One of the main starting points is to know what are the main mistakes that make ventures fail.
20% of ventures they remain standing after the first two years. Build a business it is an economic challenge; it requires planning and vision.
First, you have to be clear about which are the main mistakes committed by those who do not support themselves not to commit them; and, from there, take safe steps towards the goal of having your own business.
During 2022, the country is expected to finally return to the levels of sales and consumption that it had before the arrival of the pandemic. This environment is a great opportunity to undertake; But you have to take into account what terrain you tread, and that you need not only to start, but to stay.
Seven main mistakes of the entrepreneur
Non-existence of a business plan
If you don’t have a plan to support the idea of business, it will not only be difficult to get financing, but also have clear objectives for your entrepreneurship.
Before starting to sell, you must study the market, analyze the pricing policy, costs, profitability, necessary investment and financing.
Without this knowledge, it will be difficult to make financial and economic projections, which are the main basis for looking for investors, seed capital or some type of loan.
Currently, 60% of ventures It cannot find financing, among other things, because it cannot support the economic and sales figures of the business.
Wasting too much time developing the product and strategy
No product is perfect at first, and no strategy is foolproof. The important thing is that you take the first steps and perfect your tactics along the way. If it takes a long time to start, or take the product out to market Until it’s perfect, someone else could implement your idea and fill the niche they have located for you.
In other words, the preparation process is important, but it cannot take too long.
Not adapt
If you do not exercise your ability to adapt to customers and market (which are generally very dynamic and changeable), your company will be left behind in no time, and the competition will win.
Constantly listen to customers and know the behavior of the market so your offer doesn’t get stagnant.
Lack of compromise
Although it seems obvious, in more than 50% of the cases, the entrepreneurs has no real awareness of the time and dedication it represents to create a business. The work is similar to an endurance race rather than a sprint race.
You must have clear priorities and be prepared to work twice or triple what you would do in a common dependency relationship job.
Poor cash flow management
The cash crisis that arises from the imbalance between accounts payable and accounts receivable is more common than you might think. Alternative plans must always be considered to obtain, at any time, extra sources of financing.
Having a cash reserve, and a daily control of what you spend and enter is essential to have a real idea of the health of the entrepreneurship.
Oddly enough, in more than 55% of the cases, the entrepreneurs initials do not know what their daily flow is (income minus all expenses).
Poor operational management
The best way to lose control of your business is not getting involved in the basic operation of it.
Being an entrepreneur, being the head of a project means participating in the day to day of your company, and being the main connoisseur of the objectives to be met.
That does not mean monopolizing all the functions, but being clear about why each thing is done. Only from that knowledge, you can surround yourself with the best collaborators.
Success too early or late
Businesses that peak, sooner or later, miss the correct learning curve that leads to success: ideation, incubation, and execution.
When the company grows so fast and does not have a realistic and sustained strategic plan, it ends up dying thanks to its own success and, on the other hand, if it also takes too long to grow, it becomes vulnerable to failure.
What are the first steps to start a business?
After taking into account the main mistakes that are made, the next thing is to be clear about the first steps towards building your entrepreneurship.
● Evaluate personal skills in different areas such as crafts, cooking, among others; is usually the starting point to get the idea of the entrepreneurship and develop a product or service.
● Based on this idea, the functionality of the product or service to be offered must be evaluated. For this, it is advisable to establish the most appropriate production system and the profile of each of the consumers.
● Plan the times of acquisition of inputs or raw materials, production and logistics, since these aspects are the basis of the success of a business. Including reliable suppliers, schedule control systems, and an agile logistics system will facilitate this step.
● With the product or service planned, it is time to configure and analyze the accessibility channels, through which consumers will access them. Social networks, web pages or whatsapp catalogs, have become favorites.
● The management of collections and payments is also a fundamental aspect to define, especially now that people are looking for more facilities when buying. In this sense, having an agile, easy-to-use system that allows making payments from anywhere is key.
How to save resources?
Saving resources is essential for a entrepreneurship; therefore, there are some supportive measures that may be ideal. For example, assess whether it is necessary to rent a physical space or if it can be adapted into a home of the entrepreneurs, apply free digital tools for the administration or management of aspects such as marketing, payments, among others.
On the other hand, another important decision is which payment and collection platform to use. At the moment there are several on the market, but one of the most efficient, and free to download, is PayPhone. With this tool you can send collection links, QR codes or configure a payment button in just 7 minutes on a web page. This application is ideal for undertakeas it does not require a payment or maintenance fee.
Likewise, WhatsApp is an ideal communication, promotion and marketing option. It allows you to configure product catalogs in its business version, making all products within the reach of one click.
Finally, to start the business, Canva is a perfect support to design the image of the products, through cards or labels. It is simple to use and everyone can access it through a mobile device. (JS)
IT MAY INTEREST YOU:
Why is a third dose of any vaccine important?
Technology contracted for the Cotopaxi prison. And the rest what?
Be careful, when paying fuel with cards, it is subject to commission
