An entrepreneur’s journey to success often ends up as a long and painstaking one. At times, there are a lot of setbacks to be endured. Most entrepreneurs fight these setbacks with ease, taking their business to heights never witnessed before. Others let themselves be affected by setbacks resulting in a huge impact to their business. This article intends to set things right by listing 5 mistakes that should be avoided by all kinds of entrepreneurs – both newbies and experienced.
1. Jumping headfirst into a business:
Have a business idea in your mind? WAIT till you implement it. Many entrepreneurs follow their heart while launching a business. On the surface, it may seem there is nothing wrong with this. But it is important to step back and look at the whole picture.
These are the questions you should ask yourself:
- How viable is this venture?
- Will I get the desired funding?
- Is there a target audience for my business?
Go ahead with the venture only if you have satisfactory answers for the questions above. And if you have already started the venture, make sure the questions above are looked into.
2. Believing in family and friends:
It’s common practice to seek opinions from people close to us regarding a venture we seek to launch. The opinions provided by family and friends will be based on the relationship they have with us. Their opinions will be blinded by love and obligation. Look beyond them for advice on launching a venture.
Spend time researching to learn more about what you are getting into. Go online or seek the expertise of a consultant to set things in motion.
3. Offering products that don’t have customer approval:
Do you know what the secret is to beat competition? The answer is simple – provide offerings that are superior to that of competitors. Word quickly spreads when you offer superior products – more people will queue up to opt for your services. On the other hand, customers will provide you with scathing criticism if your offering doesn’t meet their expectations. Don’t view this as a setback – instead, work on the shortcomings to come back stronger!
4. Ignoring the power of marketing:
A lot of entrepreneurs commit this mistake. They don’t give marketing any importance. All they do is focus on social media and their primary websites to solicit customers. This is wrong. Hire capable salespeople who will approach prospects through e-mail, phone calls or door-to-door marketing. Your marketing team will provide you with quality leads to power your business.
5. Offering products that are priced too high or low:
Prospects will run away if you offer products at a greater price than what is the norm. They will also keep away if you price it too low. This is because they will think the products you offer are of unreliable and cheap quality. Perform thorough research on the pricings offered by competitors in your domain. Package your products accordingly.
Hope the business mistakes highlighted in this article help you in your business. We wish you the very best for the future.