Success of a business
depends upon many factors. A crucial one of these is your attitude and vision
as an entrepreneur. Starting up your own business is an exciting idea but also
somewhat unnerving. You may be new to the game or facing new challenges. The
question becomes: how does an entrepreneur make his or her business successful?
On the basis of studies
conducted by the University of Tennessee and Gallup research, here is a list of
key pitfalls every entrepreneur should avoid in order to make his/her venture
successful.
- Lack of Vision- Why do you want to start a business? What are your goals and priorities? You should have logical and sound answers to these questions. It defines your vision as an entrepreneur and gives direction to your venture. If you are unsure about your vision, your business has dim chances of survival.
- Lack of Human Element in the Business- The human element of a business involves a sense of fulfillment for the entrepreneur and any contractors or employees. It can also reflect your clients' desires and needs. It tends to involve a "greater purpose", something more important than simple profit. It brings value to your services and client loyalty to your business. If a business ignores the importance of human element, the prospect of success is low. Sure, making money is a principal objective of your business; but when it becomes an obsession, human element evaporates from the business. The result is that customer, vendor, or employee relations may get impaired. This can kill your business. In order to avoid this, you must give due attention to customer expectations while making decisions and provide opportunity for yourself, your vendors, and/or your employees to meet a higher more valuable need while supporting your business.
- No Research before Starting Business- It is recommended that you do some research about the area of business you want to enter. It will give you a better view of your particular industry and help you proceed carefully so that you garner positive outcomes along the way. If you take the plunge before doing any research, you might jeopardize your venture by starting up from the wrong location or launching wrong products and services with no demand.
- Counter-productive Ideas- For the success of a business, you must have ideas that unify and make sense for your business objectives rather than ones that are counter productive. Having too many unrelated ideas is unlikely to give right direction to your venture.
- Lack of Patience- Success is not an instant phenomenon. It takes time. You might have a great idea and expect success to follow immediately, but in business you have to be patient. It takes time for a business to settle and make a reputable place in the market. Give some time to your business by adopting a wait and watch strategy. If you give up early on due to lack of patience, your business can never flourish.
- Bad Budgeting- Before starting up a business, you must keep aside your personal and family expenses and ensure that you have a separate budget for business. In the absence of proper budgeting, you might be compelled to take hasty decisions in order to manage your expenses. It can prove detrimental to the progress of your business.
- Too Much Confidence- If you are too confident about your ideas and abilities in running your business, you may miss out on tips and advice from experienced mentors. He/she might give you some practical advice about running your business which can prove beneficial for you in the future. Also, knowing where your weaknesses lie can help you to hire or outsource to compensate for them.
- No Knowledge of Market- It is recommended that you are aware of the market trends before you start your business. Be familiar with the potential market needs and your competitors in the market. It will help you assess the market well and do better business.
- Obsession with Your Product/Service- Often, entrepreneurs get obsessed with their product or service thinking that it is perfect. They may ignore feedback from their customers which is harmful for the business. Your product or service is being used by your customers, so only they can tell you whether it is good or not. Assess the feedback of your clients or customers and determine if it points out a valid area needing improvement -- and then improve.
- Desire to Control- In the beginning, you can manage various things without anyone’s help, but this is not possible when your business expands. You must accept this fact and hire an efficient team to do different kinds of tasks. If you desire to control everything single-handedly, it will take away your focus from more important things which are critical for a growing business.
No one can really predict
whether or not your business will be successful. Avoiding these pitfalls can
give you a head start and help you achieve the success you desire. For more
information and business tips, please visit Kowerk's blog at http://www.officespaceinwestpalmbeach.com/blog/,
where COST EFFECTIVE SOLUTIONS FOR BUSINESS NEEDS can be found.
