Most of the times, I was often asked the same question & then I take time to answer the question after discussing what really happened or what went wrong that cause a good business to run into losses. Well! Surprisingly we unlocked some key reasons here.
The very common mistake noted by me was that several entrepreneurs starting a business had no idea where they were going or what they goal was? In simple words, there was no proper business plan.
Another pt noticed was most of the entrepreneurs had nil knowledge on the business selected by them. One needs to start a business after doing some market research or doing self learning on the product or service.
Most important of all, none of those startups were hiring a mentor or an advisor who would have suggested which business idea was suited the most. You may ask here - Do we need advice for starting a business? The answer is surely YES.
Also seen was most of them want to play safe, take less risk, invest less money in promotional activities or even willing to take lot of FREE Advices from a lot of consultants. Let me tell you these free advices will always give a negative impact on the business since one does not pay a serious attention when it’s Free.
Tips for entrepreneurs will be to hire a marketing consultant /Mentor/advisor at the time of a start-up who can guide you properly so that there is room for minor errors that can be corrected later by them.
The very common mistake noted by me was that several entrepreneurs starting a business had no idea where they were going or what they goal was? In simple words, there was no proper business plan.
Another pt noticed was most of the entrepreneurs had nil knowledge on the business selected by them. One needs to start a business after doing some market research or doing self learning on the product or service.
Most important of all, none of those startups were hiring a mentor or an advisor who would have suggested which business idea was suited the most. You may ask here - Do we need advice for starting a business? The answer is surely YES.
Tips for entrepreneurs will be to hire a marketing consultant /Mentor/advisor at the time of a start-up who can guide you properly so that there is room for minor errors that can be corrected later by them.
