6 mistakes you should avoid while starting a new business…

02/08/2013

Being an entrepreneur is not an easy task and you need to take care of hell lot of things. A small slip of mind can lead to big blunders especially when you are launching a new business. Launching a business involves planning, making key financial decisions and completing a series of legal activities. At the same time there are some dos and don’ts that you must know in order to have a flawless establishment of your business.

Here we have a checklist on what you should never do while starting a new business.

Underestimating a Business Plan

1

You might feel that you can go without writing a business plan if not looking for outside funding in the beginning. However, if you really want to hone your vision then you must put your business plan, conjecture and marketing strategies on paper as that’s really helpful and effective. Besides, while you go ahead with your planning, you must keep two relevant questions in mind and that are ‘how is your business helping a particular need, and does it signify a chief market opportunity?’

Moreover, you should think about what you will do to your business if you will leave it at any point of time. Will you be selling it or handing it over to your kids. It is important to think about such things in the beginning as there are many things that are dependent on the final outcome of your business such as the legal structure and so on.

Getting Stuck in the Past

2
You might have run a business before and this could be your second venture however you need to keep this in mind that your business and the marketplace both of them are living entities and keep changing with time. So be it your first company or the fourth one you need to work upon the current market requirements and not dwell in the past. An experience of running a business will of course give you a leg up the next time you start a business however the market landscape keeps changing so you cannot rely on the previous data and have to create a brand new data sheet.

Hiring friends

3

It is your business and you need to deal it practically. However, by hiring friends you might get trapped in some kind of emotional cobwebs and find difficult to get out of it. So keep your feelings aside and avoid hiring friends. You might feel unwilling to let them go even if you find them to be non-productive for your business. And it is not always that they being a friend care for your feelings and might let you down by acting lazily or even doing some kind of fraud.

 

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Jumping in without a plan

4

No matter whether you have started a business or launching a new venture in your business making a plan is ever required. The zeal that you possess while starting a business helps you get wrapped up with any idea that comes but then this zeal should not fade out with time. So, while implementing each new idea take your time and figure out how will it go well with your overall goal and vision and then make a plan for its execution.


Getting into the discount trap

5

Usually businesses at the beginning tend to reduce their prices and offer their product or services at relatively lower prices than their age old competitors in order to make sales. But then it might lead to deterioration in your business if you kept attracting customer at unsustainable price levels, although customer acquisition is important. Adjusting the prices to maintain a balance could be a little bit tricky. Gradually as the time passes instead of cutting your prices try bringing more value to your potential customer through various marketing tools.

Being afraid to fail

6

The pathway for an entrepreneur usually happens to be uncharted and even bumpy at times. But then this turmoil should never be a reason to thwart you from going behind your dreams although getting panicked and stressed is quite easier. Don’t be afraid to fail and stop taking risks as your failures are the pathway to know what’s working for your business. Besides, they say ‘fortune favors the braves’.

Moreover, keep your eyes and ears open and pay attention to what other entrepreneurs who already are experienced in the market have to say. Try benefitting yourself with their experiences and avert committing mistakes yourself. Learn as much as you can from how other businesses are doing in the market. No one can guarantee the outcome of any new venture but then one can at least try and turn the odds in their favor by acting sensibly.

 

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