Who doesn’t dream of becoming an entrepreneur? What sounds better than running a business, where you are your own boss and in control of everything? Becoming an entrepreneur and running a small business is no easy endeavor. If you’re planning to start a business yourself, then you must have the following qualities.
- Extremely strong determination
- And passion
If you possess the aforementioned qualities then keep collecting them as we send a ton of appreciations your way because these are enough to make you a successful entrepreneur. Did you know? In 2014, 280 people out of 100,000 started their own ventures. By 2016, the number had gone up to 330 out of 100,000. It implies that the rate at which people are turning toward starting their own businesses, has increased with time and it will continue to do so.
However, for every startup, numerous bottlenecks come in the way. Setting up a business and making sure it functions smoothly, is undoubtedly difficult. Many little things play their part to make a startup survive, while there are only 5 things that can literally push all your hard work into a pit of in-compensable failure. So if you’re a startup, or planning to start one, put your reading specs on because you’re about to find out the things you must never do as a business in its infancy. So without further ado, let’s begin:
1. Begin by Forming an Effective Business Plan
What do people do when they wake up in the morning? Have dinner, go to work, brush their teeth, change into work clothes and then at night, have lunch. Something, just doesn’t feel quite right over here, does it? Well, that’s how your startup would be if there is no business plan. A business plan entails details about your business’ niche, its target market, marketing plan, finances and the key features you offer. Without a business plan, the survival of your business would be shaky. So if you are planning to start your own venture, then start off by devising a solid plan.
2. Don’t Waste Time Hiring Wrong People
For startups, it is super-crucial to hire employees who actively play their part in making your business grow. Usually, out of desperation of filling the positions, startups end up hiring a person who has little or no experience at all. And the next thing you know, things begin falling apart one after the other. Thus, take your time with the hiring process and hire the ones with top-notch technical and behavioral skills.
3. Refrain From Forming Partnerships
There is a cliché associated with entrepreneurial ventures that they don’t survive unless they partner with another business. Well, partnerships might work in some cases; but not all. If you’re a startup, no matter what others tell you, never get into a partnership for that is the worst way to start a business. Build your business with your workforce only and don’t panic if things take time. Make ‘slow and steady wins the race’ your motto, and you’ll surely succeed.
4. Never Act Like a Know-It-All
Nothing, nothing, and nothing are more deteriorating for a startup when its owner has a ‘know-it-all’ attitude. When you’re a startup, you can never know enough about your customers. Period. The needs of your customers are changing all the time and to make sure you’re addressing those needs as a business, never feel awkward to talk to your customers through surveys and focus groups to find out what they need. Thatis where your marketing research skills would come in handy and you will be able to determine if your product or service has a place in the market or not. Almost, 42% of the startups fail due to the lack of need for their product in the market. Of course, you wouldn’t want to picture yourself in this situation, would you?
5. Don’t Waste Your Money on Unnecessary Things
Lastly, never over-spend your money on your business if it’s in its early stages. Don’t go for expensive setups right from the beginning. A simple garage with enough space to accommodate you and your team, along with a high-speed internet connection and the right equipment would do just fine. Many startups fail because they don’t plan their expenses thoughtfully. Remember to set a budget and ask for cooperation from your employees in that matter. All the free food, fancy-looking workspaces, and more can be achieved when your business has stable finances. Remember, money spent smartly, is the key to a successful startup.
All Things Concluded
For startups, there is no challenge bigger than escaping the bottlenecks and surviving through them all. Repeatedly making mistakes and ignoring some of the crucial things vital in keeping your startup running can ultimately push you towards failure. Thus, instead of embracing your failure and stereotyping it by saying ‘I knew this would happen’, learn to avoid making such mistakes. All the top brands that have become an integral part of our lives, were once startups themselves. It is their perseverance and dedication that has made them thrive among their competitors.
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