Being an entrepreneur and starting a business is something that comes more naturally to some people than others. However, these days it’s also quite easy to start a business. As a result, even people who aren’t natural entrepreneurs may want to market a skill or idea that they have.
Anyone can start a business. And if you are motivated to, you definitely should. But there are some mistakes that people usually make when starting a business. This article calls your attention to them, so that you can avoid them when starting your own business.
“Doing What You Love”
A piece of advice that is often given to prospective entrepreneurs is that they should do what they love. Here’s where the problem is. Sometimes, people can’t market the things that they love because … well, they aren’t good at it. People love things that they aren’t good at. It doesn’t mean that they should stop doing those things. It just means that they might not be able to make a business out of it.
Not Doing Any Research
People start business without doing any market research and then they’re heart-broken when their business doesn’t do as well as they’d hoped. According to Emmanuel Leslie Addae, a successful entrepreneur, when you’re starting a business, you should first develop a minimum viable product. That is a sample of the product or service that your business is going to be focused around. Then you should test that sample and see if people actually respond to it the way that you hope they will.
You Need To Know Your Own Strengths And Weaknesses
Depending on your personality, you will have different strengths and weaknesses. You need to match your strengths with business model that you’re choosing. For example, if you’re not the friendly/outgoing type of person, opening a retail business where you have to interact heavily with customers may not be the business type for you.
Additionally, if you know your weaknesses when you’re starting a business, you can bring people on who will complement you. You would have people who are good at the things that you’re bad at personally.
Not Making Sure That You Have A Safety Net
If you want to go into business full time, you need to make sure that you have enough capital to get you through the beginning stages of your business. That’s because, 95% of businesses will not make money when they first open (source: the balances mb). An example is Chef Keeks, a talented Ghanaian chef who started a weekend business of creating food pop-ups. According to him, he didn’t turn a profit until his third pop-up.
Not Investing In Marketing
No matter how great your product or service is, if you don’t make an intentional marketing attempt, no one is going to know about it. If you have enough money for a marketing allowance, that’s great. If you don’t, there are still some things that you can you yourself in order to market your business. See the link below;
Bonus tip: you don’t have to do everything alone. In fact, it would be better if you didn’t. Find some help, otherwise you are going to be overwhelmed by the sheer number of things that need to be done.