Without failure, there is no success! It’s because, after failure, we can grow as individuals with a new spectrum of knowledge, experience, and skills. But entrepreneurs nowadays are afraid of failing, when it is vital as failure is the only thing that helps a businessperson learn from their experience and evolve to overcome the challenges that are not by the book.
Setting up any business is not easy, and there are a lot of challenges that one faces when establishing a new business. People only tend to focus on success stories, but no one talks about the failures that are the driving force behind every successful business.
If you are an entrepreneur, it is always wise to learn from others’ mistakes. Thus, for this article, we talked to 03 leading experts and asked them to shed some light on this trending topic.
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Let’s check out what these industry-leading experts have to say on this.
· Furqan Sultan, Business Unit Head of Cydomedia
An entrepreneur is a person that creates a unique business model. This is the first and most crucial mistake that new-age entrepreneurs make. Creating a business that is already in existence is not entrepreneurship.
Thus, young and new entrepreneurs should conduct an in-depth analysis of the market and industry before establishing their business model. The second most common mistake is problem-solving. You might have a great business model, but if it isn’t solving your client’s problem, then it’s not worth it.
Lastly, you should never forget that patience is the key to success. Nothing turns gold overnight. Thus, entrepreneurs must believe in their business model, work with consistency, and hustle till they get to the point of success.
· Shumail Ismail, AVP Marketing at Tekrevol
We all make many mistakes in the early stages of establishing a business, but we can never deny the fact that it helps us emerge as a better professional. I think that impatience, conventional thinking, and fear of loss are the most common mistakes that young entrepreneurs make.
You should never be afraid of opting for unconventional approaches. If you think it might work, then do it. The fear of losing is never wrong, especially at the start of any business, as you have nothing or very little to lose. So do what you think might be the next big thing, and you will never be disappointed.
Stick to your strengths, aim high, and be patient.
· Athar Gillani, Business Unit Head of BuzzFlick
Of course, starting a new business venture can be pretty challenging. Sometimes entrepreneurs commit mistakes that can become a hurdle in achieving success. For instance, not setting attainable objectives.
As per my experience, new entrepreneurs can also be enraptured by their new idea that they often start working without having a solid plan in hand. They forget to set up short and long-term goals and sometimes end up in debt.
Secondly, they often end up making hiring decisions based on cost. When the budget is tight, entrepreneurs often hire at cheap rates. But this can have a negative impact. There are reasons why they work at cheap rates. They can be unreliable, inexperienced, and unskilled. They end up hiring a bunch of unprofessional people.
Moreover, some avoid investing in marketing as they believe it’s expensive. They often assume their products are so exceptional that they can rely on word of mouth and free PR. This can be one of the biggest mistakes I think one should avoid since a business can grow and become successful if you adequately invest in its marketing.
But at the end of the day, failure is important. We should see it as a new opportunity to reevaluate our practices, goals and find new paths to success.
Not learning from your failures can be the biggest mistake one can make. Never forget that every great entrepreneur you see today failed on their first attempt. The key is to figure out what went wrong and come back even stronger.
As Henry Ford once said,
“The only real mistake is the one from which we learn nothing.”
And that’s it for today. We are thankful to the experts that shared their opinion on this topic. We are hopeful that this will be helpful for a lot of young entrepreneurs and will serve as a roadmap of things to avoid. We wish luck to every new startup and aim to help our consumers to make their businesses succeed in all domains.