When launching a business, you can never know what is best for you until you try it out. Here are the top 5 most fundamental things entrepreneurs should watch out for. The business world is a complex one, so dynamic that it is a nightmare for entrepreneurs to fit in. No entrepreneur ever had a grand idea but through the process of doing, trial and error, they build something great.
The business startup statistics prove that launching a business is not an easy thing for startups to do — 90% of all startups fail in the first year!
Statistics prove that only 10% of startup survive
Without commitment, you will never start and without consistency, you will never be successful. Don’t compete with everyone else. Despite high competition that McDonald faced (they just made sure that, for the money their customers pay, the experience they get is great). they were able to make it through and today they are successful. Just be the best you can be. Your time here is limited.
op 5 Most Fundamental Things Entrepreneurs Should Watch Out For
Capital is the pillar of every business
Capital seems to be the backbone of every business. No matter how effective your plan is, no matter how good your business plan is, and no matter your business strategy, without capital, it will perish. Hey, watch out for this, your capital spending should not be too expensive, so as to let you be in business. When starting out, try to make all your spending minimal. when launching a business, you don’t need to think big and spend big, everything should be on a minimal, with development comes greater responsibilities and venturing big.
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One thing that can make a company move out of business is a shortage of capital. If you lack capital, your business is going nowhere. Many entrepreneurs fail and perish just because they can’t get funding(loan and investors) for their great idea.
Being dissuaded because of the level of competition
This is the characteristics of the entrepreneur world. Without competition, we can never push forward. We only value things which are achieved after a hell lot of hard work. And competition whether it is with others or within ourselves, helps us keep doing that to achieve the goal.
Entrepreneurs should focus on the important things around their business and not worry about the moves of their competitors. They should not lose sight of their own plans, dreams, and position in the market.
Entrepreneurs should never ignore the competition in the industry, but at a certain point, it becomes necessary to let go of what we can’t control. The competition will lead to development and innovation.
Thinking Your Idea Is Perfect
To and fro, that is how your business is going to move. You are not the one to decide whether your idea is perfect or not. The aim of every business is to create and deliver value to their customers.
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An entrepreneur should be one that will not crack under pressure, be prepared to take up the market challenges. Your customers should be your priority.
You are in business to serve others. you’re not just here to do what you like, but to serve your customer’s right. Be customer-centric. Nobody actually gives a damn to what you like, your goal is to give your customers maximum satisfaction.
No Time Is Too Late To Start
It’s never too late to start off, you can start anytime you are prepared. Entrepreneurship is not limited to only young men and women. No time is too late for entrepreneurs to start off, Google is neither the first search engine nor the second to ever exist, but today, Google has taken the game. Many search engines have existed before the advent of Google. like:
Google was able to survive despite it coming late in the industry. Google was launched on the 4 September 1998, Menlo Park, California, United States.
No matter how great you package your product/service, if you cannot market it, definitely you are going nowhere. The worst thing that will happen to a business is poor marketing. The top reason for the failure of some startups is poor marketing.
In business, “good product + good sales and marketing”make a business successful. A business should try as much as possible to have a good marketing strategy. In this case, a business should have a better salesperson, so as to increase sales and marketing.
A marketing strategy is the backbone of every business. Many businesses failed so big because of poor marketing. Likewise so many products too. Let’s take a look at the Volkswagen Phaeton.
The Volkswagen launched a brand new car in 2002, the model is called Phaeton. Volkswagen has always been known as “People’s car” in German.
The Volkswagen Phaeton was tagged a premium class vehicle. Volkswagen which has been known for its cheap cars for the masses, this time around, went on to create a premium, full-size luxury vehicle. They aimed to produce something similar to BMW, Mercedes-Benz, Audi & Lexus, not minding their target demographic.
Things went different, Other car companies have to do a change of brand name in other to market their luxury products, this marketing strategy got them success. BMW created Mini, Honda created Acura, and Toyota created Lexus. Volkswagen did not give attention to this marketing strategy, eventually, the Phaeton failed. Volkswagen Phaeton sales got so bad that the car has to be pulled from the market? Sales in North America ended in 2006. Sales globally ended in 2016.
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