It’s not about ideas. It’s about making ideas happen
Business schools are good but you jump through countless realities of entrepreneurship. You face many challenges when you run-through. Here comes a wise saying ‘you better learn from the mistakes of others’ and no one ever said it was easy being an entrepreneur. “A person who never made a mistake never tried anything new.” – Albert Einstein, physicist.
In the learning phase, you might feel pressurized due to vast learning curve and troubles. But these are speed breakers, you can always shrink your learning curve and save troubles just by taking a bird’s eyes view on other’s mistakes. Sounds like interesting and helpful information? Yes it is, just do not repeat these blunders.
Inadequate test demand for product or service
Learn to stand in crowded market place alone and try to understand what people expect from you. Your product will be of no use if people don’t find value in your offer. All of your efforts will start fading and it’s doomed from the start.
You can get an idea from the entrepreneur offering same or comparable product in the market. If there are many, trust me it’s a positive sign because you can analysis what they are not offering or where they lack. You can complete your product this way and stand alone in the packed marketplace.
Fall to create launch hype
Your business launch is the right time to grab enough attention. A successful launch means sooner you will turn your product into a profitable endeavor. “Always deliver more than expected.” —Larry Page, co-founder of Google. Most of the people follow the philosophy like ‘Built it and they will come’ is an old story now. These days it’s more like built it, promote it around every corner and then maybe people will like it and come.
There are thousands of ways to create hype – such as social media and promotional events. If you are a blogger, you can arrange events and give other bloggers a chance to write about your event.
Failing to establish a substantial protection boundary
Every business needs a pitch deck (a strong analysis that how much time duration your product needs to be profitable). With the low investment, you need short time spam whereas with the high startup cost you might need a year or more. Your product will surely need some time to get into run, don’t lose hope and be realistic about the costs of giving it a start as business is all about patience. Do some researches to confirm interest exists before you invest too heavily.
Failing to have a Master mind group
You can’t do it all. Find a mentor who’s already made a mark in your industry. Ask them to tell you about their biggest struggles and successes. Learning from their mistakes will save you an immense amount of time and trouble.
Also, make friends with people who work in related industries. If you’re selling freelancing services on the Internet, befriend copywriters and web designers. They might provide insights that make your website more user friendly and offer more compelling. Make sure to return the favor in some way!
More generally, it’s inefficient to do everything yourself. I’ve published several books for clients. Instead of designing the cover — which would look atrocious despite hours of work — I outsource that task to an expert. The cost is easily outweighed by the time saved. Own your weaknesses (and make them a moot point by knowing when to outsource).
Failing to Know Your Demographics
Good luck selling your product or service to a person you don’t understand. You need to be 100% aware of your customers’ biggest fears and frustrations. If you’re not solving a real problem, then no one will buy your offer.
Fortunately, the Internet makes market research easier than ever. Join Facebook groups related to your business. For example, gym owners could join weight-loss support groups. Don’t march in and aggressively market yourself.
Instead, act like a fly on the wall. Keep your mouth shut and listen to what people have to say. Pay attention to the common struggles or pain points people discuss. You’ll gain empathy and understanding. Find a way to emphasize those concepts in your marketing. People will think: “Wow… they really get me!”
Do you want to help your freelancer or entrepreneur friends avoid these mistakes? Share this article on social media. They’ll appreciate the advice.