Mistakes new entrepreneurs make when they start any new business

The truth is cold and hard when it comes to starting up a new business. It means nine out of ten ideas fail. And this report is not an assumption; it is according to the multiple estimates. No doubt, handling a business is quite a challenging task no matter how many companies you have worked for, how many business degrees you have, and you have vast experience in this field.

There is no second thought that start-ups are focused on starting the business. But most often they make mistakes, and you will be surprised to know that all these mistakes are the same which other entrepreneurs have made in the past.

So, if you are a passionate and focused individual who wants to start his own business, consider these below points so that your business will flourish:-

1. Skipping in-depth research and business planning

No doubt, solid business planning and thorough analysis eventually determine the start-up success. This business plan will fully define the main motive of the company, goals, target audience, staff, etc. 

So, if you are a passionate entrepreneur, then first try to examine the business with research and plan.

2. Creating a unique value proposition for customers in product or service

There is one famous saying by Reid Hoffman: “if you are not embarrassed by the first version of your product or service, then you have launched too late". Thinking about inventing something unique, but not use will not land you anywhere. So, ensure that first start with a lighter version and then go ahead.

3. Know it all factor due to lack of failures

As a first-time entrepreneur, pretending as you know everything is one of the biggest mistakes you are doing, which is not the good sign of a successful businessman. However, you have to keep one's feet on the ground to gain more experience and learn new things.

4. Failing to understand the need for quality over quantity

After launching any of the products, start-ups try to increase sales by adopting various methods like online marketing, advertisement, etc. But on the whole, they ignore quality over quantity due to which their product no doubt gets launched, but within a matter of time, the profit is zero.

So, consider quality first as customers look for it no matter what the price is.

5. Discipline with persistence and passion

Passion, persistence and working with discipline is a simple yet most vital factor that makes a true entrepreneur. And if these qualities are missing in start-ups, then they are making a big mistake in handling their business with perfection.

As a start-up, you need more focus on discipline and should not leave any scope for being ignorant at any point in time. As these qualities help the entrepreneur to face the toughest challenges of business with strength and positive attitude.

6. Starting under pressure or to show off and not examining the reason, their core strengths or passion

Many times, people just start the business considering the other person’s perception without thinking about their own core strengths and weaknesses. In this case, individuals can set up business success but are not able to manage various things. So, overall you can say that this is the biggest mistake entrepreneurs make. You should first analyse your passion and strength to become successful rather than following the crowd.

Nobody has any magic formula for the first time start-up, but if they consider these above points, they will surely be on the path to make their business successful.

Ayush Mathur, Business growth consultant, IT consultant, Online business consultant