The launch of ‘Startup India, Stand up India’
has opened up opportunities for the wannabe entrepreneurs and many of them are
waiting for their wings to spread out. They want their ideas to float in the
world and they are waiting to showcase what they have got. They must be willing
to take the entrepreneurial leap and start their own ventures. But the most
experienced professionals will tell you that it is a tricky choice to be an
entrepreneur. There are many things that you have to take along and think about
to succeed. There is an equally lengthy list of things you must NOT do at any
cost if you want your venture to survive. So in a bid to empower the budding
entrepreneurs, viable and most informed business decisions are to be taken.
Here are a few things that you need to avoid like a plague if you want your
venture to succeed.
1. Half prepared entry
This is one of the most elementary mistakes a
budding entrepreneur can make. You need to keep certain factors to ensure that
you are well prepared to enter the industry. All the things like a viable
revenue model, future strategies, evolution strategies etc. need to be
addressed before taking a dive into the entrepreneurial world.
2. Ignore the value of
analytics and research
This is another easily avoidable mistake that
most of the entrepreneurs starting their own business make. They need to make a
pivotal data analytics and market research of your industry. It can also help
in identifying the large demographic areas for your product or service.
3. Modelling your
business on short term trends
Jumping on board with a popular bandwagon is
easily the stupidest of the things to do. It is a pit that entrepreneurs end up
jumping into. Most of these startups often fail to survive beyond a few initial
years. Therefore, if you are in for a long haul, always devise your products to
address market gaps instead of trends.
4. More than just
another job
Most entrepreneurs start their own business for
a job for themselves and escape their tedious jobs. This can hamper the growth of
a startup. An entrepreneur must look to evolve his business and adapt to the
changes.
5. Focusing too much
on the idea and not enough on the team
A great business comes from its idea and it is
equally important to have an efficient team. With a good business idea and an
inefficient team, no one can do anything to grow. The business will stagnate.
You need to hire individuals to work efficiently and support your venture’s
long term vision.
6. Focusing on short
term gains
Many entrepreneurs lose the sight of bigger
picture in favour of the short term gains. This leads to emphasis on short term
gains and the effort that should have gone in building long term gains goes
into the shorter ones. This reduces the development of the startups.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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