Apple Inc. had tried to make his other startup work but failed, eventually became successful because of his learning’s from failures he had committed.
In this article I will be talking about the common yet significant mistakes which should be avoided by budding entrepreneurs to be able to achieve success in his entrepreneurship.
- Never give up Attitude:
When you start taking baby steps in entrepreneurship always remember never give up because start is not easy, you will be face many challenges as you move forward. When you start solving a problem, the first solution may be very complex but if you keep going, and live with the problem, you can oftentimes arrive at some very elegant and simple solution.
- Novelty, Usefulness and Scalability in your Product/Service:
When you proceed for the entrepreneurship, all you need is to be a little futuristic as well as calculative, for a simple reason until you know your Product/Service originality, freshness and it’s innovativeness, you are unable to decide its usefulness to the customers and till the time its usefulness is not determined, you can’t say about the scalability which lead to sustainability of your Product/Service.
- Making Friends as Partners in Business:
There are many reasons said for not making friends as partners in business but we will be emphasizing only few of the important one. Every person has his/her own viewpoints; therefore doing partnership with friends is not advisable as there may be compatible deficit between both. Another reason is that it can be difficult to create clearly define business roles for each but the worst possible case is going into business together can destroy a relationship.
- Continuous process of learning:
Learning is a continuous process in entrepreneurship where an entrepreneur has to understand the ongoing market trend for learn from it and implement in his business model for scalability of his business. Furthermore he has to study his competitors working method and implement which is suited for his business model.
- Entering with half or no knowledge:
Before starting your entrepreneurship study all the fields related to it like its relevancy for customers, customers base, competitors in the field, you are going to do entrepreneurship, related case studies, etc. Without having all this knowledge and starting your startup is like not knowing about all the functions of the vehicle and starting to drive it.
- Action without understanding:
Without understanding the whole scenario if a budding entrepreneur takes a decision, it can back-fire the business model and ultimately, lead to closing of the startup. This is one of the reasons; an entrepreneur for its business stability takes any decision, not with temporary motivation but with assertiveness.
- Importance of Paperwork:
Completion of company’s paperwork/formalities is an important factor which helps an entrepreneur to concentrate towards his work in developing his budding company which would otherwise suffer because of his inability to give his 100% concentration as he will always be involved in the company’s paperwork.
- Mis/No Calculations:
Without proper calculations starting an entrepreneurship is a blunder as there are numerous types of calculations involved in it like Capital investment both immovable and movable and other calculations, doing these calculation accurately you can determine the feasibility of the product/service you intend to provide. This also helps you in calculating the ROI at a later stag
- Investment proportional to Product/Service:
It is always advisable to think big and start small because at the start you prepare yourself to see your business grow; more controllability comes with time and experience but before that if you start a big venture without being able to properly control it you might face different problems.
Investment proportional to Product/Service:
Another aspect of a successful entrepreneur is his understanding to the investment to be done on a product/service depending on its importance or need to the startup. For having a good understanding of this, financial understanding/knowledge is beneficial.
Hope this article helps the budding entrepreneurs to start there startup in an effective and efficient way and help them to rise higher by avoiding the above mistakes.
It is important for an entrepreneur to always remember these lines:
“Entrepreneurs are like the trunk of a tree, which gives fruits to those who want, shade to the passer by, and holds the branches and leaves together so that the tree can thrive and grow.”