Having an opportunity to sit down with the young entrepreneurs and hear their stories about their challenges and how they overcome their roadblocks was overwhelming. If you are a young entrepreneur and running a business, it is like you have come across many of these, or might be experiencing right now.
Let’s see what kind of roadblocks these young entrepreneurs have experienced in their business and learn from them.
Not having the right connections
Networking in business is extremely important in any startup business; it is how one gets going. If you don’t have the right connections, it is a deadly mistake. Unfortunately, you can’t buy your connection on Amazon or get it from your nearest super market. There are millions of people out there to give the kind of opportunity you are looking for. Be actively engage in business venture, this will let you identify the experts in your field, plus you get few mentors to guide you through.
Overlooking your research
Your research on business is going to form the foundation of your goals, plans and expectations. Competitive research, pricing research and market research are just some of the in-depths forms of research you will perform. There will be lots of vulnerabilities attached to it that you at times completely over look. Even the most careful researches have gone haywire because they have been neglected.
This will always happen. It has happened to most of the businessmen who have made it big. Whether it is a major client leaving due to unmet expectations, or a major PR opportunity that has slipped past you and it is going to make you feel terrible. That’s perfectly okay. Just don’t dwell on it for long. Keep going and you will be able to explore more opportunities in your path.
Mistake of hiring wrong profiles
This is another significant mistake that an entrepreneur especially the start-up business owner does. It is very likely to happen this, because being an entrepreneur is not easy. Locating a good help is the toughest task, since a business has to undertake various things like whether it can afford high salaries, incentives, and other perks. However, don’t compromise on your workforce because the lack of productivity and negative attitude will ruin a good business environment.
Not taking care of important deadlines
This shows how lethargic you are with your business. It portrays a bad impression. For instance, if your client is expecting you to deliver certain project on time or couldn’t hit the production of certain product on time – this could mean the collapse of an entire segment of the business. Determine what went wrong and correct as quickly as possible.
Lastly, missing your financial projections
There are 2 substantial reason of missing your financial projections- underperforming compared to your goals and overestimating the amount of sales/revenue your company was supposed to bring in. Either one of it can leave you with the sense of dread and fear for the future of the business.
Keep in mind the necessary pointers when it comes to financial projections and adjust your expectations accordingly and this is how you will be able to improve your company’s performance.