Business, what is business and failure?
The answer is buying and selling products and services is business theoretically. But in practical life business is something that cannot be explained in words but every businessman can feel it.
Every person once in his life wants to become a businessman and many have the guts to start and wanted to do. But due to some reason they fail, and their dream to become a businessman is broken into pieces.
A business is like a temple and the customers are the god. If you treat and fulfill all their wants and needs and worship it as a temple. Then eventually you will grow and become a successful businessman.
But some mistakes are commonly made by every entrepreneur. They don’t realize it as soon as possible and eventually, they l and blame their luck.
So in this article, I will discuss the top five mistakes and solutions that you should keep in mind. If you want to grow your business and want to become a successful entrepreneur.
LACK OF RESEARCH.
The most important and first thing that you should do before taking any step or starting a business is to make research on the market. Research is the most important thing.
It is considered in a business for every step that should be taken. If a new startup manufactures a new product or provides some new services then it should make research on the market that whether its product or service will be successful or not, and whether any competitor is already present in the market with much better specs and prices than if the new startup launches the product then it will not be successful.
Nowadays so many ways are there to do market research you can google it on your computer or you can use social media to research the demand for that product or service or you can reach a market research company whose business is to do market research and give the important information to the need one; so that the product or service can be successful.
NOT HAVING A CORRECT BUSINESS PLAN.
Not having a correct business plan. What does it mean, Let’s take an example if your friend says that he has a good business idea and you both get excited and started the business thinking that it will be successful.
It is a wrong step and if you do this kind of thing then the most possible thing that can happen is failure, business is not done in such a way and it is the biggest mistake that a newcomer does and eventually gets failed.
You should do good strong research and you should write the businesses plan on a piece of paper.
Why paper when a human writes his or her brain work at a very fast rate due to which new ideas and to interpret the plains became easier and by writing on a paper you will come to know whether your business will give you a return on your investment that you have invested. So make a proper business plan before starting a business.
FINANCIAL MISMANAGEMENT
Money/finance the fuel of the business vehicle. If an entrepreneur wants to start a business the most and the finest thing to start is money or finance. And here the third mistake takes place, if you want to start a business then you should keep in mind how much is your budget and how much can you invest in this business and how much your finance support this business, and the capacity to do this.
If you start your business and put all your savings and lots of time into it and then you realize that you need more money to grow this business and you cant effort at that point most of the people leave the business and it becomes a business failure.
So you should do proper research, and planning o that business, and then you have to plan the finance so that it doesn’t become any hurdle to you, you can properly utilize the fund so that you can get a good return out of it.
Nowadays there are many hands available to help one with the financing you can take help from a bank and they will help you out in planning your finances.
POOR MARKETING.
Marketing is one of the most important components of the business it is the action or business of promoting and selling products or services. It includes market research and advertising.
If any business is booming in the market only because of marketing. If there are no sales in your business then your business is nothing. In a business, the sale is very important and sales can only be achieved by marketing.
For example, if apple manufactures iPhone 16 pro max but doesn’t do marketing and just launches it in the market. Then no one is going to buy the phone, So marketing is important for sales and sales.
It is important for the business that without these two things the business is nothing. Nowadays there are many ways to do marketing from social media to television there are many options to do marketing.
NOT ASKING FOR SUPPORT.
When someone starts a business he or she can’t be successful in just one night. He or she should have patients and should take support from other people. They are already well-settled in their field of business.
But people hesitate to outreach others and ask for support from them because it’s their ego that comes between them.
Nowadays no one cares about others without profit so if you want to grow up. You have to fall first to others who can help you and can support you. Without support, no business is going to be successful.
Let me tell my own story, when I started my youtube channel to do interviews with other people. I use to out each thirty to forty people in a single from which only two or three people responded, and in this way.
I started and now people use to outreach me. So that I can take their interviews, this is the power of outreach.
Conclusion
So, in the end, I will suggest this important point. It is necessary to look at it and then you will be successful in your business. I also suggest that you should study the case study of other businesses so that you can learn the technics that are used by them as we all know learning is the key to earning.
Here I have discussed only five major points but there are many more points that you should know, and if you want to ask any questions then do comment.
Thank you guys for your patients and the effort that you have put to read this article I hope that I was knowledgeable for you and I hope that I was able to put value in your life, and I hope that you all will be successful full one day and all my best wishes are with you.
If you want to learn more knowledgeable things like investments, and skills. I want to watch interviews with celebrities, etc you can subscribe to my youtube channel Chetan Agarwal. You will find so many good videos which will be helpful for you.
