“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations. “-Steve Jobs
Business is business. And however simple the definition of business may be business is by the same definition a very complicated thing to deal with. There are so many concepts contained in this small phrase, that it’s a wonder how dedicated, brave, or even desperate you have to be to decide to start your own business.
The premise is really discouraging, surprising and frustrating at the same time: almost half of all businesses fail within the first 3 years of their operation. This cannot be simply a matter of chance and circumstance. Lady luck certainly does play its part, but in all cases the harsh reality is that errors had been made, either from the start, or in the course of things, and all experts agree on that.
So here is a concise list of things you should avoid when running your start up business:
1. Don’t fail to connect your product to the market.
You may feel certain that you have discovered the atom, or that your offer will dazzle the world. It’s only natural: it’s your dream and your idea. Unfortunately, things rarely work out this way, so be sure that you know to the last detail what exactly it is you’re offering, and to whom. Then spend as much time, effort and money as possible to do the best market research you can do.
2. Don’t be afraid of change and evolution, adapt and innovate.
It is incredible how soon consumers get bored with everything new that comes to the market. The rapid advancement of technology and the frenzied rhythms of life call for non-stop change, and the hunt for cheap thrills, occasionally even if this means sacrificing quality. Car factories come up with a new model every year, any piece of clothing that is more than 3 years old is called “vintage”, trends in entertainment and lifestyle vary enormously and seem to be changing every day, and a galaxy of ideas shine on the Internet 24-7. But how do you know when the time is right for advancement? This obscure point, commonly referred to as a “glass ceiling” can only be detected and breached by a perceptive entrepreneur, aided by a group of qualified, dedicated, and deserving employees.
3. Don’t need Marketing of any kind? Not a chance!
From the conventional forms of classic advertising, to the traditional path of “word of mouth”, and to the unlimited possibilities of Internet marketing, you have no chance in the world to get anywhere without employing some form of promotion for you product or service. Depending on your field of business, you decide what the best type of advertising is for you, but don’t ever expect business to come to you, if the market doesn’t even know you exist
4. Planning, defining a strategy and a budget? What for?
This might sound a little funny, if not hilarious, to anyone who knows even the basics about economics and business. Believe it or not, though, a very large percent of small business owners (for larger businesses this is unthinkable) make this tragic mistake, and they pay it dearly. A business plan, a strategic plan, and a budget are, of course, three different things; but-alas-people who think this way usually ignore all three. Usually solepreneurs, they are often bored with the procedure, even though it’s not so difficult, at least at an elementary stage. Or again, they might be so eager and enthusiastic about their project, that these concepts seem of rather secondary importance. In reality, starting this way is like setting off to cross the Atlantic, without checking your supplies, without navigation instruments and maps, and without checking if your ship is in good condition or full of holes and rats. Only a mere 5-8% of businesses that start this way survive the first year.
5. Technology: a blessing or a curse?
If the application of Technology is all Greek to you, then you are in a tight spot in today’s world of business. Whether you fear technology or you just don’t understand it, and are unable to catch up with it, sound the alarm in your mind, and do something about it immediately. There are countless courses you can take, and most of them are almost free. Find a friend to assist you, and develop your computer skills. Regardless of your workplace, everything goes through these brilliant machines nowadays, and doing business without them is like working with one hand!