Each entrepreneur is unique. They have their reasons for starting a business. They have different proud ideas in mind and have a variety of consumer issues they want to solve. Each has his own values, goals, and aspirations. But if there is one thing all entrepreneurs would agree on, that is their goal to run a thriving and successful business.
Rarely do we come across articles that tell aspiring entrepreneurs what they shouldn’t do when starting and running a business. If you aspire to become an entrepreneur one day, these tips will help you learn what you shouldn’t be caught doing.
Letting Greed Run Your Business
Most people who want to own and run a business want to build their wealth. It is already given that you’re spending your precious time on your brand so that you can earn money. But if this is your only motivation, you will only let greed run the business.
Greed can ruin your business in more ways than one. It can push you to focus on making more profit instead of improving your customer experiences. The more you ignore the needs and expectations of your clients, the easier it will be to lose them.
You can end up neglecting your employee’s happiness and satisfaction rate, which can lead to a high turnover rate. You can end up replacing employees now and then. This only increases your costs and can affect the quality and efficiency of your production.
The good news is, there are ways to turn greed into a good thing. Take Tom’s who sell shoes to give back to the community a portion of every sale. They publicize their philanthropic intentions and, in turn, can generate sales, help those in need, and let their clients be a part of their efforts.
Launching a Product Without Testing the Market First
If you’re about to launch a new product, you could be in hype mode and can’t wait to begin selling your offers. But before you do, what made you so sure that your idea will actually work? A unique business idea or even a proven business concept is not enough to guarantee that your business will succeed.
What you need to do is to do product market testing before you even start mass-producing your offers. This will help you check if there is a market out there for your products. It will also help you understand if consumers are interested in your product and gather unsolicited feedback.
Thankfully, there are different ways to do product marketing tests. One strategy worth considering is pay per click services. A targeted PPC campaign can help you find out if your product has good potential to sell or not. You will need to find a reputable SEO company and pay them for their PPC services, but you can generate faster returns on your investment in the future.
You can also choose to create a prototype first and talk to potential consumers to see what their reaction is to your upcoming product. Show off your prototypes, talk to customers, and get their feedback. This will let you know if many are interested in your offer and what improvements you can make before mass-producing the final product.
Not Daring to Step Out of Your Comfort Zone
Some small business owners are afraid to do something different, even if they already managed to achieve their initial business goals. You could be continuously hitting your target sales each month and your customers are demanding more products or inventories. If you keep on turning your customers down simply because you are afraid to scale up or do go out of your comfort zone, then you are hindering the potential of your brand.
Take Daymond John as an example. He was a self-made millionaire who turned his dream of making cool clothes for rappers a reality. Once he realized all his investments are in the clothing industry, he took the chance and joined Shark Tank as a celebrity investor.
Shark Tank is a whole different industry where he had to use his own money to help chosen entrepreneurs by investing in their business idea. But because he was willing to break out of his comfort zone, he was able to help other entrepreneurs and grow his investment. Now, his favorite investments bring in millions of dollars each year.
Not all entrepreneurs end up being successful. But those who did, they owe their success to hard work, patience, and the values they learned from years of experience. You, too, can become a successful entrepreneur one day. Don’t stop learning new things each day. Never let greed consume you, dare to step out of our comfort zone, and be willing to do marketing tests to increase your chances of success.