MISTAKES THAT CAN HAMPER AN ENTREPRENEUR

 

Mistakes are common; in fact they’re inevitable. They also can make you a more cautious and wiser businesspersonAll entrepreneurs make at least one expensive mistake when setting up a new business. But some mistakes are so costly they can sink a cash-strapped new company.

Following is list of crucial startup stumbles. Even if an entrepreneur is doing everything else right, committing even one of these mistakes can seriously damage the startup’s credibility and chances of successful launch.

1.Client communication failures

One of the most common mistakes a growing professional services firm makes is failing to effectively communicate with clients. According to a recent study, client communication is the most important factor influencing the success of a project. But this is often easier said than done.

Ninety percent of survey respondents selected email as one of their top three methods of communication during projects, but email is built for private communications between a few individuals, whereas delivering successful projects is a team endeavor. For most professionals today, relying on email means entire chains of communication are put in silos between teammates, withholding valuable information in their inboxes that’s inaccessible to both colleagues and clients.

With growing teams and bigger projects, it’s impossible to keep track of every small detail using traditional manual approaches, such as copying and pasting or multiple all-hands meetings. While new collaboration tools are trying — unsuccessfully — to replace email entirely, the real solution is to use project management software that integrates with email automatically, tracking conversations and treating the content of their messages as assets to share across the team.

2.“We don’t have any competition.”

As you brief potential advisors, investors and partners regarding your startup, you want to convey how exciting, ground-breaking and unique you are, right? But one of the silliest things you can say is, “We don’t have any competition.” Even if you have a new, dramatically better solution for addressing a certain customer problem, your customers do have another way of currently addressing that problem or issue. It’s crucial to address how you’re going to steal share from the established players — the current way of doing things.

3. “Build it and they will come.”

Inventors and innovators often tend to minimize the importance of marketing and sales. They get caught up in just how cool their solution is, and just assume that, once it’s available on the market, customers will simply stampede to buy it. Good luck with that.

Even though every Entrepreneur comes up their own innovative solution, they do not last long without proper sales and marketing technique.

4. Overly optimistic market penetration assumptions.

Another serious business planning chaos is claiming that your new startup is going to conquer the majority of its addressable market, from scratch, in just three to five years. Think about it: even the most heroically successful new market launches in history, such as the iPad and the iPod, achieved no better than 30-50% market penetration in 7 years. And those are extremely successful outliers. Are you going to do better than that, as a startup with limited marketing resources?

5. Choosing the wrong team. 

This is the most expensive startup mistake, claims Bill Aulet, managing director of the Martin Trust Center for MIT Entrepreneurship and author of Disciplined Entrepreneurship.

Pick your team carefully and base your choices on the skills you need, common values and trust. Don’t let friendship cloud your judgment.

6. Take advantage of every opportunity to network.

It’s not just who you know, it’s who knows you. Your calendar may be booked from sunrise to sunset, but even 30 minutes at a networking event will pay off in the long run. Visibility is the first rule of networking. Make sure you have your presence at all social networks. . In order to promote your business, it’s essential to see and be seen.

FEARLESS ENTREPRENEUR.

Becoming an Entrepreneur became more common than ever after Modi’s Startup India campaign. Yet most of those entrepreneurs are no longer in business. Every day we read about startup ventures crumbling to soil. It can make you think twice about giving up on the 9-6 lifestyle.

It’s natural to feel dubious about your decision. No entrepreneur is a born badass who would nail every target and aim of the organization. They fall, they crumble and they learn. What is important is to remember your lesson. Because your fall will help you learn how to fly.

Giving up is not an option for a passionate Entrepreneur. Success isn’t a result of spontaneous combustion. You must set yourself on fire. To become a fearless Entrepreneur, one must always remember these lessons:

  1. The journey is the best part.

It’s easy to look at that mountain and shy away from the hard work. It’s intimidating to begin with. But along the journey, you embark on something new. This journey is the most enjoyable part of the process.

All successful entrepreneurs look back on their respective journeys with a great fondness. Don’t be afraid of the journey embrace it.

  1. Cherish what drives you.

What drives an Entrepreneur isn’t money alone. It’s what they can do with that money. For you it might be that big house, that fast car or that dream vacation to Hawaii. Embrace what drives you. Use that to get you through the hard times.

Make sure to keep your aspiration in front of you all the time. Nothing can motivate you more than knowing what you want.

  1. Mistakes are tuition. Learn from every one you make.

It’s quite simple. We will make mistakes. Some are incredibly expensive. Don’t go out of your way to make mistakes but learn from every one you do make. Set aside some time to reflect on why you made that mistake and what you can do to make sure you don’t make that same mistake again.

  1. Adapt or perish.

Entrepreneurship is competition on a landscape that is always changing. They must either adapt or die. It’s that simple. Constantly monitor your competitors and your market. Enjoy your success without ever becoming complacent.

Always be on your toes.

  1. Never, ever, ever give up.

Malcolm Gladwell popularized the idea that it takes 10,000 hours to master a complex skill.

But the real key of mastering a complex skill is grit; the ability to stick with something long enough to log those 10,000 hours.

