Alone, we can do so little; together, we can do so much. As Young Entrepreneurs have been entering into business, unaware they have been committing repetitive mistakes which have already been committed in the past by Entrepreneurs. Our experienced team can be a great source for their amazing idea. There is a pattern of mistakes observed in their approach and execution of business.
Each life is made up of mistakes and learning, waiting and growing, patience and practicing but support is the heart of every business. We here at availl are the support system, the engine starts that your impressive start-up needs.
Learning from the mistakes made in business and being aware can tremendously save a lot of their time, capital, resources, and mental turmoil.
Twelve Mistakes to avoid in Business
1)Building something no one wants!
The general thumb rule follows Don’t Sell Anything you would not buy yourself.
To identify if your product/service has a potential market need or not Survey your potential Clients, a minimum of 100 people, before launching it.
This will give the much-needed estimate and clarity of practical market needs and save you from executing an unviable idea.
2)Not planning out a Marketing Strategy
A lack of emphasis on marketing to save expenses is the reason that keeps businesses away from the idea of investing in marketing and advertising. Marketing budgets are to be planned regularly and not be skipped.
Skipping marketing budget is one of the biggest mistakes young start-ups do. It is the most crucial investment which will bring leads and generate revenues. It is a more important step than producing and manufacturing in any business.
3)Not Hiring a Consultant
A consultant can foresee and predict the most probable consequences through its experience of the market reality of the most crucial decisions of the company.
It can expose to pivoting.
4)Not building a team in a business
The tendencies of young Entrepreneurs of doing everything themselves over-consume them from doing the utmost Priorities.
Business is all about how many people can you align it with.
Building a small team from the initial stages can be a huge source of strength and help it compete even with bigger competitors, that’s the power of a team.
5)Differences in partnerships between Cofounders
The values of Business partners if colliding can ruin well-established business due to differences in partnership.
The cofounder should ideally be a person you get along well with or whom you have known for the longest as it is rightly said ” Work only with people you enjoy with”.This will avoid mistrust and major conflicts and both of you are more likely to compile with each other. This will reduce the chances of collapses of the business due to partnership differences.
6)Hiring Incompetent Employees
One wrong hiring has the potential to collapse the foundation and culture of the workspace.
It is crucial to hire employees who abide by the culture of the startup/business ecosystem and hence much emphasis on Human Resource (HR) ought to be given.
7)Not being updated with newer technologies
Newer software could replace the traditional ways of working and automate the work.
Newer technologies can ease the workload and reduce data failure and increase security and transparency.
Some examples are cloud computing which has eased the data management of bigger and smaller companies.
8)No Social Media Planning before launching
Having an online presence in the digital era has the potential to reach worldwide markets. This is something that any business’s motive is to.
Launching the product/service too early or too late is a common mistake done.
Most businesses should have an online presence on almost all possible platforms.
It acts as an advantage by directly reaching out to potential customers and acting as a constant channel for advertisement and brand promotion. It thereby acts as a source of sales, revenue, and profit.
9)Not having a Growth Model
How to scale it and When to scale it?
How to grow the company size from 5 employees to 5000 employees?
A long-term financial plan, investor management plan, and business plan are crucial for the growth of the business.
Not planning it beforehand to have an estimate is one of the mistakes to avoid.
Pivots, revenue, and predicted models are essential parts of the growth model of a business. Not testing and no pivoting is one major mistake done by startups.
Scaling too soon is again one mistake of businesses done. It ought to be planned beforehand with expert consultants to effectively market
10)Wrong Target Audience
Not Targeting the right segment of clients specifically is one of the biggest mistakes of startups.
Not everyone is your customer.
Knowing exactly what the purpose your product/service serves will give the clarity of who the potential customer is and which segment do they specifically fall into.
Knowing who your target audience is crucial in surveying them and understanding the loopholes of your product/service and further improvising them.
11)no feedback loop from Customers
They are more likely to repeatedly buy from that same company with little more emphasis.
This is where communication with customers comes in place.
It is statistically easier for the company to keep older clients than find newer ones.
Apart from this, the scope of improvisation and innovation which is the secret mantra of brand dominance in a market directly depends upon understanding the exact need of customers.
Direct feedback of what they dislike/like in the product/service taken from the customer will give all the insights needed which otherwise would be difficult for the producer to understand where their products lag behind.
12) Leadership failure
Unmotivated candidates in the team can no sooner become bottlenecks in the team and require the proper communication of the startup culture and long-term vision.
It thereby becomes important for the leader of the company to properly communicate, teach and emphasize the vision of their business/startup.
It is very crucial for the leader to exhibit all the qualities of an enthusiastic, self-driven member who the rest of the company can ideally look up to and trust.
The leader builds the brand through his vision.
When you look at a strong brand, you see a promise.
Business mistakes if learned and approached in the right manner with an effective team can overpass short-term failures. A business is a long-term game. To outperform the market competitors the business needs to uniquely differentiate its product/service and build a brand for itself in the long term.
A brand whose motive is not only generating revenue but solving a market need in the most ethical ways thereby builds the trust of customers over the brand. We the team at Avaiil are always ready to help you and support you at any time needed.
Have an amazing startup.