We all know that not all startups continuously grow as the time passes by. We’ve witnessed some companies that had their fame and glory during the first few months of business and yet they came down crashing in no time.
There are some who had their humble beginnings yet was able to stand the test of time. All successes didn’t happen overnight. I am pretty much sure that it took all the hard work, perseverance and dedication
Did you ever wonder what the business owners do wrong? And for the latter businesses, what did they do right?
Well, here is a quick rundown of the mortal sins that new entrepreneurs do during the start of their businesses. Pay attention as you might be doing one in the list.
- Putting every cent that you have in the business. One of the most common reasons why some start up businesses fail is that the business model that they are using is not good enough for the entrepreneur to make the business work. Financial aspect plays a big role here. Some models are designed for businesses with big capital. However the desire of new entrepreneurs to be like the big shots can pull them downwards. These models can easily drain their pockets and leave them with nothing as backup.
- Too much assumption. Many newbie entrepreneurs fall into this cliff. They have this great idea however the people around them are having a hard time to believe in them. By believing that their brilliant idea is nothing compared to others, these entrepreneurs then tend to give up or lose confidence in their supposedly great business and lose the battle.
- Misevaluation of the business model. Not incorporating the business model to the planning stage might lead your business to cripple. It is easy to plan and dream of great things in your business but not making sure that the business model you are to follow is suitable to the plans you are making can lead you crashing.
- Trying to be a one-man team to save money. Trying to do everything by yourself might indeed be thrifty however not hiring experts in some business aspects can give you a lot of horrifying experience. It is not bad to ask for professional help over something. It is not bad to spend some cash in hiring some people to join the team. After all, business is a gamble. Just make sure to always follow your people instinct.
- Improper pricing. Pricing too much over a product can give you less or no clients at all. On the other hand, pricing it too low can give you no ROI at all. Make sure to evaluate your goods and services, survey competitors’ prices and do a lot of research. Business is not just a mean money making job, it also requires endless study and tons of research in order to succeed.
- Create growth strategy. Being confined in the primary plan can leave your business stagnant. Be sure to formulate growth or progress plans so that you are not only expanding your business but you are also pushing your team to strive harder to succeed.
Next read…Get More Done Today; Hack Your Schedule.
Article contributed by Startup Jobs Asia‘s Team.
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