Establishing a successful business is all about avoiding mistakes and learning from mistakes you made. However, it is also advised to learn from others’ mistake. A businessperson should avoid the mistakes that can turn pricey into the business. Disappointments are a part of every business story. But it only a wise businessperson can turn the disappointments into the success story of the business. Here are five mistakes in business that a businessperson must avoid while building a business and should never repeat them.
- Following everyone’s Advice: Businesspersons have formed numerous approaches and guidelines that go around as fact and mantras for a particular business. Though these policies might work for individual business owners, there is no inevitability that this will work for your business as well. There is just one way to test these policies, and it is the response from the consumers. This would assist you in discovering the best rehearses ultimately helping your business to develop. Supporting your results with appropriate figures and in-depth research is recommended. Therefore, whenever someone suggests you the approaches that worked well for his business; before implementing them on your business; researching well about them is proposed. All that matters at the end of the day are profit that you earned and not the advice that you followed.
- Attention Away From the Goal: For any successful businessperson, the vital of all resources available is his attention towards his business. It gives him the determination to move on. Nowadays most businesspersons get distracted from the goal. Special thanks to social media for taking away the attention of the business. Though the businessperson possibly will hit social media with a worthy goal of learning and grow the business, it ends up after surfing what’s going on the social media and catching like and comments. It is recommended to hit the right channels offering you the most moneymaking advice and ideas. Spending time on websites that are beneficial for your business’s development is suggested. It is significant to comprehend what will work for your business. Do not disregard something that could work in the course of learning what works for others.
- Overestimating or Underestimating the Product/Service Offered: As a successful businessperson, you should neither exaggerate nor underestimate the product/service design. It is not merely what it looks like. Preferably it is more than the looks. To be successful in your targeted market and customer segment; you should always and all-ways keep the focus on what unique and valuable your product/service is offering. Well-designed products/services have many times proved to be a turning point for the businesses. Don Norman said, “It is not enough that we build products that function, that are understandable and usable, we also need to build products that bring joy and excitement, pleasure and fun, and, yes, beauty to people’s lives.” Thus you should always keep an eye on what best your product/service can offer in place of miscalculating its worth to the end-users and company.
- Avoiding a Price Rise: Many businesspersons prevent the price rise of their products/services through the value and quality they offer is flawless. This limits the business from developing. The anxiety of losing the customers and earnings by raising prices would lead the businesspersons to halt at the same price for years. Business is about receiving the right reward based on the value of the product/services offered. Price rises are a fact of the companies. If the customers withdraw after the raised prices then perhaps they were not the loyal customers. Avoid serving customers if they are with you for the fewer prices charged by you. Long-standing customers would continuously buy a product/service for its value, and as long as the price justifies the cost, they would hire you as they do not want to take risks. Charging a fair price for a worthy product/service makes doing business value the time and the money that you invest in.
- Sharing your Learning with Others without a Pay: Businesspersons these days share their ideas, learning, the formula for success through blogs, posts, videos and podcasts. This is where they are committing a grave mistake. These are the mediums that act as clues to your business proficiency that you composed by devoting so much time and energy. Freely available things are least valued and so is the case for business expertise as well. Successful businesspersons’ time has a linked cost, and it should not be misused by giving away without a charge.
A businessperson should continuously attempt to get constructive paybacks from understandings and facts of others. Deteriorating should be by chance and not by choice. Be a leader who is followed by others and set a benchmark where others aspire to reach. Avoiding the above mistakes can be advantageous not only you but also for your business as a whole.
Mehul Panchal is an entrepreneur, business adviser, mentor, speaker & writer. He is the founder and Chief Managing Director of Filter Concept Pvt. Ltd. For more details, visit his website.