Many aspiring entrepreneurs often have misconceptions about how
a successful business should have. They often believe that
these ingredients are critical for any business thrive and
grow. Today you will learn that you don’t have to be an expert
or even have a capital reverse of millions of dollars for you
to start and be successful in business.
To begin with, aspiring entrepreneurs usually enter in a
particular industry with the intention making a big leap and
landing a fat check that will put them at ease. To their
surprise, they realize only after a few months that the
industry is more competitive than they had expected. The
conversions and sales revenue are minute and can’t sustain
their already deflated ego. Most of these businesses end up
Entrepreneurs are bound to make mistakes when venturing in a
particular business. Though some are unavoidable and
unexpected, others are predictable and can be anticipated.
These predictable and anticipated mistakes are insidious,
corrupting the core fabric of any startup. If you don’t make a
decisive step to correct these mistakes, they may prove to be
more costly than the investment of your business.
Tempted to spend Millions
When planning to venture into a business, we are often tempted
to plan a big budget for the business. Though this is normal,
it should not be your primary driving factor. It is important
to evaluate the startup potential, by analyzing the possibility
of the business thriving and also if it fails.
Many spend all their life savings on the startup, borrow loans
from friends, family and financial institutions without
thorough research of the business’s potential. As a result, the
business collapses, having burned through thousands of dollars
on a concept or product that did not sell.
Instead of going through such a turmoil, start with a small
budget. With only $100 you can start a business that may lead
to $100,000 in revenues.
Starting a business requires the entrepreneur to invest on the
essentials first. Most businesses are pure-click companies or
enterprises that need a website. Investing on your website’s
landing page at the start is worth more than investing in a
whole commercial site. Focusing on one prototype product is
worth much more than trying to bring numerous products at the
Pro Tip: Avoid Sporadic Spending when starting up, invest in
Lost at Sea in Data Metrics and Analysis
Pure click companies are fairly a new concept to most
entrepreneurs making it difficult for them to quickly grasp the
tools needed to build a successful e-commerce business. Often
we are tempted to venture in data metrics and analysis “solo”,
thinking that you will quickly master the secrets to make your
e-commerce business peak and become profitable. As a startup
entrepreneur, seek help in matters regarding data metrics and
analysis. You just might realize that your drinking buddy,
neighborhood friend or even a family member is proficient in
data metrics and analytics. Alternatively, you can enroll for
online courses and tutorials that can help you understand and
interpret data metrics.
A ghost online store
You might be wondering why users are not accessing your
website, even after building and investing so much capital on
it. The major challenge in all startups is setting a strong
marketing campaign and maintaining it. Once the website is
ready, the entrepreneur has to inform users that the website
exists. If they don’t do this, the website will become dormant
and will have very few conversions. Promoting your website
through sub-reddits in Reddit, sending email, blogs to your
email list and posting across all your personal networks and
urging your friends and family to participate will increase
conversions and sales revenue. A nifty way to get more
conversions on your website is by pre-launching a landing page
and having free-giveaways.
Great Ideas, remain just so if not implemented
Remember the saying that goes, if wishes were horses, beggars
would ride. We all have brilliant ideas of how you want to
implement new revolutionary concepts in your existing business.
if you don’t implement your ideas, you can never know whether
they can work or not. Always use a pen and paper to write down
any idea that may you stumble upon, it might just be the next
revolutionary product that will change many lives. Don’t fear
sharing ideas with your colleagues, family or close friends.
Through brainstorming and critical review of the ideas you can
come up with an improved concept that is realistic and can be
implemented in your business.
The greatest competitor is you
We often struggle to wake up early in the morning, especially
when we clearly know that there is no important tasks planned
ahead. As an entrepreneur who has a startup, you need to
prioritize your work. It is tempting to continue binge watching
your favorite TV series, or sleeping in during weekends but
what you are actually doing is gradually stifling your
Prioritizing your work will make you more responsive to the
time you have each day, you will be more organized and cautious
of how you utilize your free time. Depending on the type of
business you are engaged in, you can identify the most suitable
time to spend working on your business.
Sparing time for leisure is also important. This will help you
unwind and be able to reflect on the progress you have made in
your business. Always remember to ask yourself whether what you
are doing during your free time will help your business grow or