Entrepreneurship. The word itself can be used to describe the lifestyle of an MBA graduate who has always wished to have another source of revenue. The famous phrases are from John DI lemme “Every failure can be a step towards success” I am taking this opportunity to talk about the reasons for my failures in my journey in my first year of entrepreneurship. The world of online marketing is which is fiercely fought, and the younger generation has an array of ideas from all over the world. Amazon, Flipkart, Snapdeal are the biggest day of sales. The market has it all; we simply need to name it. The key point is that you must grab the attention of your customers and create an emotional impression. It’s not a lot; however, the English Daily “The Times of India” that was published on the date “06/Oct/2014” in the National Capital Region, India, can clearly demonstrate the fierce fight of the online industry. The focus is on internet-based portals, as this has been my area of expertise and is a source of Success currently. Let’s look at the potential pitfalls that one might confront in the business world.
1. Try to sail Alone.
It isn’t a simple task, and no one is able to analyze all aspects of the market. There is no doubt that a person can. However, it’s always advantageous to have more than one brain to come up with ideas rather than just one person. The initial phase usually requires a long time and can be stressful. It is therefore recommended not to undertake an initial venture on your own.
2. Don’t make a market for Founders.
It seems simple on the investment side, but when you get to the core of the financials and they are likely to be divided and split heavily. You can’t expect that everyone will put in the same amount of effort and brain work since everyone has their own personal limitations. For you, it could be a hug, but for other people, it could be a different venture. There’s a thin distinction between outputs and expectations. Begin with someone who you count on and trust and has the same enthusiasm for the venture that you do.
3. Too much money too soon
If you’re investing out of your pocket or investment, spending excessively early could be noticed and could result in the investor becoming foolish. Be careful with the financial investment component that what seems to be a simple route to glory could end up being the path of spending a lot but not necessarily glory.
4. Do not force a restart
It’s best to be cautious, but relying heavily on a new business to manage your future costs isn’t the best idea. Always make sure you conceptualize your idea, and when it begins to show genuine financial rewards that you can quit your job, you should make the decision to quit.
Sometimes, the expectations of how the product will be considered by us and by the market can diverge from its direction. Take advantage of a chance to make a move. The world is full of possibilities. Go exploring.
5. Poor communication
It is always essential to read the opinions of people who review you. Ignoring reviews, facts or comments could lead to an unintentional pit. Do not ignore online reviews for companies that aren’t open to reviews from customers end in a deep hole. Not willing to accept customer reviews and get stuck in a deep pit.
Rome was not made in a single day. Make sure you allow your horses to run and linger. Keep your horses in check before reaching a conclusion.