The initial stage of any task seems to be very difficult, especially in the world of business. The entrepreneurial world had rendered folks with a unique and independent school of thoughts.
Business is the most talked about element in any platform, more books and pieces are coming out for business than ever before. Seminars, gatherings, and workshops have all turn to be business resource centers.
Business has not been just proven to be only an integral stuff in human activity, over the past decade it has turned to be an attitude and irresistible act for humans.
It is a fantastic idea for a young gentleman or lady to generate plans for business initiation.
Many are the mistakes that most of us do, which do not only turn our business dreams to be a nightmare but also create a serious bigotry between our thoughts and that of business people.
Below are the summaries of seven mistakes you should at any circumstance avoid for the initial stage of your business to be guided.
Never take an unknown risk
Risk taking must be a hallmark for all business minded people, but the fact is; we don’t take a risk, whether harder or weaker at the initial stage of our business.
The whole structure has not been specified, customers and clients have not been identified, profit and loss predictions are still under the shackles of rough estimations, on what basis will you take the risk on? Absolutely none.
A risk is meant to test the validity of ideas in business, not to invite total failure which can make the whole idea collapsed.
Certain areas in a business like; surveying plots and customers or clients, trying a new compatibility on existing business, trying to expand the business structure and what have you are what we normally take the risk on.
Moreover, all can be done only if the foundation and the business structure is well furnished and rigid, that when the risk goes in opposite direction, will not affect the existing structure.
But we don’t take risks like; going for a loan to start a business we have no idea on or borrowing money to engage in an upcoming business which has not been embraced by the system yet.
Make sure you plan on a known risk, a risk which can fetch more experience than disappointment, a risk which can give you more ideas than confusion, a risk which can enlighten you more than harm.
Unknown risks are for those who don’t know what they are doing.
Never underestimate any human resources
You have discovered new item alone and need a very high and intensive publicity, you have some couple of friends which for the past couple of months haven’t spoken or meet them.
You must disregard their intolerant and not-caring attitude to foster your business, that girl might be joining more 20 WhatsApp groups, she might have more than 4,000 friends on Facebook, uncounted followers on Instagram and Twitter, why don’t you use her?
Wait… that ego of yours can wait.
Call her, even if you haven’t done that for the past two years, let her know what you are into, be jovial and loving to wipe all past thought and ill-issues. Use her to get to thousands of people, at the end, who gains?
Never look down upon those ordinary boys and girls walking around, such people are popular and know a lot of corners which you don’t.
These people even though can’t read and write but have a lot of prominent people in their phone contacts who are your targets.
The arrogance can wait.
Just approach them and let them know you need something from them. let them feel so important to you, and you will encounter fortunes for your business.
Don’t be desperate
Why are you so desperate to go to China to buy goods?
Wait and do the necessary check-ups, investigations, go to experience people and let them give you one or two tips before you can even think of it.
Don’t be pushed by the money at your possession and later pull yourself out.
Just relax and go step by step.
Avoid numerous trials
Some people call it multitasking. Don’t be lured by the huge amount you have to take on to different kinds of business which you have no ideas on.
It might be true that others are making a huge sum of money in those businesses, but hey! You didn’t know how and when they started.
Just be vigilant and concentrate on one at a time. Push hard and you will escape the wrath of failure.
Don’t go for books, go for experience people
I will suggest experience for you, not theory. Business theories and ideas in books are more like primary products before you convert them to secondary or tertiary products for use, you might have yourself in the middle of an abyss of depth.
Going to experience people for tips and advice, I think is the better way to starting a business. They will tell you the dangers and risks involved.
The frustrations, confusions, and traumas will all be revealed to you, then you take it from there.
Going to seminars, workshops, and gatherings to meet people who are already in the business world is far better than reading books and surfing the internet for possible and untested solutions.
Experience is the best teacher.
Don’t borrow too much
This is an abomination that causes desolation at the start of a business.
When it fails, you automatically fall into depth, you will use the next business attempts in getting out.
Your life gets shorter as you proceed to this hall of death game.
Avoid family and friends
Some people failed in their business because they engaged family and friends. When you start a business like a barbershop and all those coming to barber their hair are all your area boys, how will you raise money to nurture the business?
Uncle’s son comes today, tomorrow is your own brother, your nephew today then the next day will be your young niece.
When the blades get finished, which money will you use to buy another set of blades? How are you going to raise money to pay bills and do maintenances? How will you cope?
The best option will be shutting down the shop.
You are an orange seller and every evening is an ‘orange party‘ for your church members. They always freeze the profit from the orange you are selling, and you think you are doing good to them.
Just don’t entertain friends and family, they are secret agents that rot and decay the progress of the small business.