Tags: business, Business- Failure, Enterprise, Entrepreneurship
Business World is full of challenges. It’s no easy thing to be an entrepreneur. There’s a lot going on in your mind and it’s difficult to find time to collect your thoughts and think calmly as to where your business is headed.
Through the course of this article, we’ll discuss 6 reasons that lead to the downfall of many talented entrepreneurs.
We look at things and form a certain perspective of them. From that point on, our decisions are influenced by the same understanding. But what if that viewpoint were to a miscalculated one?
In a business environment, such mistakes could be the difference between success and failure. Many entrepreneurs have admitted how they failed or incurred huge losses simply because they shunned themselves from the outside world.
The fact is that entrepreneurs consider merely conferring an idea as a confirmation of their incompetence in a certain domain. But this thinking can be problematic.
As an entrepreneur, you have to be honest with yourself and really think long and hard about the consequences of your decisions. Put your ego aside and start listening to other, even if their opposing views.
It’s often said that quality results require costly investments. A number of entrepreneurs tend to be hell-bent on working with the same resources despite seeing no change in the outcome. Part of that has to do with budget and part maybe with vain hope.
Entrepreneurs have to be realistic though. Time doesn’t stop for anybody. So if you think a skillful resource can help you attain desired results, then, by all means, go ahead and hire one.
Yes, it’ll be heavy on your budget early on, but the same cost could multiply manifolds over time with a lack of talent in your staff.
There’s a sense of helplessness about most entrepreneurs when it comes to attempting things that they don’t qualify for. To a degree, it’s justifiable that they want to influence every sphere of activity in their company. But the problem arises when they overdo it.
A better approach would be to test out a job that you’re trying to influence. If you’re able to grasp the know-how’s without too much difficulty, then you may well go ahead performing on your own.
If it’s too complicated, put it off or have someone else do it for you. It’s often this readiness to do everything on your own and not asking for outside help, that leads to entrepreneurs feeling knackered all the time.
A business is nothing without its customers. Whatever it aspires to achieve can only be made possible if it has a cheerful customer base. Still, no matter how satisfied your audience is with your services, it could all go wrong very quickly if you decide to rest on your laurels.
There comes a time when a business scales and starts to imagine it has it all figured out. That’s when it’s at its most vulnerable. A number of entrepreneurs have been guilty of not knowing the customer opinion prior to implementing new policies. The solution lies in timely communication.
If you think that a policy change you’ve been contemplating for a long time is going to impact your audience’s decision making, then have it communicated to them properly.
Understanding customer behavior goes a long way in ensuring the successful run of a business. It’s one thing you don’t want to gamble on.
The process defines how people go about doing their job in the business. It also lays down every individual’s role and responsibility. When it comes to following the process, there’s often a temptation to overlook it.
People prefer to have some flexibility. Over time, reluctance to follow the process in full can lead to its complete avoidance. That’s the situation you want to avoid in your business.
A business without process won’t have a clear direction and you’ll find it difficult to hold anyone accountable for any mishaps or discrepancies in the workflow. Try to have maximum possible adherence to the process in your business.
Your startup isn’t just about doing right things right. The business world can be very unpredictable. The entrepreneur has the responsibility of guiding the startup safely out of such situations. But not everyone can.
The unsuccessful entrepreneurs fail to pivot because they fail to see the shifting patterns of business and persist in their ill-fated course. The dynamics of business-world take everyone by surprise at some point in time. Letting your guard down and thinking you have everything figured out is sure to get you in trouble.
As mentioned earlier, being an entrepreneur is a cumbersome task. Very few are able to crack the code and take their business to the much-desirable dizzy heights.
Did you have it easy when you started up as an entrepreneur? Have you come across the situations highlighted above. Let us know how they affected your run as an entrepreneur in the comments section below:
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Tags: audiences, business, Capital, Enterprise, investments, Prototype, startups, Tips
Raising capital has always been a challenge for enterprises and more so for startups! You want to approach investors? But don’t know how to reach out to them? Do you need certain as death and taxes, capital raising game plan?This blog is going to offer you some of the coolest and tested tips about raising capital!Unbelievable… Right?
Get amazed by just spending 5 crucial minutes of yours and know even the tiniest of details about Capital Raising. Still, in doubt why should you believe us? We are APPTUNIX, we are known to explore the deepest, buried and darkest of secrets and present it to our audiences. Capital Raising has always been considered as a fundamental act for enterprises.Most of the time, efforts, and energy of the startup owner is spent on building strategies that will gain traction and attract funds.I know… Right?
