The Lies Entrepreneurs Tell Themselves While Starting Up
It is essential that budding business people stay true to their ideas and expectations
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Entrepreneurial enterprises are mushrooming in every top-notch city. It means something for business. With the start-up culture is being accepted widely, countries are witnessing many successful entrepreneurs with ground-breaking ideas, that have altered the way the world looked at things.
Successful projects such as those of Zomato, Instagram are a few examples of how something different can present a completely different perspective when it is done in the right way. It, therefore, does not come as a surprise when millennials are bitten by the entrepreneurship bug.
Some have been known to work beautifully, and no one is complaining. But most of the projects have fallen, trying to hit the ground running.
It is essential that budding business people stay true to their ideas and expectations. A slight overestimation or incorrect forecasting can cost them a lot. Irrespective of how the project is moulding out to be, let's look at the top notions that are harboured by most of the business owners who are trying to make it big in this world.
Low Cost Of The Products Will Help Me Sell More
It might not be the truest of all things. Low costs are an attraction for customers' for sure. But if that "low cost' is not going to cover your basic expenses such as salaries, bonuses, inventory prices, etc. then it is definitely not worth it. There is a margin of profit that has tobe kept in mind before dropping the prices for customers. A proper vision where you have the sales targets and figures mapped out makes things easier in the process.
Scaling Mountains Of Volume Will Generate Revenue
So you aim to out sell those numbers moving out of your inventory? But, is there a proper strategy in place to accommodate that process? It is not necessary that the sales volume hits the roof overnight. In case it does, there has to an entire SCM and logistics control. Post delivery customer services are essential too. Higher sales volume can be a difficult place to tread.
Investing All The Time In The Industry Is The Key To Success
Staying cooped up in the project forever has not helped anyone. You need your business to grow far and wide. Networking is essential for any business. A fresh take on existing picture of thoughts can help steer ideas in a different direction. A circle that is supportive and critical of the idea can help you keep your feet grounded and your head on your shoulders. Business partners can be friends, but it does not hurt to have a few valuable contacts on that dial list.
I Am Good At This. I Should Keep Doing This
Innovation and creativity are what customers dig. If you keep rolling out the same product over and over again, it is bound to lose its charm over time. If it is the most effective plan that you have and it cannot get better, then probably you need to be critical of yourself and find those loopholes to fill. There is always a better option. Be it as simple as changing the logo design or product design, if you are not innovating, you are not growing.
This Is The World's Best Idea
Of course, no one is going to say that the idea isn't great. But if there is an idea which is one of a kind, there would be another which is better. It is not always enough to have great ideas. There has to be a market potential for the same too. In the absence of a target audience to buy the product, an idea means nothing.
Oh! The Money Will Come
No, it won't. Do not buy this lie, ever. Being busy in the work that you are committed to doing, does not fetch money for your business. In the absence of a proper plan and strategy digging that gold out of the ground is a tough job indeed. There has be a great deal of networking and fund raising that has tobe undertaken if you want your business to make some money. Passion and persistence are essential, but that is not enough.
Frequently Changing The Direction Of Growth
It is understood that you want to innovate fast and be quick to grow. But staying grounded is an important aspect of growing too. You need to find that niche which provides the means to grow. Thinkingabout the marketing plans, advertising, repositioning etc. can help a great deal in establishing the brand name. A plan that maps out the growth in a linear and progressive way can act as a guidance system whenever the plan has to change.
Best People With Best Salaries Deliver The Best Work
Bursting the bubble yet again, no they don't. Top notch employees will add to the cost of thecompany. Hiring experienced professional and not a fresher is a common notion. Take into consideration the talent and expertise of the subject you are hiring for instead of just raking the bag for people who could potentially prove expensive for the business. Under staffing saves a great deal of energy that is otherwise invested in the hiring process.
This Is Done And Dusted, Not Doing That Again
There are times when the adjusted and altered process work better than new ones. A small change can go a long way in being cost effective and cause a long term impact on the business. Investing a little more effort in the research and development of improvising can help you present the product as marketable. Innovation in a traditional process can help generate revenue too, which is essential for any business.
Passion and Motivation Is All I Need
No doubt, being passionate about thedream is a must desired quality in an entrepreneur. But is it everything? You might want to question yourself. Hard work, dedication, risk taking abilities, capable of producing new ideas and strategies are equally important. It is essential that one has the drive to achieve new heights even when the proposition seems almost impossible.
Digital Marketing Will Make It Easier For Us
Social media marketing forms only a part of the advertisement process. It is not everything. An idea without the tangible products and services is as good as a non-existential.