Starting a new business is always an exciting opportunity. But there is another statistic which makes the task a rather daunting one: 66 percent of businesses fail within the first 8 years. There is an assumption that the majority of businesses be unsuccessful because of external factors but isn’t the case. Failure is almost always due to internal factors.
Let us take a look at the top 8 mistakes:
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Big plans and even bigger ideas
Start small and be practical about it. There is no point in having illusions of greatness otherwise, you’ll never get started. Give yourself a sense of direction and set day-to-day goals. Thinking too far ahead will result in needless tension and paralyze you from achieving the small goals.
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Getting carried away by excitement
It’s absolutely normal for you to be excited, but not everyone around you will share the same emotion. In today’s world, people are always comparing themselves to each other and also sometimes secretly hoping that you fail. It’s all natural human emotion. Don’t let yourself get carried away and be ready to face negativity and criticism from close friends and family members.
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Focusing on the product more than the client
It’s okay to be zealous about your product. You’ve devoted your time and energy to it to make it the best of its kind. But, here is another statistic, the product makes up for only 10 percent of your business’s success, the rest 90 percent is accounted for in sales and marketing. So the first step would be to fall in love with your client, learn everything there is to know about them and connect with them.
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Being frugal
“It takes money to make money” is an old saying which could not be truer. In any big business, there are so many ways to spend your money, but the three most important are people, marketing, and personal growth. The largest portion of operating costs will be spent in the form of wages and salaries, so it is absolutely essential to get your hiring right. One bad hiring can sink the whole ship, figuratively speaking, or delay and slowdown the entire operation. Investing up-front in quality people is one of the best advantages to your business.
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Doing it all by yourself
Trying to do everything yourself will cost you; your personal life, your business, your health and your dreams. So don’t do it. You have to permit your business to grow beyond you. Imagine yourself as the head coach, your main job is to draft the game plan, hire the players and make sure that you train and equip them to play their best. All you have to do then is to watch from the sidelines. Managing everything all by yourself will unnecessarily delay the growth of your company.
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Not seeking help that you need
You may be good, but in order to become great, you need help. Just like every other superstar. Use the aid of books, videos, audio programs, and seminars which will help you develop beyond your existing level of triumph. So if you have a problem, be smart enough to ask for help. For every problem, there is a solution. All you have to do is search for it.
So now that you know what all to avoid, and how to go about it all, what are you waiting for? Get ready to soar high!