Various processes are also evolved with a view to get funds from venture capitalists, angel investors and by attending conferences (for the sake of impressing important people to join their enterprises as investors).
Apptunix, a smart iphone app development company knows how important it is to raise capital for your project.With a belief to procure some capital in their hands, these entrepreneur spend countless hours pondering how to refine their models of business.The startups need empowerment to reform their game/business plans, build strategies and intentions to move ahead with the right attitude in the market.
A structured approach is also called for to help them spot their prospects and potential investors – the ones who are in search of ventures, which are worthy of their investments. Here are some steps to ace your strategy for young entrepreneurs seeking capital acq uisition.
Merely having an idea is not going to make funds fly to you. The deeper you dig your idea the better it is going to be for you. Food for thought – always break your idea in small bits and parts so that you could engineer the uniqueness of it.You have to be on the ball about the solution you are bringing to the problems.
It is very important to identify the USP of your idea and how does it make you stand out from the crowd.You will have to find out what is your ‘Most Unique Feature’ that helps you stand out from others.Apptunix, best Mobile application development company can assist you in doing all the extra homework required for you to dig deep.
After identifying the ‘X Factor’ of your idea, now it’s your turn to build a prototype to grab the attention of your potential investors.This doesn’t mean that you splurge your money and make a final product out of your idea.Just a Minimum Viable Product with functionality detailing its use would do. A piece of advice – investors always appreciate things that are tangible as it gives them a fair understanding of the product and its functionality.
So putting together your ideas on a desk, photoshop or by wire-framing on paper will make you take the first step on the ladder to impress your investor.The developers are no longer tech savvy nerds sitting in their basement and coding.Many iOS developers now build MVP which clearly explains the features of your future product.
Your audiences have been your biggest critic as they will give you their unbiased thoughts. Approach some of your loyal customers and users to get their opinion about the new prototype.It is very important to examine their reaction and also to know if they’d like to use your product or not.Our smart strategy as being world class android app development company is that we always take our users’ feedback seriously.
Spreading the word out to the world about your product is the next big challenge.
Being fully prepared to win the battle and making sure that all the weapons are in your arsenal is a must.We are the leading mobile application development company, and we have promoted Apptunix with the help of various social media platforms.Shouting out loud about your product on various social media domains, by press releases or even by blogs, you can help your startup or product amongst the ‘most talked about topics’. A good chunk of users making a worthy customer base for your product is what you need at this point.
Unfortunately if even after putting in so much of efforts you fail to get potential users then you would have to walk the road of “reassessing – redefining- recreating and restarting” again.
At this point of time, you are confident about your product has legs of its own and also that it has managed to walk a mile or two and attract a good chunk of customers on the shoulders of its uniqueness and convenience.This is that stage where you have to move your idea along the continuum for it to now establish itself into a business.
It is also about time, to figure out different categories of your stakeholders.Monetizing your idea by considering various parameters and to negotiate your way through different hindrances in order to make profit is how you are going to roll your ball.
Herein you have to prepare a simple pitch touching on points like – product description, product features, the result obtained by the market research, traction levels, size of your market and about your team – as investors are going to buy your concept only if they bestow their trust on you.If you’d touch them at personal level mentioning about your team – they will feel they know you, trust you and will be easier for them to invest their money on you.
Look out for investors in the incubation center of universities, on angel investors networks, linkedIn, by attending seminars/conferences or by simpling joining an accelerator programme.Nowadays many Mobile App Development Company are doing very well in finding their angel investors and building top-notch mobile apps.
Getting money from someone else’s pocket is not a cake walk.Trust plays a vital role in convincing investors to believe in your idea and put their money in it.This is the phase where you have to act all smart.When you are finally in front of the investors, try to showcase your thoughtfulness, intelligence, and diligence to gauge trust of your investor.Be prepared with the possible questions that investors may ask and with solid answers.
Equal efforts need to be done on the product.Keep on improvising and refining your product, because if your product looks good, so does your speech, so does your idea and so do you.These are the major steps that a startup can follow to raise capital for your product. In this whole approach, an entrepreneurs has to have a lion-heart, if he fails once, he should not give up.The motto is – if you have fallen down, get up, wipe the dust off and walk again. These are just tried and tested methodologies which can be of immense importance and a great guideline for young minds!