All successful Entrepreneurs in this world started their journey from the very bottom step and it is with their hard work and determination, that they step up on the ladder. For instance, Bill Gates, founder of Microsoft, Madam C J Walker, First Black American successful businesswoman, Mark Zuckerberg, founder of Facebook, Dhirubhai Ambani, founder of Reliance group…and the list goes on. They all are world-renowned personalities today who are purely self-made individuals.
Why is it that only a few people achieve success while others do not? Some people have great ideas and they spend money on them but still do not make it. Some of them are stuck at a dead-end and do not know the way out. Around 20% of businesses fail before their big launch. As per a report given by Govt. of Canada, On average, 98 percent of new firms survived the first year, 63 percent survived after five years, and merely 43 percent survived after ten years (2002-2014). Thus, I have made a list of 10 mistakes that entrepreneurs should stop making to make themselves shine.
Lose Faith In The Idea/Product.
“You have to believe it before you see it.” You can only achieve success when you have faith that your idea is the best. When you doubt your product, nobody else will believe in it. You should have enough arguments to convince yourself that what you are providing is something unique and people need it. Only then you can convince others to use it.
Taking Things Casually.
For some of us, it is very difficult to impose discipline and get the work done without any push. Without any determined hours to start the work, we take things casually. A simple solution would be to make small goals for each day, each week and month. Treat yourselves for the small achievements. This will motivate you to stick to your routine.
Not Knowing How Much To Invest.
A smart businessman needs to know when and how much to spend on his business and when to stop. Plan all the costs related to the business idea beforehand so that you do not get surprises. Only start your venture once you have financial support to complete it, otherwise, it will be a broken dream.
Entrepreneurs Lack Patience.
I once read Mahatma Gandhi’s quote “To lose patience is to lose the battle.” Just keep in mind that things do not exactly go as we plan. It’s an uphill task to bring what you have in mind to reality. Have a positive attitude and remember, if others can, you can too.
Entrepreneurs Lack Persistence.
Setting up a business needs constant efforts. Even if it is up and running, has completed a few years, you should have the same excitement about it in its fifth year too. It often happens that when a business runs smoothly, owners settle down for much less than they could achieve if they work hard and expand it.
Know Exactly What Your Clients Want.
Look for the need of customers, demand will automatically increase. Put yourselves in their shoes and imagine how much effect it will make in their lives if they get the advantage of your product. Never think less of them. Quality matters.
Falling Victim To Distractions.
It is tough to stay focused in this age of technology and social media. An alluring job can distract you, another business idea can distract you, family and friends may not like your idea, it could be anything. A strong mindset and belief in yourself can keep you going.
Choosing A Wrong Business Associate.
People change their colours when it comes to money matters. It is crucial to find a partner whom you can vouch for. Not that people whom you know for many years will stay loyal to you, but it is a great option to choose them rather than people you have met a few years ago and don’t know their true nature.
Underestimating The Competition.
Do not think that you are ahead of your competitors. Someone else can come up with the same idea and achieve higher growth. Keep a close eye on the market and always find ways to allure the customers.
Change With The World.
The world keeps on changing faster than we can imagine. With this, people move on from the conventional market to easy-to-use fast-age products. Various manufacturing companies keep on bringing up the latest versions of the old product to stay ahead of the market. So, as a true entrepreneur, be open to change and flow with it. I think the movie ‘The Founder’ is a perfect example that fits this scenario. Go watch it and you will understand why that is.
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