We all understand it is not easy to start your own business. You need to take some crucial decisions at the beginning of the business. And If you fail to take the right path for your startup in the initial days, then it is really tough for your startup to sustain the initial years, let alone the growth period. Even, you are going to be under a lot of pressure when it comes to performing growth tasks in a limited period of time. When you start your own business, it becomes very difficult when you don’t have the right knowledge. There are lots of ideas to start your own business, but implementation is the key to success.
According to research by Entrepreneur.com, 70% of startup businesses fail in the first 5 years due to poor decision-making and common mistakes. There are some common mistakes that every entrepreneur commits.
Skipping the startup planning phase
To start your own business, you need firm planning. If you are jumping on the ground without any planning and strategy, then you are definitely going to lose the match. This is one of the most common mistakes that every entrepreneur commits. If you have a great business idea, then it is very important that you do proper market research. If you notice a similar business, then try to differentiate your business from your competitor before working further on your business idea.
Not setting goals for your own business
For an entrepreneur, The business idea is the key to starting your own business but setting the right goals will only take your business idea in the right direction. This will also help you to track day-to-day operations for your business. It is very important that you identify the smart goals that would be beneficial for your business. Make sure that you outlined every step that will help you to achieve your business goals.
When you start your own business, one thing that you should never forget is to use the right and latest technology. Embracing new technology will help you get a new opportunity. If you are using a traditional method and using outdated technology, then you are never going to get the success that you want. New technology might be intimidating at first, but if you learn it properly then you are going to take your business to the next level.
Not Marketing your startup
If the customers have no idea about your existence, then you are the one who will face problems. There are so many types of marketing and using the right marketing strategy will help you achieve success. Choose the best marketing that is suitable for target audiences and businesses. Don’t keep this assumption that you don’t need a market and businesses are going to come, then you are wrong.
Not identifying target customers
Identifying your target audience is the very first thing that you need to do when you start your own business. If you want your marketing campaign to get successful then you really need to understand who is your ideal and potential customer for this business idea. This can only be possible if you are doing the right market research. Identifying the different platforms where you are able to get your potential customers for your business idea is crucial for every entrepreneur.
Every entrepreneur makes mistakes while starting a startup. The key to a successful business is consistently working toward it. If you remain resilient and work towards the business idea while avoiding the obvious mistakes of an entrepreneur, then success will be within your reach.
Conclusion
Mistakes help us learn, But they should not be obviously avoidable
The moral of the story is, Mistakes are unavoidable when starting something new like a startup. But with the help a little from Industry experts, You can always avoid mistakes. When you join the 7k Startup program, we hold your hand to convert your business idea into a success story. We help you avoid obvious mistakes by preparing a proper launch strategy for your own business. It’s like a “startup in the box” system for the non-technical founder.
So what is
7k Startup is a unique technology-focused Startup program, which lets tech startups leverage the experience and skills acquired by the DesignersX team for their lean startup strategy. At the core of the program is MVP development of the startup product idea which is planned and executed by an experienced and skilled based on the startup product idea.
We also fund Startups for $50,000 worth of development services to build the final & polished product if the startup achieves the agreed-upon goal of market acquisition.
