Are you planning on starting your own business? If you are then you should realize that a great majority of businesses fail. That’s a statistical fact. In fact the figure is as high as 90%. That means only one out of every ten businessmen who start out their own venture would see it succeed. The rest would have to go back to the drawing board and think up of some way to make their next effort work. Another way of looking at it is that you might have to start ten businesses before you can land one that would be successful enough.
Did that discourage you? It shouldn’t. In fact, the fact that only a handful of business would actually become successful should only drive you to take extra efforts to ensure that you own venture would not fail. One of the best ways that you can ensure your success is to know the most common mistakes that new entrepreneurs are prone to making. Here are some of those mistakes.
Trusting Your Gut
It is important that you should trust your intuition. All great businessmen have that in common, but trusting in your guts alone is not going to be enough. For every successful businessman who trusted his/her guts in making a decision, without using any other means of checking, there are dozens who failed in using the same method. What does this mean? It means that while you should trust your instincts to some degree, you should also seek some way to back up your decisions with facts.
Taking Too Long
There are many great business ideas out there which failed to make money because it took too long to launch. While it is important to have a very detailed plan for your business you should also think about launching it as quickly as you can. Sometimes taking too much time and planning a business or a product will cause it to go stale
Not Changing the Business Model
Another mistake that many new businessmen make is when they fail to make changes with their business model when the feedback that they get calls for it. Many new entrepreneurs would just give up and admit defeat, while some would go on with their original business model. Either way it is bound to be a failure.
Taking Too Much Advice
Some new entrepreneurs go around reading all kinds of books, attending seminars and seeking guidance from all kinds of so-called gurus of business. While there is nothing wrong with seeking guidance from well-informed sources, it could be a problem when you seek advice from different sources and what you are getting are conflicting.
Thinking That Your Product Will Sell Itself
In the highly competitive business world of today, no product will last without being marketed. Even if you reinvent something revolutionary you would still have to expend some effort in telling other people, just how great your new product is.
These are just some of the more common mistakes that new businessmen make. Don’t make then in your turn.