Worldwide, entrepreneurship is acknowledged as a powerful instrument for quickening a country's growth. In fact, without entrepreneurs, no economy in the world could survive. So why do so many entrepreneurs end up failing in their lifetime? Why do so many lose their fame and face humiliation when their business venture fails?
I'm sure that, as an entrepreneur or prospective entrepreneur, you have given this some thought. The reality is that attitudes have been identified as a contributing factor in 70% of company failures that occur before the end of the second year of operation.
Yes, a person's success comes from how they carry out their business dealings, not from their name. The designation of "Entrepreneur" does not translate into financial gain. It would be almost hard for you to prosper in the business world if you didn't perform what was expected of you.
The Following Seven Errors Should Not Be Made While Starting A Business
1. Avoid Hiring An Inexperienced Friend Or Relative
An ancient proverb states, "There is no brother in business." This has to be ingrained in your company enterprise from the beginning; it's a notion you need to carry. Don't employ a friend or family member who lacks the necessary skills.
In business, it is a mistake to hire more workers for reasons other than expertise. Don't hire your inexperienced friend or family member while the company is just getting started. Your inexperienced friend or family still has to be thoroughly trained before being brought in, even at the adolescent stage.
2. Avoid Thinking Of Your Company As A Bank
Entrepreneurs who see their business or endeavor as a tool for issue solution rather than as a bank are likely to succeed. They often consider solutions to issues from the perspective of making customers happy rather than trying to take advantage of them financially. They are able to turn their careers into success stories because of this.
A person who wants to become a successful entrepreneur has to begin to see his company as a tool for problem-solving. This kind of thinking has a profound impact on an entrepreneur's life.
3. When In Doubt, Make Inquiries
When an issue comes up, a successful entrepreneur just asks questions of people who came before him, rather than shrugging shoulders or being too scared to be vulnerable. These individuals have undoubtedly made such errors in the past, taken the necessary lessons, and are now aware of it.
Confucius once said, "The man who does not ask is a fool for life; the man who asks a question is a fool for a minute." Never forget the maxim, "Put yourself in your customers' shoes," which applies to all company owners. Customers will locate the closest shop if you keep them waiting too long. All things considered, the too-proud-to-ask mentality is ineffective in business.
4. Avoid Making Promises You Can't Keep
Customers will sooner die than return to you for purchases once they discover you are untrustworthy. Individuals are poisonous when you attempt to trick them. They really will stop at nothing to get even if you attempt to label them an idiot. A consumer will tell everyone who will listen how dishonest you are once he finds out you are not being truthful.
This is the number one way that a company initiative fails. Recall that the majority of buyers heavily depend on the advice given by friends or family when making a purchase. A successful entrepreneur never makes a promise for something they can't or won't deliver.
5. Avoid Combining Work And Play
Mixing oil and water will never provide a pleasing outcome, no matter how hard you try. It's like trying to combine oil and water when attempting to combine business and pleasure. Nothing positive comes from it. A business setting is where issues are resolved and needs are met. It's neither a beer parlor, nor should it be confused with a love nest.
Resolving an issue requires a person's whole being; it is not a game. An entrepreneur may go out of business more quickly than you may imagine if you devote more time and resources to tasks that are not as crucial to the overall success of the company.
Read Also: Effective Ways to Enhance Customer Satisfaction
6. Never Give Up On Doing Research And Keeping An Eye Out For Company Prospects
A successful entrepreneur must constantly do research and scour the market for concepts or business possibilities in the face of fierce competition. Because if he stops doing this, his goods or business model will become outdated.
An entrepreneur must make it a point to constantly observe the goods and marketing of rival companies in order to identify any gaps and close them. In today's fast-paced business environment, the secret to an entrepreneur's success is to either implement new company ideas or enhance current ones.
7. Refrain From Doing Actions That Are Not Essential To The Growth Of Your Business
An astute businessperson establishes objectives and a sequence of intermediate goals in order to realize his vision. In the realm of business, it is a mistake to multitask excessively. His actions must center on his aim in order to achieve his goals.
He has to list his objectives and indicate which ones he wants to focus on first, second, third, and so forth in order to prevent taking actions that are counterproductive to the survival and growth of his company. "When people know what the goal is and why, they work better," said Elon Musk, a technology entrepreneur.
