Running an online business is not as easier as it requires you to use some special tactics and a broader vision. Some of the entrepreneurs fail in the beginning because they might not have conducted proper market research or lack proper prior work. Here is the detail of some of the mistakes which most of the
Here is the detail of some of the mistakes which most of the entrepreneurs commit, especially in the beginning.
Starting a business from the scratch and keeping it on the success streak is easier said than done. Every kind of company or organization, especially the startups have to face serious kinds of challenges and those who are well-prepared with proper research work and strategies can get through these easily; whereas some have to face failures, which could be the result of the following entrepreneurial mistakes.
Also Read: Indian Entrepreneurs Who Failed First & Succeed
Smart or experienced entrepreneurs never go for such tactics; however, whosoever adopts the shortcut policy has to face serious consequences. Entrepreneurship requires a broader vision and a serious approach towards everything related to business, market and customers. Some of the entrepreneurs, especially the startups, try to use shortcuts which may provide them temporary benefits but in the longer-run they have to face serious disasters, which usually result in complete collapse of the company or organization.
Expecting Overnight Progress
In the beginning, every entrepreneur has to put in extra efforts to get his business on track. In the early days, the startup vendors need to be patient because flourishing a business, especially an online venture is not as easier as it seems. You have to invest time, effort and money with consistency and you will certainly start getting the rewards sooner or later. If you are not getting the results as you expected then better start reviewing the proper implementation of your planning and strategies; instead of looking for shortcuts.
Choosing the Wrong Partner
If you want to run an online company in partnership with someone; make sure the partner you chose, is the right person. He should be honest, skillful and innovative; in short, the partner should be a valuable addition to the joint venture. In your absence, he should act as your counterpart and should be co-operative enough to support you in your ideas and actions.
Jacks of All Trades
Some of the entrepreneurs are lucky enough because they take a successful start and are rewarded for their hard work and struggle sooner than expected. The excitement of success drives some of the startups crazy, so they take the risk of expanding their businesses by launching various other products and ventures. Since all this happens in the beginning of their launch; it becomes difficult for them to pay equal attention to every domain. Thus, the lack of staff and concentration put their existing business in risk of failures. Even if a business does so, it should take the edge of multifunctional business tools.
Also Read: Why Startup Fails – The Ultimate Guide to Avoid Failure
Ignoring Feedback and Complaints
In the beginning every business needs to take a response from the customers. Either negative or a positive response shows that the customers have experienced your product or service. Therefore, feedback or complaints are highly important because these provide a rough analysis of where a business stands at the moment and where it needs to go. Therefore, the entrepreneurs should value the feedback by making progressive changes in their policies and strategies.
Keeping Customer Service as the Second Priority
Some of the entrepreneurs do not give much attention to the ‘customer service’ side. Expensive advertising and marketing is not all that a business requires to establishing a name in the market. The actual thing which keeps a business alive in the memories of the customers is the ‘customer support’.
Therefore, the startups should do everything for the improvement of their service standard because this is what a business is recognized for. Be innovative and use the modern online business tools such as live chat support and bring automation along with the human touch in your online service.
By avoiding the above mentioned common mistakes, an entrepreneur can touch the heights of success while passing bravely and facing all the hurdles in the beginning.