Starting a business is one thing and putting effort to make it successful is another. Everybody wants to own their own business and but not all of them have the same passion and skills to pursue it that results in shut down of more than 50% of businesses. According to a survey, the desire to be your boss is not just the reason for being an entrepreneur. Job insecurity, want to pursue your passion, redundancy, and life events like divorce are some of the reasons for starting a business.
The survey revealed that there were a couple of causes for the failure of start-ups, but the most common are lack of conceptual skills, human relation skills, and technical skills. However, this is not the scenario with every business. Some entrepreneurs are savvy that they understand the market, hire the right team, and set the most effective pricing policy, yet they fail to take their business a step ahead. This is because your approach went amiss.
Your business doesn’t need to fail immediately, but you will have a hard time to give your competitors a run for their money. No matter how better you know your customers and how the quality product you are offering to them, you cannot hit the ground running if you do not give up the following things.
You are not productive in your spare time.
Beginning years are incredibly crucial, and therefore you cannot afford to waste this time on gossips. Make sure that you make most of your every moment. During your free time, try to brainstorm new ideas to grow your business.
If you want to stay ahead of your competitors, you will have to perform better than them, and it will be possible only if you analyse how your competitors are trying to approach their customers. Brainstorm what you can do differently from your competitors to pitch your clients. Just because your business is running smoothly does not mean you will sit back.
Stop seeking perfection
No one is perfect in this world. Nobody can be perfect regardless of the amount of effort put in. If you keep putting effort on making things perfect, you will soon start losing money. There always remains a scope of perfection, no matter how hard you try to remove all flaws.
As an entrepreneur, you will have to identify opportunities as well as threats in the disguise of opportunities. Grab opportunities that you think will help your business to grow in the future. Since there is a lot of competition in the market and the winner is one who grabs the opportunity as soon as it comes up. If you keep waiting for things to be perfect, you will miss thousands of growth opportunities, and you will likely face a drastic failure.
Stop being in your comfort zone.
Once you are comfortable with your current situation, you will never put effort for further outreach and will stick in where you are. This is when you will start falling. If you want to become a successful entrepreneur, you will have to get out of your comfort zone.
This can be not easy, but it should not be if you are fully committed to pursuing your dream. Even if your business is generating a fair amount of profit, you cannot sit back. It would help if you brainstormed new ideas of how you can increase your customer base.
We are not identifying customers’ grievances.
Just because you have a large number of customer base does not mean that your all customers are happy with your products and services. Likely, no customer comes back to you after trying your product and service the first time. Customer acquisition is more expensive than customer retention.
Suppose you do not bother about retaining your customers. In that case, you will likely keep spending a large chunk of your revenues on marketing to acquire new customers, and all your effort will go in vain if you do not resolve complaints of your current customers.
Your responsibility is not over just after you have sold your product to your customers. Make sure that they are satisfied with it. Try to be in touch with them and take their feedback. This will help you know your flaws and where you need to improve.
A negative mindset
Business is subject to risk, and you must take on risk as per your affordability. However, a few entrepreneurs do not want to take on the risk because of the negative mindset that they will lose.
If you have decided to invest money on a project, you should not straightaway give a judgement that you will lose all of your money. An entrepreneur must be optimistic about a business. Of course, being positive does not mean you will bury your head in the sand.
Stop controlling everything
Business is full of dynamism. It means you will come up with a different scenario every other day and you will have to brace yourself for them. Note that you cannot have control over all situations.
Even if circumstances are against you, you should have a positive attitude and focus on things you can control. For instance, you should not panic just because your revenues are poorly hit due to economic fluctuations. Try to think about other ways to withstand it.
Starting a business is difficult undoubtedly, but running it successfully is far complicated. Fear mounts up in those entrepreneurs who fund their businesses with loans like small enterprise loans or installment loans for bad credit. However, you can easily hit the ground running if you stop the things mentioned above.