Entrepreneurs are always influenced by their Ideas and live in the dream world even make castles in the air but economically and in business terms , such startups always end with their logical end . Startup owners always think that their idea will work and open the money Streams fro them which is really unpractical approach . To have crystal and clear vision and logical framework coupled with Professional and Technical input ,will always lead to Success .
Entrepreneurs mostly young do not have the experience to run such Ideal or Idea based Businesses ,they are just fueled and Thrilled to start their own business and Become the Chief Executive Officer of the Same unlike other Startups who soon transformed into Enterprise or Corporate Entities and opening Money streams for their founders or co-founders and these Young Entrepreneurs are featured by the world’s best business Magazine such as Inc.com . Forbes.com , Entrepreneur.com and Time.com .
Here are the three Common Mistakes which should be avoided to escape heavy financial losses or even failure of Startup Company .
1. Ambiguity or Lack of Clear Idea
Startup owners always fumble with Idea and they do not have the clear Idea or dual ideas which really make them confuse to choose which will work and which will not . Entrepreneurs ambitious regarding Startup Ideas Often go with both which becomes the main cause of their failures since their Idea was not filtered ambiguous and the end results was very terrible . Your Investment ,energy and budget ends in smoke . To be successful with your Ideas ,You need to be clear with Idea and Research the Market for its viability whether the Idea you have pinpointed is sustainable ,innovative and beneficial to the massive people .
2. Lack of Business Planning during Beginning
Planning leads to success with lots of opportunities favoring your Startup and contributing in the success and Development of your Ideas . Planning is the integral part of Business and Business planning or development business plan is the key which gives you clear road map to Development ,Growth and in the end ,the Success which is the dream all the entrepreneurs . We have seen several Startups failing soon after their launch despite investment of Millions . The Question always pops up in your minds that why this happens ??? . The answer is very simple “lack of Planning ” Without planning ,No business or Project can be completed with the targeted results or estimated profit limits .
3. Ignoring the Target Customers , Markets and Competitors
Keeping the target customers in view is the most strategy which will really test your nerves when you will be competing with already established business with similar Products . Study of Market , Customer trends , Market Research analysis , Competitors base and their influence is necessary in order to produce any products or offer any innovative service . Young Entrepreneurs are usually in hurry to launch their Startups which costs them lot since they enter the markets without any Market Study , Market Research , Estimate Target Customers .
To avoid these mistakes ,It is necessary that Entrepreneurs should have Market Overview , Estimate of Competitors and their Customer base and Analysis that why the customer should buy your service or Products since similar products are already available in the market . You must specify the features of your products or services which are different from your competitors .