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Starting a business afresh with a unique approach is every entrepreneur’s dream. The belief in the idea and the business powered by passion in hopes of a successful future helps you overcome any unforeseen challenges. Multiple business tycoons today started small and then moved up the ladder with determination. Now, they own several ventures and provide consultancy to aspiring businesses who are looking to register at a leading Hong Kong b2b marketplace.
Their success makes young aspiring entrepreneurs think that everything is possible if you just put in the right amount of work and dedication. While this may be true, you also need to understand that no business stands without flaws and these business owners have made several mistakes on their journey. No matter the extent of the professionalism they exhibit and a million guidance’s they receive, the new startups sometimes repeat the errors that businesses before them have made.
So, instead of telling you what to do to make your company successful, we will tell you what not to do to ensure a flourishing enterprise.
1. Do not ignore the market risk
Your business needs to deliver value. One trap that entrepreneurs subconsciously walk into is not calculating the risk in the market. Since most new founders are tech-enthusiasts, they instead focus on perfecting the equipment when it is the customer service that needs the most assistance. In America’s Most Successful Startups: Lessons for Entrepreneurs, Oliver Samwer says, “Many startups burn through a lot of cash with a product or technology searching for a solution.” This is exactly the kind of approach young entrepreneurs registered in a china b2b platform should avoid because building your clientele is more important.
2. Avoid listening to every other piece of advice
When you share your startup idea with everyone, you receive tones of suggestions and a huge list of dos and don’ts. While considering the advice of experts is imperative, you do not need to listen to everyone. Do not doubt your business just because one of your friends thinks the idea requires polishing. Whenever you are forced to take a projection seriously, always consider the source and see whether or not their argument holds merit.
3. Do not take constructive criticism lightly
Ignoring reviews and feedback is one of the worst mistakes you can make. Let’s say a client comes to you and after a close assessment of your business model and services, they decide to not hire you. If a client is willing to deeply engage with your firm and then list the aspects that they think need improvement, then you have to take them seriously. Often, it is after the company has started that you realize what the customers want from you so make the most out of the feedback.
4. Avoid fast-tracking to the next best thing
Yes, it is important to grow your business but do not be a hopper! Sometimes, newly established companies just go from one product to another in order to earn revenue and they lose the original vision. In fact, as odd as it may sound, a lot of companies sometimes fail due to their rapid progress. Understand the market and then grow exponentially. Matt Roger, the co-founder of Nest says, “Take one step at a time and be sure to celebrate the major accomplishments and milestones along the way.”
5. Do not rely on funding only
While this may seem like the most important step, especially when you are looking for investors, trust the experts when they say that it is actually not very difficult to raise seed funding. This is just an initial step. Very few companies have succeeded because of the capital alone so you should work equally hard to prove your worth before and after getting the investors on board.
6. Be vigilant of the hours
Normally, this advice is given to youngsters so that they avoid procrastinating on their plans, but here, we are referring to the founders of newly established businesses like high back swivel chair manufacturers. We understand you feel a lot of pressure to make your venture successful and so you skip all your lunches and invest all your free time assessing every aspect of the model. If you keep up the routine of overworking, your creative and analytical skills will deteriorate and it might begin to reflect in your work. No formula proves that if you put in extra hours, you will see instant success. So, relax a bit and keep working at a steady pace.
These are the six mistakes that you should avoid at all costs as recommended by the experts. Your focus should be on building healthy communication between your team and clients, so the image of the startup is a customer-friendly one from the first day. If you feel that there is another model that you would like to follow, then consult the experts instead of taking everyone’s advice.