A success and invest too much money in

A journey to be an entrepreneur is
easy to begin when you know how to prepare yourself to fight in the real
business. Many people have a hunger for success and invest too much money in
order to get the success quickly, on the other hand, they are lack of experience,
failing to see the future market, no data how to analyze the product, and
handle everything alone, in terms of running the business.

Therefore, if you want to become an
entrepreneur, first of all, you need get ready first before you step out to fight
with the competitor. There are many books have been written how to become a
successful entrepreneur but they have never mentioned concrete points where we
many entrepreneurs experience in making mistakes before they succeed in their
business.

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After interviewing and researching
from the potential sources, there are 10 common mistakes that fresh
entrepreneurs faced in startup business.

1.Lack of experience:  many people eagerly want to startup business
but they forget to think that they are lack of experience in terms of running
business. When they have a problem, most of them are not able to handle the
problem by themselves. As a result, they completely start to get stressed and
unmotivated to pursue their business. According to Mrs. Vibol, a director of
auction real estate company says “if they don’t have any experience in terms of
running the business, they are more likely to fail at the beginning. Because
they can’t handle the problem.” Advice from her success, “Before jump into the
startup business, young startups have to be ready and learn to understand the
market needs”

2.Think Money Solve Problem:
many entrepreneurs think that when they faced the problem, they have to invest
more money into their business to actually solve problem. But the fact is that
it doesn’t work in that way. According to entrepreneur article, it can’t solve
your fundamental issues with a business model, says Cater Cast, professor of
entrepreneurship at Kellogg school of management and venture partner at
Chicago-Based Priztker Group Venture Capital.

“If your business model isn’t sound, throwing money at it is
not going to work,” Cast says. “You have to fix the
problem first, and then raise the money. Doing it the other way
around will only get you in more trouble.”

3.Fearing of failure: Failing
is scary for those who want it to be perfect. Many people are fearful of
failing. In other words, there are many successful entrepreneurs become fortune
and wealthy because they failed many times in business, but it didn’t make them
give up on doing from what they want. They failed but they didn’t repeat the
same mistakes.

According to entrepreneur article, change the mindset. You
didn’t fail — you ran an experiment that will improve your next
business. “It’s learning,” Kamil says. “Although it hurts a
little bit each time, now you’ve learned something, and you can apply that
lesson to move forward and make your business better.”

4.No marketing Research: most
people start business without doing the marketing research which is against the
law of principle of marketing. In world of economy, the market keeps changing. Because
when you do marketing research, it enables you to understand the market needs
what product should you bring into the market and help you to see what
consumers need from the product. Because the market works depend on the
consumer. According to Mrs. Vibol, a director of auction real estate company
says, “She failed her business because she didn’t do the marketing research;
She thought if she had money, she could run the business successfully; In reality,
it didn’t work out, because what she did, everyone also did the same as well;
It means that her products are over supplier.” In order to make your business
or startup sustainably, you have to do marketing research. Once you get data,
you will see the opportunity.

5.No technical person: If
you run business without any technical person to support you business, you
highly take risk on your business. The reason is that technical person can
actually help you to look after your product perfectly good. More importantly,
it enables you to understand the cost how much you should fix while it has a
problem. According to Mrs. Vibol, a director of auction real estate company advices,
before she succeed in doing business “In order to get out of the breakeven
point, young startup has to recruit the technical person to work with;
therefore, they can survive for running the business.”

6.Failing to listen: many
young entrepreneurs think that they know their product is good already and they
don’t really want to listen to get feedback from the customers. As the result,
they face the issues of making less profit not to understand the consumer wants
from the product in the market. According to Harvard Business Review, “Listen to the feedback from the
customers and reshape your idea and your product to fit what they actually
want,” one interviewee advised. Another described the process this way: “It’s
really all about understanding what the pain point is in the marketplace, and
the best way to do that is to talk to prospects and validate, validate,
validate your idea.” As one U.S. 

7.Not setting goal: many
young startups failed to set up plan in terms of setting goal. When they don’t
have a goal setting, it means that they have no direction of accomplishment of
their business. Why is goal setting so important? According to the balance, goals can give you direction when you
first start your business, then keep you on track during the day-to-day
operations.

8.Not making any commitment:
commitment is the mother of success. Most of the time, we can see many young
startups failed in business because they don’t have a strong commitment to
continue doing their business. Thus, the result of failure rate is high. As a
long the way, in a practical business, they make mistakes but if they
constantly improving their mistake, the rate of success will be high.

9.Handling money incorrectly.
When it comes to startups, having money is very
much a big deal and it needs proper handling. One of the biggest mistakes is
spending too much, which may occur when a business owner or founder becomes
overly eager and hires a ton of people. At first, the entrepreneurs may believe
all the new employees are needed. But this will just mean burning through the
startup’s finances faster. To avoid this, hire those only those truly needed
and take staffing up step by step. According to entrepreneur article.

10.Choosing the wrong location. Setting up shop in the right location is
key, considering the cost and the geoposition of potential customers and
the industry as a whole, according to entrepreneur article.

 

In conclusion

Success is easy to say for people
but in a practical, running business is challenging, launching startup is more
difficult. In order to be sustainable or successful, there are 10 common
mistakes that young startup need to be aware of these things. Therefore, lack
of experience, think money solve problem, fearing of failure, no marking research,
no technical person, failing to listen, not setting goal, not making any
commitment, handling money incorrectly, and choosing the wrong location.

The successful young startup who
wishes to be strong, there should be avoiding 10 common mistakes that we have
been written. Thus, you will be surprised if you try to avoid these. We
strongly suggest you to find expert in any filed for your particular business
to seek for more advice as you will get more experience in terms of running
business. Success comes when you don’t repeat the same mistake like failed
startup.