There are no restrictions for someone who wants to become a successful entrepreneur; you don’t necessarily need a college degree, wealth in the bank, or even exceptional business experience to start something that can become a huge and successful entity. However, you need a solid plan and the motivation to make it happen.
But according to data provided by the US Bureau of Labor Statistics, 20% of startups fail within the first two years of operation, and nearly half of all businesses don’t survive beyond the fifth year!
So, how do you successfully launch and run your startup? We have compiled the most common mistakes that entrepreneurs and start-up owners make so that you, my dear, can avoid them when starting your business, and you will also find me from time to time giving you links to topics that will help you a lot to overcome these mistakes.
* Exaggerated fear of failure
One of the most common mistakes entrepreneurs make is the fear of failure. Failure, my dear, is the key to success, so how do you succeed without experience? You have to put your fear aside and go in the direction of your future. In fact, the greatest teacher in life is failure. Failure is the only thing that can teach us lessons that we will never forget. This is also the case in the business world. Great successes are always based on a series of failed attempts. Therefore, as an entrepreneur seeking success, you must be brave and not let the fear of failure make you hesitate a lot, waste time, or miss opportunities that may not be repeated again.
* Not developing a plan of action
A very large number of commercial activities start without a plan, and this unfortunately often leads to the failure of these activities because the plan is a vital and essential element for the success of any business. If you don’t plan, you’re basically planning to fail. You should make a plan for yourself, even if it’s just a piece of paper with basic tasks, operating costs, sales expectations, and who will buy your products and why.
Plan simply: It is a deliberate and systematic practical willingness to start a business, its continuity and development, anticipating its problems and developing solutions to them, and we can sum it all up in three words, which is “work in a systematic way.” Therefore, as an entrepreneur seeking success, you must work in a systematic manner and not in a random manner, because the method and system are what will lead you to success, while randomness generates more randomness. You also need a detailed marketing strategy that includes acquiring first users, converting those users into paying customers, and making those customers happy with your product so that they help you spread the word and get more users. Underestimating capital requirements is also a common mistake that comes from not planning well. Most people, especially entrepreneurs, believe that they can do more with less in an attempt to reduce capital.
Startup leaders tend to plan for the best-case scenario, but this never happens, so I advise you to handle the money properly.
“You have to know that putting good money to bad use by trying to do everything for everyone instead of focusing on specialization is a surefire way to waste time and money, which are the lifeblood of any startup.”
* Lack of understanding of the market and target audience
One of the common mistakes that aspiring entrepreneurs make is not taking the time to understand their target market or customers. For founders, speculation and projections may be easier than talking to clients, but there’s no way to know if you’re on the right track unless you’re constantly getting feedback from existing or potential clients. You should also take advantage of the available tools and systematic methods to understand the market, measure the volume of demand, and understand potential customers.
It is important to realize that building a great product does not often translate into a successful business, so you need to understand the market first.
Here are some points that will help you understand your market and potential customers before you start:
- Rely on keyword research tools such as Google Planner.
- Studying competitors, knowing their number, their strengths and weaknesses, the size of the market they control, and their relationship with customers.
- Access to the available studies, questionnaires, and opinion polls related to the target market and customers.
Here are some points that help you understand customers after starting a business:
- Ask them through your social media pages.
- Do surveys for them so they can express their opinions.
- Contact them to see if they are satisfied with the product or service they got through you.
