Mistakes in starting a personal business
All this romance around startups and remote work has created the myth that everything is easy. It is essential to develop an idea, and then everything will work itself out. Because of this, many startups need to correct their mistakes at the beginning. A great idea is not a business startup but an intangible thought in your head. Before you start trying to implement it, it isn’t beneficial.
Another reason for unsuccessful startups is developing a product consumers don’t want. You can have unique ideas, but people don’t want them. The “business is in my blood” syndrome is another sign of a failed startup. How does it manifest itself? In overconfidence. It’s not easy to create indian online casinos with profitable demo slots or coffee shops. You’re likely not going to be successful at it, and you have to be okay with that. When the aspiring businessman thinks he knows everything and will succeed without mistakes, he needs to consider many factors and remember that everything can change a thousand times.
To avoid these mistakes, adhere to the following rules.
Create value for people
Test the idea before you launch. Your product must solve a specific problem in society. Otherwise, you’ll be investing resources into an irrelevant argument.
Answer the question, “What is the value of this product to customers?”
Formulate as simple an answer as possible. The more accessible it is, the easier it is to communicate it to your audience. First, write down a portrait of your customer.
- Who are you creating the product for?
- How solvent is your audience?
- Where can they learn about your product?
Remember the cardinal rule: not all customers will be yours. Therefore, it is essential to find “your own”.
Make test sales. Create a landing page and run a small test marketing campaign to see how your audience responds. Please don’t build a business on guesswork, but base it on the reactions of live people.
Give monetization a head start.
Determine right away how and from where you will generate income.
If you don’t find an answer, your idea isn’t ready to become a “business idea” yet.
When you identify your target audience, tell them about your product. Then, consider a prepayment system to interact with customers immediately.
It’s ideal when you pre-sell the product, even before its release. Then, with the money you get, you start big. If you do it right, you won’t need additional investment.
This rule allows you to find the answer to the critical question: “How do I convince people to buy from you?
Assemble the dream team
A successful project can be created only in a group of committed people. Physically you need help to do everything.
Identify the skills and abilities that your startup needs in the first place. And focus on them when selecting people.
Start with those who organize or help with sales. Few people will last long on sincere enthusiasm, and good work should pay well.
Think through marketing.
A great product that sells itself is a myth. Therefore, set aside amounts for marketing promotions more than for product development.
Think through your promotional strategy right away, even before the official launch.
It’s important to remember that marketing is a dialogue. No businessman has said, “I listen too much to consumers.” Instead, put the customer at the centre and build your work around them. Be willing to listen, analyze and change.
What does the would-be startup entrepreneur do after an idea is born? First, he consults with people around him.
Friends, acquaintances, entrepreneurs, and speakers at conferences can say anything. They can advise, dissuade, give hope, or threaten that nothing will work out. The point is the same – a person loses time in such conversations.
If you have an idea, test it and run it. Nothing stops you – not a lack of money, support or experience. So let a good idea stay in your head.
Carve out an hour and take the first step to get your project off the ground.
Business requires absolute punctuality.
Even the most talented salesman and a very good person, if he is not friendly with punctuality, will ruin and lose “his business”. It is unacceptable to violate work, meetings and negotiations without good reason. If he wants to achieve real success, a business person must strictly keep his word and seal all agreements with a contract. A correctly drawn up agreement is not a sign of distrust to the partner – it’s a regulation of the deal, and observing the rules or the protocol is a sign of maturity of the businessman if the meeting begins and ends strictly according to the regulations, then all participants form a model of the passing of the future deal. Remember that if you miss the plane, it will not come back for you.
Friendship and business should be distinct.
Friendship and business are a rattling cocktail; starting a business with friends never ends peacefully and happily. Starting a business with friends, even with excellent intentions, risks losing both friends and business. General business always generates disagreements that turn into complex and often violent feuds. Therefore, when choosing partners from the very beginning, it is necessary to delineate areas of responsibility and income, sealing all agreements with documents. Otherwise, conflicts are inevitable.
Feel like a customer
Rules created by companies only sometimes work for the greater good. Companies lose billions of dollars because employees try to react to situations according to established rules instead of taking action to resolve the issue. In a moment of confusion, put yourself in your customer’s shoes to evaluate the organization’s performance from the outside. Become a customer of your company for a moment to understand the nonsense of some policies being imposed.
Think about the culture of your company
Every successful company has its values and rules of existence. They are formed based on the importance of the leader of the company. The principles stated by the founder of the business should fascinate the employees. Austerity-prone employees are unlikely to get accustomed to a company where a cheerful attitude prevails.
It should be done first if the businessman still needs to define his values.
Some people dream about what they would do if they won a million. When growing a business from step one, they predict future directions if the company is successful—thinking ahead of time about what will help with development, supporting the growth of the business. Considering the latest achievements and ideas contributes in no small way to future success