People with grit are like anti dilettantes. Rather than flit from thing to thing, gritty people pick something and stick with it. They’re tenacious, dogged, persevering, and they absolutely refuse to give up.

The grittiest people don’t just work longer and harder, although that is part of the equation. They keep a laser focus on their goal and say, “No, thanks,” to anything that gets in their way.

Be a true fearless Entrepreneur. Don’t listen to anyone other than yourself. Stay focused. And never give up on your goal.

 

TO SAVE THE WORLD, START SMALL

“A society grows great when old men plant trees whose shade they know they shall never sit in.”
— Greek proverb

Global warming has increased in vast increments in the last decade. In fact, in the last 50 years, the earth’s global temperature has increased by 3%. Pollution caused by the release of carbon dioxide into the air creates a blanket over the atmosphere. Global warming can cause a whole chain of events to rupture ecosystems, weather patterns, and a variety of other factors. We all play a part in our future.

To save the world, there is no need of any committee or agreement. We can do this by simply altering our lifestyle a little. Take small steps that won’t change our life but make a difference to the world.

Replace Regular Incandescent Light bulb: Replace regular incandescent light bulb with compact fluorescent light (CFL) bulbs. They consume 70% less energy than ordinary bulbs and have longer lifetime.

Go Solar: Many people have caught the energy efficient band wagon of solar energy. Having solar panels installed is something readily possible and available. Incentives and discounts given by government agencies and energy companies make solar energy something to look into.

Reduce Waste: Landfills are the major contributor of methane and other greenhouse gases. When the waste is burnt, it releases toxic gases in the atmosphere which result in global warming. Reusing and recycling old items can significantly reduce your carbon footprint as it takes far less energy to recycle old items than to produce items from scratch.

Use less Hot Water: Buy energy saving geysers and dishwasher for your home. Avoid washing clothes in hot water. Just wash them in cold or warm water. Avoid taking frequent showers and use less hot water. It will help in saving energy require to produce that energy.

Plant a Tree: Planting trees can help much in reducing global warming than any other method. They not only give oxygen but also take in carbon dioxide, during the process of photosynthesis, which is the main source of global warming.

Reuse Towels: Hang towels to dry, instead of popping them back in the wash after a few uses.

Spread the Awareness: Always try your best to educate people about global warming and its causes and after affects. Tell them how they can contribute their part by saving energy that will be good for the environment. Gather opportunities and establish programs that will help you to share information with friends, relatives and neighbors.

By being just a little more mindful, we all can play our part in combating global warming. These easy tips will help preserve the planet for future generations.

FOOD FOR THOUGHT

Earth is getting hotter.

Not something we are unaware of.

From Agriculture to Infrastructure to how humans consume energy, the National Climate Assessment Development Advisory Committee spotlights how a warming world may bring widespread disruption.

Agriculture feeds and clothes the world. Although the long-term effects of climate change are still largely unknown, scientists can observe short-term effects of climate change on crops and animals. In addition, scientists can prognosticate about the changes that are likely to occur in agriculture if global climate change causes changes in temperatures and rainfall. Farmers will see declines in some crops, while others will reap increased yields.

With rapid climate change, aside from yields, climate change will also affect food processing, storage, and transportation—industries that require an increasing amount of expensive water and energy as global demand rises—leading to higher food prices.

The future course of global food production will depend on how well societies can adapt to such climatic changes, as well as the influence of other pressures, such as the competition for land from biofuel production. The IPCC concluded that in the poorer, low-latitude countries, climate change could seriously challenge the capacity to adapt for a warming of more than 3°C. The richer, higher latitude countries are likely to have a greater capacity to adapt and exploit changing climatic conditions.

But we can’t ignore the potential for “surprises” down the line. There are many uncertainties in such predictions. The world has not seen such changes in climate for millennia, and so it is impossible to know how our agricultural systems will react in the real world.

 

IF OPPORTUNITY DOESN’T KNOCK, BUILD YOUR DOOR

If you don’t come across the opportunity you want, you have to take the initiative to increase your chances of getting that opportunity.

Creating opportunities for yourself is the door. The particular opportunities you want and the plan for getting them depends on what vocation, market or personal interest you are pursuing. The opportunities you need to create can depend on developing personality, personal attributes or simply mechanical steps such as filing a resume. If you want to be an actress, you have to take a film test and try out for a role after having gone to theater school or gotten some relevant experience. These steps might be considered building the door more literally. Without a door, opportunity has nothing to knock on. The specific door you should build depends on what sort of opportunities you are interested in.

For Entrepreneur things are no better. Entrepreneurs take action in their own hands instead of waiting around for success to just come around the corner. They become successful because they strive for success. They open window of opportunities, instead of just waiting until it opens for them.

And like the quote above said, “If opportunity doesn’t knock, build a door.” This just shows that you mustn’t leave your business’ success to chance. You have to take the necessary steps in order to reach your goal. In business, there’s no lucky break. It’s all about the preparations and the opportunities you make. You base how much work you’ve done by the results.

Success is never just handed out to entrepreneurs, we work for it. But most of all, we make them happen through our actions, preparations and the opportunities we make for our business and ourselves. Think about it.

Have you created great opportunities lately?