Mistakes Entrepreneurs Make While Starting A Business By Athulya - July 20, 2018 Last Updated at: Nov 23, 2020 0 1853 The India Economic Survey 2019-2020 report has been published recently. As per this, India ranks 3rd globally on the basis of the number of companies created this year. The survey has revealed that the number of new firms in the formal sector grew by 12.2% in the period 2014 -2018. This clearly implies that entrepreneurship is developing in India at a significant rate. It is said that medical mistakes are smacking in the cemetery and the mistakes made by the engineers are open to the eyes of everyone. Now the question is what happens if the mistakes are committed by entrepreneurs? When an entrepreneur makes a mistake it can be seen in the form of the downfall of the business. No one can run a business without committing any kind of mistakes. But there are some mistakes which an entrepreneur can avoid to make the business successful. Here in this article, we will be discussing the major mistakes which are committed by the entrepreneurs and how can they be avoided. Business Plan– There is a famous line “Those who fail to plan, plan to fail”. Lack of planning related to the business., competition, the viability of the idea, the entry and exit strategy, market analysis, financial plan or marketing plan etc. lead to the downfall of the business. Ask Free Legal advice Due to this, many businesses are getting closed within two or three years of commencing. The main reason behind this is the dearth of a business plan. The business plan is for you and your team. If you don’t have a business plan please make it as soon as possible to avoid further losses. Choosing Wrong Business- Many businesses begin opportunistically and not as something well designed and well planned. As this is just an opportunity people will get into doing wrong business. When a person starts a business based on the opportunity this makes him an opportunist but not the entrepreneur. There is a major difference between an opportunistic and entrepreneur. The entrepreneurial ecosystem is full of individuals who title them as entrepreneurs when they are not. They are just entrepreneurs hefty who commence businesses just on hefty and not to serve the market. Most of the organizations are formed on the basis of an opportunity that comes with someone’s decision making power and influence. It is always a good option to be a true entrepreneur by starting a business to serve the market with brilliance. This will give viable business and you will be worthy enough to be called an entrepreneur. Single clients- One of the major mistake committed by the entrepreneurs is they tend to provide their services to a specific large customer. They do not try to provide their services to other customers. In most of the cases, the specific large customer will be multinational or state. Many of the businesses get closed if there is any kind of financial crisis prevailing in the country. It is always a better option to consider other customers also. Even if the financial inflow is not as huge as multinational or state it is safe side to not run only behind them. Right Marketing Strategy- Marketing is the base for the triumph of any business. If there is no proper marketing strategy, the business cannot gain new customers. It is impossible for the business to survive without customers. Many of the entrepreneurs commit a mistake in this area while starting the business. There is a famous line which states, “Business without the right marketing strategy, is a business destined to fail”. The success of your business is based on your customers. So, you need to convince your customers about how good are your goods and services and how they cannot survive without with them. Or else, the bereavement of your business is in sight. And all this is possible only with right marketing strategy. Try to know pillars marketing as the preparatory point for a good marketing strategy. Different concept- We survive in the world of copies. For an entrepreneur to survive it is necessary to have a different idea. Many entrepreneurs are not able to understand the correct meaning of what is a different idea. But the different concept is the important key for the success of the business. The different concept is related to your business strategy. In this competitive world, it is substantial to have a good business strategy. Your different business strategy will differentiate you from your opponents and will gain popularity in the market. You can be different in anything ranging from quality of your goods and services, price, professionalism of employees, customer service etc. success or failure will be based on how different you are from your opponents how you are running your business accordingly. Isolation- It is substantial to be part of a network. For the growth of the business, it is necessary to relate and compete with other entrepreneurs. If you want your business to grow fastly walk alone but if you want it to go far then you should network with others and cooperate with them. Therefore, it is necessary to get out of your comfort zone and start to cooperate with others for the development and growth of your business. The above mistakes are some of the major mistakes which entrepreneurs commit often. The main idea of this article is try to analyze your mistakes and try to not repeat them.