We all know that starting a business is certainly not a cake walk. You will have to go through a lot of risk taking, sleepless nights and hard work to see the sun shining in your favour. Well, just like all other business entrepreneurs Jignesh Barasara, the great business tycoon and inspiration to many young budding business entrepreneurs also made certain mistakes when he was trying to pull up his startups and therefore he wants to share the same to ensure no one else does that, while starting their business. In this article, we will discuss the top five business mistakes that you must avoid when starting a business.
Not crafting any business plans:
Business plans without crafting or not being able to explain the crafted business plans to your investors is one of the prime reasons why many startups fail. Not chalking out a business plan is like stepping outside in a thunderstorm without any protection of self. You won’t actually realise how a business Nolan would look like, until unless you write one for yourself. Initially, you may start as a rough draft, but with a few attempts you will have a full fledged business plan ready for projecting your idea. So, it is very important that you start by chalking out a suitable business plan for yourself which is equally simple for you and your investors to understand.
Doing only what you love:
It’s an incomplete truth that you should do what you love, when it comes to starting a business. You should certainly do what you love but at the same time you should make sure that you are actually good at it. It’s not always necessary that just because you love to do something, you will be good at it. For example, almost everyone loves eating, but not everyone is good at cooking or running a restaurant business. If you are going to start your business with something that you love, then first make sure that you are actually good at. Always ensure to test your services and products first, before you launch your business with them.
No market research:
Again, this one is a prime reason for the failure of the businesses. All your efforts of launching a new startup will go in vain, if you do not do a thorough market research. This will help you understand, if your product and service are at all required in the market or not. It is highly possible that doing a thorough market research, can also redirect you to something even better than your current marketing idea.
Ignoring your competitors:
You may be one of the good business entrepreneur with your fresh ideas, but that does not mean better and best business entrepreneurs in your domain are not existing already. It will be a completely insane mistake to avoid your competitors. You must know where exactly your services or products stand in the market, so that accordingly you can develop and improve them further. Always remember that improvement in business can never come from ignoring your already existing or even budding competitors.
Not analysing your strength and weakness:
Any human being no matter how perfect or imperfect always has some or the other strength and weaknesses. Therefore, before you take a lead as a business entrepreneur it is important that you analyse your strengths and weaknesses properly.
Conclusion:
Being a successful business entrepreneur like Jignesh Barasara is a dream that many of us want to achieve. But, many of the startups fail in the first year itself, as they end up making either one or more of the above mistakes.
