Aspiring to be your own boss and create your own business is awesome, especially because people need to develop and prove themselves from time to time. While being an employee for life is not a bad thing, you should look further to the future. Imagine having your own startup. You can get more privileges you can never get if you work as an employee. For instance, you can have more vacation time, earn more money, and maybe you do not need to get stuck in a traffic jam.
Albeit, starting a business does not always come easy. While there isn’t any quick option to launch a successful and rewarding business, all you can do is come up with a carefully-thought plans and try your best. Yet, there are many rookies who make mistakes when starting their business. Here are 6 most common errors you should avoid if you want to be a successful business owner:
01 Having doubt in your heart
Chances are, most people are afraid of starting out new things as many questions are popping up in their minds, will it turn out to be okay? What if the business fails? What should I do next?
Well, you should learn to stop the noise in your head. Having a lack of faith in yourself is burdensome as you will be haunted by your own fear and worry of starting something new. As Richard Branson said, “If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how it do it later!” You should not be reluctant in taking up new challenge because great opportunities never come twice.
02 Not knowing the ideal target market
This is a basic step but many startup business do not consider it as a big deal. Most aspiring entrepreneurs just want to start soon and grow fast. If you are thinking like this too, well, you should change your mind soon.
Knowing your target market is crucial because if you don’t know to whom you will sell the product or service, your startup will never grow or even worse, you have to shut down the whole business. For example, if you want to run a candy-making business, basically everyone from any age group can be your target market as they can consume it.
On the contrary, if you are keen on starting a clothing business, you should focus on certain age groups such as adult, teenager, kid, or baby so you can create suitable business strategy. Therefore, it is crucial to know your target market first before jumping in to the real game.
03 Not knowing the customer’s needs
Most startup founders tend to blindly follow other businesses which already succeed. The truth is, this is not the best move. Why?
Because those established companies already have their own strategies and build strong market base, which makes it hard for you to pursue them in the same level. In this case, you should first do a thorough research on the market. Find out what potential customers really need and you can start developing a product or service to cater that needs. Come up with your own business ideas instead of just copying others’ product.
04 Overspending on business budget
Everybody knows that starting your own startup from scratch costs a fortune. You will need to purchase various stuffs to run the business, and at least own or rent a place as the office. Not to mention, you will have to burn the cash to print out pamphlets or brochures for introducing your brand, as well as spending some budget to advertise your products.
Nonetheless, you should not overspend on business budget. For a start, you should come up with a startup financial plan. Jot down list of the important things you should buy or have. Then, sort them into the most and least important things. And voila, now you know which one you should make as a priority.
05 Quitting your current job too soon
As a small business owner, you intend to only focus on your business and leave everything else behind such as your old jobs. But you should not do that. Why? Because if your current job is the only source you can earn stable salary, you should keep it until you can prove that your new project can bring you actual money. In this case, when your business do not run well, you will still have an income.
06 Not having flexible plans
You should have flexible plans in order to achieve your goals because when you have adamant plans, it will be hard for you to achieve those goals. As a founder, you should be open to change and learn to adapt with it instead of sticking with rigid plans. If you want to be a successful business owner, you also need to have a firm personality because it will be useful when you face a difficult situation.
So, are you ready to be the next Jack Ma?
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