Today we will talk about the top ten problems of all the entrepreneurs.
Which i have seen most of the entrepreneurs do.
I had listened to more than 80 business ideas
And i had seen them how they executed those businesses,
I had seen many problems in those business ideas.
And along with many people come to me for business consultation
so i know where most of the people are lacking.
So today i will combine all those problems and tell you what you should not do as a businessman.
Or if you are thinking to start a business so you should be aware of these biggest mistakes.
- Lack of planning
- Copy-paste Business Model
- Leadership Quality
1.lack of planning.
The number one problem is lack of planning. usually what happen,
People want to open a food outlet but they don’t know which types of food they will sell.
They usually think that they will sell that product, which are selling by most of the people.
Like pizza, snacks, pasta, bugger etc.
But what is the right direction? AS a businessman, you should always have the right direction.
And some people are the total opposite of it.
They spent most of their time in just planning and never execute.
They spent almost 6 months in just thinking about the plan.
Most of the people they want to make a full proof plan which never fails.
In the initial days of every business, you will see a lot of ups and downs. right?
It will never be like , you start a business and will never face any problem in life.
Even sometimes a business which started a long time ago face loses in their journey.
This is not like, you make a plan and things will never go against it.
Most of the people fall under these categories.
I had seen these two things a lot of time in my life.
Some people will do a lot of planning and some people don’t make a single plan.
See, there are some drawbacks of having a lot of plans.
First i have wasted my 6 months in just planning the things.
If we talk about Nokia then they did a lot of planning in their initial days while launching their products.
Foe example- that time 625 processor was trending in the market
And they started working on it and they continue their work for 6 months and when they launched.
Then another new processor launch and their all the hard goes in vain.
Because their technology is outdated now and market requirements have been changed.
So, this is one of the biggest drawbacks of doing a long planning.
Along with that we have launched is not in demand now.
So in order to sell that product either, we sell in loss or in the low – profit margin
And not only that all the cost that occurred while making the product will be a loss for the company.
So, personally i am against both these strategies.
We should always be in the middle of the path while deciding the strategy.
you should make a basic strategy which includes the direction and basis rules and start doing the work.
Problems will come just keep resolving them time to time.
Why most of the startups fail in their first year?
Because of the problems that i am going to talk about now.
The next problem i have seen that they usually have a big expenditure.
They had a lot of expenses in their company.
Because of those high expenditures their business model
becomes faulty and become non-profitable .
They thought that they will include everything in their product, But
Then they got to know they are going in the loss after executing that,
Some people even do not have the right calculations.
They don’t know about is their business model is in profit or a loss.
Some people just keep doing business and after a year they got to know that
They suffered huge losses of lakhs of rupees.
Then they think that the business we are doing is not good.
But if we had seen in starting that how much profit will become and how much will be lost.
How much will be revenue or how much we will have to expense and etc.
So after judging all the things then you should make a business plan which will never fail.
People starting do a lot of expenses in starting days
Example they hire unnecessary people for video recording, video editing, content research, and all just
Because many big companies do the same thing.
But we have to understand that we are not like them, right?
Due to this, our expenses starting to increase. now, some people like,”they will do all the work”.
And here, to save expenses they wast their precious time.
And they are like i will do everything like cleaning of office, brand deals, delivery of products, etc.
Now what happens is you had wasted your specific skills set while doing unnecessary things.
For example- we wake up in the morning with 100K energy
And what we did is spent our energy on some unnecessary work and because of that
We got no time and energy for the main work and ultimately business goes in losses.
So, you should take a middle way neither spend more money or nor
try to save the expenses just do expenses wherever it is necessary.
The next thing is which i want all the people to do,
Neither run after a perfect plan or nor start a business with no plan just be in the middle path.
Neither spend too much or nor try to save all the expenses.
Just do whatever is necessary and start working on your business.
And keep modifying your product and services according to the market need and requirements.
We have to keep taking feedbacks from the market and our target audience.
So, we can improve our product or services better and better.
3. Copy Paste Business Model
Next problem is a copy paste of our business model.
People thinks like, someone else doing the same business and he is making a profit
So, i will do the same thing to my business.
But one thing we have to understand that he had different circumstances,
Different situations, a Different mindset and we have different. right?
So, how can we become profitable by copying the same thing?
but to be honest Personally i don’t like copy paste business ideas.
We have to work on those problems which we are facing personally.
If you think there is a problem that everyone is facing and you can do something toward it.
So just start doing it do’t copy past your business model.
I have seen in my institute that we read different topics and students are like i will do this ,
I will do that, etc and at the end they got confused.
But do you know what is the problem here? Procrastination.
What should you do is start working from today and launch you business from the coming Monday.
Just face whatever comes in the journey and keep moving forward.
But what people think they will start with the perfect plan or something else.
People do these because of they afraid to fail never afraid of the failure
just start doing the work and keep your expenses as low as you can,
so if you face losing it won’t hurt you. always remember on thing.
You can not become entrepreneurs if you will afraid to fail or start so just start doing your business
Always learn from your problems and keep modify your product or services.
The next things you have to keep in mind in Patience.
Remember you will never get result in a single day.
It won’t happen like you will become millionaires overnight after starting the business.
You have to st a boundary line and until you have to become profitable.
What we have to do is calculate your burn rate or monthly expense in advance.
You have to include all the basic things in planning.
The next problem is marketing i personally believe that every big entrepreneur should have a marketing mind.
For example- suppose we have reached to a big level and we started to outsource the marketing services.
But along with that, we should also have a proper understanding of marketing.
CEO of every big company usually good at marketing, do you know why?
If you are good in marketing then only you will be able to deliver your product to your Target audience.
Along with that you will also to understand pricing, branding, packaging etc.
And all only a marketing guy can understand all these things.
Foe- example- we have made a packing design But after then we face some issue regarding the design.
So, we should have a sense of marketing and all these things.
7. Leadership Quality.
The last things is Leadership Quality. I have seen many people afraid to talk to their employees.
They usually think that he will get hurt,
See, you have to understand you are a Leader and you need to identify their talent.
For example- you have a team of 5 people so you need to assign tasks to each of one according to their talent.
This is called leadership rather than abusing your employees or disrespecting them.
Leadership is all about providing the motivation so they will work hard.
So, everyone should have some sort of leadership qualities in order to move forward in life.
Every CEO or big entrepreneurs have these basic skills,
So, if you don’t have leadership quality so don’t worry about that.
You can easily grow it by learning about good leadership qualities in depth.
I totally agree that leadership is kind of born talent but it can also be developed by practicing hard.
And just want to tell you that, don’t just learn okay, start applying the things.