Failure is and has always has been a part of life. As an entrepreneur in the 21st century, it is necessary to learn valuable lessons from your failed entrepreneurship projects. And one must always be open to learning and gathering knowledge.
Here are some of the mistakes which entrepreneurs do not realise in the initial phases of their entrepreneurial pursuit:
Extravagant budgetary spends
You received the much-awaited seed funding, great! But that doesn’t give you the licence to spend magnanimously. Case in example is, Hiten Shah, co-founder of Crazy Egg and KISSmetrics, who, along with his business partner, spent around $1 million long to develop ‘the perfect website’, without realising the consequences. Their first startup failed miserably because of this.
Irregular reading habit
You must continue with your process of learning – be aware about the market trends and technological advancements relevant to your business. Hence, imbibe the quality of a voracious reader, and broaden your reading horizon to multiple genres and segments.
Overlooking the king – the customers
The co-founder of Zipcar, Robin Chase said that their biggest mistake was that they took customer feedback only after they were done making the website. Always be attuned to your customer’s needs, preferences and queries. Learn about the market needs first, and then start building a platform for your business, especially online ones.
Poor marketing skills
A company must indulge in rigorous and effective marketing processes in order to build a good base of customers. If you want your company to stay solvent and make profits, great marketing campaigns are a necessity. A product does not need to be perfect to sell if wonderful marketing schemes are followed.
It is after all, the quest and hunger to taste success which can drive you to un-follow the above problems if you are following them already. Learn while you are young if you want to shine in today’s market.
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