Starting a new business venture is just like having a kid. Right from conceiving the best business idea to putting it on paper and then actually implementing it, business has hundreds and thousands of things which an entrepreneur has look out and take care of.
In this process of taking care of things, it is quite possible that any entrepreneur will make mistakes. There can be mistakes or errors in judgment or planning something or execution may go wrong. This is something which is part and parcel of any business.
Hence, it comes as no surprise that a large number of first time entrepreneurs go wrong in their respective business ventures. This is all a part of the business. Let’s see where they most often go wrong.
Lack of understanding of fundamental business skills
Running a business, no matter how small or big, requires an in-built business mind which not everyone is born with. Hence, it requires innate business skills, skill of planning, coordination, execution, effective decision making and so on.
Thus, it is a beautiful blend of all these factors which makes some entrepreneurs more successful and different from the rest.
No unreasonable expectations
First and foremost, running a business is not winning a jackpot overnight. It is a slow and gradual process. The seeds you sow today will reap fruits only tomorrow and that too, if you regularly water it and provide it with ample sunlight.
However, if you think that within 24 hours you will get sweet fruits, then you are starting your business on wrong footing.
Research, research and research
Before entering the market, you need to be absolutely clear on the nature and kind of market you will be dealing with. Hence, research is the key here. Getting out, meeting the right people, getting the right insights is something which one should do from early on. If you are not doing it then think again.
Not giving customers what they want
This probability will go away only when you are sure of your research. Successful people will always research in such a way that they get an insight into what the gap is and to then come up with something which will help bridge the gap. What remains constant is that, no matter what, they never lose focus of their target audience or consumer base.
Putting all eggs in one basket
Successful people follow this rule to the ‘T’. They never put all the profits they receive in the same basket as there is always a fear of losing everything in one go!
Hence, if when such people make any profit, they always diversify their profits in such a manner that they get evenly distributed.
Putting a full stop to learning
Successful people never get complacent when they start doing well. Instead they focus more on improving and make their product or service even better than before. So such people always adopt a student attitude where business forms their curriculum.
Hence, by and large, most entrepreneurs fail the first time they start a business. However, there are some exceptions to this rule as well. If you incorporate these small attitudinal changes within yourself, who knows you may become tomorrow’s success story and shall be regarded as the entrepreneur who never failed or the entrepreneur with the golden touch? The possibilities are truly endless.
Entrepreneurs who survived failures
Now that we have understood that running or managing a business is no rocket science, but a systematic and well planned work, let us look at some of the popular entrepreneurs who survived failures and became the big names of today.
Steve Jobs – The person responsible for taking Apple to the position where it stands today was actually fired by the same company. However, this rejection had no effect on Jobs’ creative abilities and subsequently emerged victorious.
Bill Gates – Founder of Microsoft was a witness to the collapse of his earlier venture ‘Traf-o-data’ which turned out to be a complete disaster. It was the failure of this venture which paved the way to the successful launch of one of the most popular operating systems ‘Microsoft’.
Walt Disney – The man behind the creative animations and cartoons was once fired for lack of creativity which made him close down his earlier venture Laugh-O-Gram. On the verge of becoming bankrupt, he incorporated Walt Disney which took him on the roads of immense success and popularity.