Many start-ups come and go, without even catching public attention. You don’t want yours to be like that, do you?
Nobody thinks of the steps that can end up ruining your plans, right? Afterall, who wants to be negative! It is quite easier to remember the things that you should not do and that ways, you’ll automatically find yourself doing all the things you should do. So, before taking your final step, make sure you know a little more about business.
Firstly we need to see, that, what kind of business you are starting up. If we go by the statistics, then 44% of health, education and agriculture, 53% of construction and retail, and 63% of IT businesses had to shut down in less than 4 years. It’s better to take the risk wisely.
What we always fear when we start up a business is neglect, fraud and disaster, but the fact is that only 1% of businesses fail due to them. The main cause for failure of a business start up is incompetence. 46% of start ups fail due to Emotional Pricing, No knowledge of Pricing, Non-payment of taxes, No knowledge of financing and no experience of record keeping.
One has to strictly take care of the expansion. It should not be too rapid. Also, one should make sure that there are no inadequate borrowings and credit granting practices. He must be well aware of each and everything that goes on in the field he wants to grow in and should accept that once he’s stepped into it, there’s no turning back!
Now, let’s talk about all that you should possess, that is, you must have adequate inventory and staff, must have knowledge of suppliers, a good advertising budget and finally the wisdom of not wasting money on unnecessary advertising practices! The money you own in the beginning stages must be used very wisely to market, manage and innovate.
An Entrepreneur strives for more profits, and in the process of earning them he forgets the basic business ethics which lead to very serious management mistakes. A few include advices from family members and friends (come on! you’re mature enough to take your own decisions), being at right places in right times (it’s all about seizing the opportunities, isn’t it?), lack of market awareness and clear focus, and the worst one, pride.
So, now that you finally know everything, what are you waiting for? Grab a hold on all opportunities, make the most of them, get going and remember that success comes to those who will and dare!