The start-up world of today is the most talked about career option for both men and women. Everyone wants to thrive, be creative, and have a hefty customer base. But is that really the case? Why doesn’t every start-up get a smooth running? Let’s have a look into some of the most common mistakes our new entrepreneurs are making and some really easy ways to avoid it.
The Idea Incubation
We are all aware of the creative things which are happening all around us. New products and services are being launched every passing minute and they successfully create an urge to buy in the minds of their customers. When a new entrepreneur steps into the market, they seldom have their own creative ideas. Either the idea is a by-product of an already running business or it is a new one which has not been given a thought in detail.
To all the new entrepreneurs out there, Please take your time to chisel out the plan, carve out the theories you will experiment with and observe the ones who are already implementing those theories. Don’t expect your idea to be a hit as soon as it hits the ground. Work on it, make it better every day and one fine day it will be better than what you expected.
The Fund Game
Every new entrepreneur gets stuck at this milestone at some point in their entrepreneurial journey. It is important to know the fact that the amount of funds may vary at every step. He has to make the best use of the funds he holds. The job of a CEO asks him to make the company reach different milestones within those strict budgets. Initial seed capital can sustain the company for a few initial years but there will always be a scope to raise more money to do what is planned and to achieve the milestones. The trick is to achieve those milestones by customizing the plan at every step and regulating things at every change of budget.
Alvin Toffler very rightly said, “The illiterate of the 21st century will not be those who can’t read and write, but those who cannot learn, unlearn and relearn.”
An entrepreneur should develop the skill to absorb the knowledge which comes from every direction. They should keep themselves in the company of those who are masters in the art of resilience. There should be nothing which can break the spirit of an entrepreneur. They may feel low or disheartened at times but should keep moving forward and be resilient. He should learn from his mistakes, unlearn the methods which led him to his low and relearn how to get back.
Golden words of advice
The journey of becoming a successful entrepreneur is filled with a plethora of challenges. Have faith in your idea. You should try and convert your idea into a product or a service because your potential market will be able to relate more to a prototype, not to an idea. Don’t always rely on the first few sales you make after kick starting your venture. It’s harder to retain and keep gaining the customers over a long run. The cost of acquiring a customer should be minimalistic as compared to the lifetime value of that customer.
Keep these things in mind and keep rocking your entrepreneurial career. Just remember that even Henry Ford had to be broke, to make something as brilliant as the Ford Motor Company.