Quotation of the day:
If you don't build your dream, someone else will hire you to help them build theirs- Dhirubhai Ambani |

Article Details

Six mistakes to avoid when starting your own business

By Prasanna 30 January 2016

Image Credits: www.fastcompany.com

To give an idea a shape that meets customers' and acknowledges prosper, business is a perfect choice many people do have. It takes days, months or even years to get the insight in arranging bricks for a successful business but getting know about what kinda mistakes to avoid when starting a business adds cherry to the cake.

Don't neglect market research

This is a generic mistake many businesses do again and again, starting a business without prior market research. Is your product suit to the current generation? Is there demand for the product? Underestimating or overestimating the product? Who are your product competitors? Are you tagging the product with correct price?These are the basic questions one has to ask themselves before they are gearing up to start a business.

Don't work without breaks

In the early days of starting a business, many entrepreneurs desperately pour their total energy round the clock in developing the product but forget to take healthy breaks that entertain them. Take breaks to let your creative juices flow, to energize your brain or tap on the ways that boost you physically and mentally.

You may not know everything

A business is a confluence of many aspects where many minds are required to push the exact product out but thinking you are at everything because you are expert at what you are doing is a wrong notion.

Don't take into heart

Your family, friends, well-wishers or people who had been into the days of dusk due to their failure in business delivers tons and tons of speeches suggesting you to take your steps back from starting business. Don't take their words into heart, filter them to inhale only positives and leave negatives behind. Moreover, every entrepreneur is destined to taste such suggestions in their entrepreneurial journey no matter how confident they are about the product.

Stop hiring too early

Hiring employees is an imperative part of a business but hiring too early is never so good. There may be need only for a part time employee in the place of the one you appointed on a full time basis or there is no requirement of an accountant if the total employees count is less than five.

Allot capital for marketing

It means bigger than what it seems. Every, every business needs some marketing based on the product they are offering, region it will work and the audience they are targeting. But many businesses spend their total amount on the product with a thought of adding best to their product but how do people know some business around the world build a very good product they want.