Things to keep in mind to be an entrepreneur all the time. nbcbangla.com
Failure is not something that you need to consider before becoming an entrepreneur. Previous research has shown that entrepreneurs learn from their failures. Learning from failure transforms their organization into a successful organization. All entrepreneurs or businessmen follow some rules to be successful. Today we will discuss some of the reasons for the failure of entrepreneurs, InshaAllah!
1. Lack of long term business plan-
We start an enterprise or business without thinking about anything. At the starting point of an enterprise or business you need to know where you want your business to look after 2, 5, 10 years. A long-term plan will help you focus on small tasks and keep you from going in the wrong direction.
2. Choosing the right business-
An entrepreneur faces a critical moment when he has to decide, which venture or business to start. Every business has endless possibilities but not every business is right for you. Initiatives can never be taken beyond your means. Before choosing a business, make a decision by doing proper research.
3. Lack of proper planning-
Business planning is crucial for a new venture or business. Most entrepreneurs do not create business plans due to negligence. The plan should include a long-term and short-term strategy. Your business approach will help set goals.
4. Lack of adequate capital-
Starting a business without adequate capital is suicidal. New entrepreneurs are always seen
Depreciates the amount of money needed to run a business smoothly. Due to which they are forced to close the business later.
5. Lack of proper implementation of the plan-
Even a good plan is worthless without proper execution. Even a good plan cannot be implemented due to incompetent leadership.
Hiring the wrong person is not only a waste of resources, it creates a negative work environment. Instead of regretting hiring the wrong person, it is wise to quickly replace the right person with the right one.
. Lack of proper advertising-
Marketing systems are one of the most important pillars of an enterprise or business. Only in the absence of proper marketing do many initiatives fall apart very quickly.
. Expanding business too soon-
Increasing the scope of business is a primary goal of every enterprise. If you can’t increase the scope of business very fast and can’t bear the cost later, the business will close very soon.
After expanding an enterprise or business it becomes more difficult to manage. In case of venture or business expansion, you have to wait for the right time. An example can be given. A whole ship from a pen worth Rs 5 is sold on Amazon. Amazon, however, has only sold books and CDs for the first few years.
9. Undervaluation of business competition-
Why are different entrepreneurs interested in starting a business different from the traditional business concept? The main reason for this is to avoid business competition. Your competitors must understand, have a keen eye on the strengths and weaknesses of the competitors. You must consider them as an important threat.
10. Shutting down an enterprise or business too soon-
It’s really hard to encourage someone in a desperate situation. There is no magic that can transform your failed organization into a successful one. Instead of giving up, learn from your mistakes and make sure they don’t happen again.
Mention your thoughtful comments in the comments.
With your encouragement, I will discuss more aspects of entrepreneurship later.