Jason E Fisher says starting a business, even if you have done it before, is one of the most exciting times entrepreneurs can experience in their lifetimes. Even though every entrepreneur has loads of confidence that he will make it big. Tragically more than half of the startups fail before reaching the five-year mark. While it is important to do many things right to make your business sustainable. It is also equally important not to make serious mistakes that can jeopardize its existence. Some examples of common blunders entrepreneurs commonly make:
Jason E Fisher Inadequate Business Knowledge
Most startups are founded by entrepreneurs who are passionate and believe that what they bring to the market. Will wipe the competition clean. Typically, they tend to be good in technology, which helps them design and manufacture an excellent product. However, little do they appreciate that it takes much more than a good product or service to make their venture successful. Usually, entrepreneurs find themselves all at sea when it comes to managing functions like marketing. Sales and distribution, finance, human resources, etc., all vital for the success of the enterprise. Budding entrepreneurs should attend a business management course so that not only they can equip themselves with adequate knowledge of how to operate. A business but also benefit from networking opportunities, advises Jason E Fisher.
Jason E Fisher Lack of Market Potential and Marketing Plan
Many entrepreneurs are so enthused by their products that they fail to establish whether there is sufficient market potential. It may well be that a product is brilliant but if there is inadequate market demand for it, the startup is doomed. This kind of blunder takes place when the entrepreneur does not bother to conduct adequate market research before committing himself. At best, he may have mistaken the enthusiasm shown by family and friends to be indicative of likely market response. However, you must conduct thorough market research that will provide an estimate of the market size and the shares enjoyed by the competition. You will also be able to understand if your product. Has a competitive edge that will act as a strong selling proposition.
Not Consulting Domain Experts Can Be Expensive, Warns Jason E Fisher
Every entrepreneur needs to assess his expertise and identify the areas where he requires the assistance of experts. In one or many issues that startups have to reckon with like business formation, payroll, taxation, contracts, and cybersecurity. Entrepreneurs need to appreciate that even if they have attended business management courses. They cannot be experts on every aspect of the management of the business. Seeking expert assistance will prevent costly messes from taking place.
While every entrepreneur plans to make his startup a big success, there is also a need to anticipate obstacles that will invariably be encountered despite the best of planning. Making a robust business plan that foresees various scenarios will them to negotiate the hurdles better. Things like finding enough cash, exit by an investor, insufficient cash flow, impact of new technology, a lawsuit, etc. are common concerns that the business plan should cater to.