When you start a new business, you are sure to come across numerous hurdles. And what do you do when you face an obstacle? In most cases, you ask for advice. Be it from a friend or family, or a business mentor, advice may pour in from anyone. But a good resource may not guarantee a good piece of advice.
As the brain behind the start-up, you have the best idea about how to make things work because you are the one who knows best. Though some pieces of advice may work to your advantage, you need to distinguish the ones that aren’t of any help.
Let’s look at a few suggestions that every new entrepreneur had better ignore.
Make A New Attempt. When you leave your job and the life, as you know it, and jump in to create a business of your own, you need to be in love with the idea. If you aren’t passionate about what you want to do, you won’t ever be successful. But what if your new business isn’t doing well and a guide tells you to look for another avenue? Or perhaps, someone notes that it’s because your business doesn’t match the newest trends? No reasons are good enough to make you give up what you love. Don’t do it if you don’t love it; it won’t be successful, because it won’t be satisfactory.
Include New Marketing Strategies. While incorporating newer and dissimilar tactics for marketing your start-up may be a good idea, it may not be easy to do so at the initial stage, especially if you manage everything on your own. It’s best not to bite off more than you can chew; it will only pose problems. Conduct market research to know every detail of your model customer. Use this data to identify the strategies that work best for the target market. Once you start earning, and have put together a team, you can start experimenting with marketing strategies.
Eliminate Associates. Too many cooks spoil the broth; but do they? Many a times, appointing people at the early stage of setting up a business isn’t the best idea. It increases the costs and often the troubles. But at times, it may really be a first-class idea to get a few good hands on deck. A business partner with a set of skills that you don’t have can prove to be a valuable asset. A team with members who specialise in diverse departments can contribute significantly to the efforts you put in to get the business on its feet.
Aim To Make Millions. When you start your venture, you need to get hold of an idea that will generate income. Otherwise, it won’t withstand the test of time. But before you set your profit making goals, make sure they are realistic. Unrealistic monetary goals are often the primary reasons for a failed start-up. Don’t let your aspirations dictate your financial plans alone. Identify the factors that affect income and expenditure, and come up with the figures you will be able to attain. Divide the annual profit making goals into bite-sized pieces that can be achieved.
Choose A Vertical. While it is vital to become an expert in a vertical, it may not be possible on the day you start. To establish your business as a specialised one in the vertical, you need to achieve prominence on the horizontal first. Some businesses, especially the ones that involve new age technology or one-of-its-kind service, need to test the waters first. To do this, thinking to gain reputation in the horizontal base may be essential before the vertical can be won over. A solid business plan is essential, whether you have a vertical or horizontal approach.
Give Up And Get Your Previous Job. What made Walt Disney stick to his ideas of working on his own business until he succeeded? What made Henry Ford come up with as huge a venture as Ford Motor Company after he went broke five times? Grit and determination often do the trick; and you need to have these qualities too. Remember, giving up is easy. You can always go back to your old job and your old life. But just because it is easy, doesn’t mean it is what you should do. A failed attempt doesn’t make a failed entrepreneur, and you will find several examples of it too.
Emphasise On Valuation. Focus on the critical numbers is essential for every new business. But don’t let this dictate your approach. At the end of the day, the relationships you create and nurture are what will get you through. When a business coach advises you to work on the valuation, he/she means well. And it is quite a significant aspect that you need to keep a strict eye on. Just don’t lose focus on the other facets because it alone captures your attention. Dream big, work hard and build relationships to make your start-up a success.
