Chase the vision, not the money, the money will end up following you.
– Tony Hsieh, Zappos CEO
Starting up a business is not very different from embarking on a mission. They need calculated planning and passion.
Without having the two you are likely to get trapped and in the end, the loss would befall you.
Undoubtedly, getting down a business is very challenging and arduous. So, if you’re aspiring to become a unicorn in the market, and want people to sing your praises, then determination, a fair and square layout of your ideas, and a resourceful mind are the key ingredients of this recipe.
According to the data provided by the U.S Bureau of Labor Statistics, 20% of new businesses fail during the first two years of operation, and roughly half of all start-ups don’t survive past the fifth year.
So, to help out young entrepreneurs put their start-ups on right track, here is the list of some suggestions to works upon.
1… Framing a plan-
Many entrepreneurs start their business without proper planning, which ultimately drowns them. Irrespective of the type and expanse of the business one should make out a definite plan.
“A startup should map out a business plan, even if it is just one page. It should include how much it costs to operate, how much they anticipate selling, who would buy their product, and why.” – Deacon Hayes, financial expert, and founder, WellKeptWallet.com.
2… Lack of market knowledge and customers demand—
“There’s no way to know if you’re on the right track unless you’re constantly getting feedback from current or prospective customers. It’s important to recognize that building a great product often doesn’t translate into a successful business. Many companies find themselves focusing on a market that’s simply too small to build a big business in.”
– George Deglin, co-founder and chief executive officer, OneSignal.
The most common mistake the budding entrepreneurs carry out is superficially estimating and understanding the market and customer demand. These businessmen lack resources and knowledge.
- Fearing from the failure.-
The biggest mistake you can make is to be afraid of failure. Most entrepreneurs and afraid of failure, which is natural, but letting that failure stop you is not healthy. You have to recognize your failure, the mistakes you committed and work on them.
Winston Churchill, the British Prime Minister once said-” If you’re going through hell, keep going.”
The business world is full of uncertainty and mastering over it makes one jack of all the trade.
4… Going alone-
It is a common problem among rising entrepreneurs. They always want to make it by themselves, without including wise counsel to give them advice.
Having a handful of knowledgeable men onboard for consulting on business ideas, strategy, challenges, finances, and progress eliminates the risks of incurring losses and mistakes.
5… Hiring employee early-
By far, the biggest mistake a startup can make is hiring employees too soon. It drains the entrepreneur’s finances and leads to cash outflow rather than inflow and pushes it to the point of decline. Calculate your requirements, and then hire someone professional. Ensure that whatever you are undertaking is properly registered for eliminating any future casualties.
An entrepreneur is someone who has a vision for something and wants to create.
– David Karp, Tumblr founder and CEO