Having a plan to act on, while starting a new business, forms a big part of minimizing the risks associated with setting up the business, says Entrepreneur Parwinder Singh aka ProSingh. Setting up a startup is not a cakewalk and entrepreneurs have to devote themselves entirely to this process. Entrepreneur ProSingh mentions that he has learned from his success as well as the failures. He believes that the success of a startup does not come because of good genes but rather comes by following the correct path which includes avoiding mistakes and learning from them. Young Entrepreneur ProSingh believes that every entrepreneur must avoid the following common mistakes:
- NOT PAYING ATTENTION TO YOUR COMPETITION
Entrepreneur ProSingh reveals that he has often observed that entrepreneurs sometimes do not pay attention to their competitors because of the excitement of starting a new business. In reality, it is very rare to have no direct competitors unless the entrepreneur has invented an entirely new product that hasn’t come up in the market ever. Therefore, before starting the business, you must invest adequate time in researching and strategizing about how to differentiate your offering from the other existing ones in the market.
- NOT SETTING REALISTIC GOALS
Budding entrepreneurs are so enthusiastic about starting a new business venture that they set up unattainable plans. Entrepreneur ProSingh says that entrepreneurs must set reasonable goals and then plan in such a way that attainment of goals becomes easier. Hence, while setting the goals, an entrepreneur should make sure that his or her goals are realistic, in order to succeed.
- TAKING DECISIONS BASED ON COST
During the initial days of a business, an entrepreneur usually does not have a lot of funds to invest. Young Entrepreneur ProSingh advises that an entrepreneur must always take all the decisions considering the costs associated. If he or she will avoid the cost factor then there are high chances that the business might run short on cash and thus leading to the disrupted working of the organization.
- THINKING THAT ONLY YOU CAN MAKE YOUR BUSINESS SUCCEED
During the initial stages of business, entrepreneurs have a very common misbelief that because they know their offering in and out, they can perform every task on their own. But they must know that one person can never take any business towards success; it is always a team. Also, it is beneficial to have a mentor beside you to guide you throughout.
- HAVING GREED FOR MONEY
In the race to earn money, entrepreneurs often go for huge profit margins. To earn a huge amount of profits, they usually resort to higher pricing methods. But, they must understand that initially, people are not willing to pay higher owing to a lack of trust. Hence, young entrepreneur ProSingh advises to rather launch the offering at low prices and when the trust is built they can increase the price.
Connect with ProSingh on Instagram – @realprosingh