What are the common mistakes one commits when starting a new business?
One of my friend had a dream to start a business, a multi cuisine restaurant but not sure how to begin and where to start.
He, then started investing on place, furniture and other necessaries for the restaurant. After a huge investment of time, money, ideas finally he managed to open a restaurant. Advertising and promotions about the restaurant and its services were also done by some of the celebrity personalities.
But unfortunately because of no profits, paying salary to chefs, maintenance cost etc., restaurant closed.
I was surprised and wondering what would be the reason why the restaurant got closed even when good enough advertising has done, money & time has been invested, but still what made it closed?Posted in: #Startups & Business
Starting a business is not a big deal, but managing it properly, running it with proper plan and system is. You should have enough faith on yourself to start a business. There are many points you can underline and go through when starting or preparing to start a business in any field.
1) Make a business plan with future references.
2) Study the respective market.
3) Note each and every possible failure you could face in future.
4) Invest on right and quality things.
5) Have a deep talk with a person who's already in the business.
6) Try to learn from every aspect.
There are many more points we can add if it's about any particular business.
While starting business there are many things to think about and decisions to take; The pressure of people and thoughts can cause you wrong decision that can set you back but in each and every case, 'Believe on self" is a key.
Here's a list of common mistakes made by business owner:
One of the biggest mistake before starting a business is lack of research of the existing market in related to the business to be initiated into.
One of the most important aspect to start a business is to have a vision of serving something difference to the customers with a balance of earning money for survival first, since it is a new business and then growth.
People often give foremost priority to profit and money ignoring business growth. Yes, money is important but remember money is not only one of the factor for growth but also there are many other aspects as well and one of the most important aspect is customer satisfaction to its fullest.
Search people with like mind set to handle and face failure as they are well experienced to handle challenges to start a mistake. Often people get into business with family and friends but remember due to technology you have a wider scope to approach people outside any relation as they will often give you genuine feedback to improve your mistake in beginning.
Most important take calculative risk which people hardly do and then survive have losses.