I think the biggest problem of Indian entrepreneurs is that they believe their ideas can change the world. And that’s fine because every new startup owner feels that his business idea is unique. But the harsh truth is there is no unique idea, and there are high chances that several people like you have the same unique idea. But there are some mistakes of entrepreneurs and startup owners make knowingly or unknowingly.
NOT MUCH OR TOO MUCH SPEND OF MONEY
When you are just starting a business, money is the most crucial concern for all entrepreneurs. People might spend too little money and try to save, or they might spend too much money.
It can cause financial instability in their business. Both of the decisions can harm your business. So spend wisely in your business, don’t be afraid to invest in good people or quality products.
Mistakes by New Startups and Entrepreneur
BAD HIRING DECISIONS BY STARTUP OR ENTREPRENEUR
Like every other startup owner or entrepreneur, people hire cheap employees and consultants, but they are cheap for a reason. You should go for well-qualified people to help your business grow, not just waste your time.
NOT SETTING GOALS
New entrepreneurs have a big idea, but they don’t have a long-term business plan. You should set some realistic goals for your business or startup.
Don’t say you have to make 1 Million dollars in the next two years. Sit back and think and set some realistic goals for the next five years that you have to achieve.
You Must Read : The Harsh Reality of Entrepreneurship that you should Know
NOT THINKING ABOUT MARKETING
If you think that you have made a product and people will buy it. Why? Every new entrepreneur feels that his/her product is unique and revolutionary.
Not that that’s not true. You have to market your product or service, and you have to tell your target audience that you have a product that can fulfill people’s needs.
HAVING LESS MARGIN
If you have less margin in your product or service, then you have to think about it. If you have less margin profit, then your business can’t survive in the long term.
You have to take your commission to a higher side or at least that much that your business can survive.
I CAN DO IT MYSELF ATTITUDE BY STARTUP OR ENTREPRENEUR
If you are starting something, then it is expected that you also think that you can do it by yourself.
But it is not possible to do everything by yourself. It would be best if you had people that are experts in their field. It will give you mental peace, and you can invest your time in other essential things.
These are some of the common mistakes that new business owners and entrepreneurs make. They think they have no direct competitors, and most entrepreneurs put their product first, but they should put the people first.
I hope it will help you to avoid these common mistakes in your entrepreneurial journey. Is there any mistake that you’ve you’ve made in your business? Tell us.
Hi, I’m Abhishek, a Business Consultant. I’m passionate about marketing & technology and I’m a Marketing Head at Bliss Marcom, a Noida Based Digital Marketing Agency. I also trained entrepreneurs, students and freelancers in Digital Marketing.