Entrepreneurship. The word itself is enough to define the life of an MBA graduate who always wishes to have a second source of income. The great words of John DI lemme “Every failure is a stepping stone to success” I take this opportunity to share failure reasons in my struggle of 1st year of Entrepreneurship. Online marketing is an arena fiercely fought and the youth has ideas from all across the globe. Amazon, Flipkart, Snapdeal the big day sales the market has it all you just name it. However the crux is you should catch the attention of the readers and create a mental impact. I will not go far but an English Daily “The Times of India” published on date “06/Oct/2014” in National Capital Region, India would clearly explain the fierce battle of online industry. The focus is on online portals as that has been my forte and fortunately area of Success today. Let’s go deep into the possible pitfalls one can encounter in entrepreneurship.
- Trying to sail Alone.
Start up is no easy job and no individual is perfect to analyse the entire market spectrum alone. I am not denying no one can but it will always be beneficial to have more than one mind to brainstorm than a single one. The starting phase generally takes a lot of time and is a stressful act. So it is always recommended to not do a start-up alone.
- Do not make a fish market of Founders
It looks easy on the investment part but get down to the crux the financials are going to be split and split heavy. One can never assume everyone to put in equal amount of brains and hard work as individuals have limitations. For you it might be hug, however for others it might be just another venture. There is a thin line between expectations and outputs. Do a start up with someone you can trust and bank upon and has equal desire for the venture as you have.
- Pumping too heavy monies too early.
If you are investing from your pocket or it’s an investor funding, going out too heavy too early will catch eyeballs and might make the investor frivolous. Always be calculated with the money investment part, what all glitters to be an easy path to glory might eventually turn out to be a heavy spending path and yet not glory.
- Don’t force a start up.
It’s always good to be confident but banking excessively on a start up to run your future expenses is not such a great idea. Always try to conceptualise your project and once it starts showing up legitimate financial gains for you to quit a job than only take that decision of quitting.
Sometimes the predictions of what the product is perceived by us and the market goes slightly off path. Be quick to grab an opportunity to move on, the world is full of endless opportunities go out and explore.
- Poor communication
It’s always important to hear the reviews of what people say about you. Ignoring facts, reviews, comments or critics will eventually lead you into a pothole. Ignore online business all businesses which are not open to customer reviews end up in a deep are not open to customer reviews end up in a deep hole.
Rome was not built in a day. Always remember start-up’s take time to run and dwell. Hold all your horses before coming to conclusions.