What not to do in starting a business
How usually should we act to build a business that will survive over time and support us? A number of answers appear below but are not a substitute for specific business consulting.
Usually, people start a business after thinking about it for quite some time. Sometimes business is brewing in our brain for several years until we get to the point where the conditions are ripe for the birth of our business. At this point, we are willing to invest time, energy, money and all our talent in the business we build. The point of establishment is a transition point from fantasy or dream, to trying to live what we dreamed of. Starting a business will take place after we have overcome our hesitations and objections from family and friends. We have overcome, but setting out still requires energy, determination and perseverance from us.
So the first question that often arises with entrepreneurs is whether to give up what we already have on hand in terms of livelihood to set up our business?
Sometimes we are required to give up a low but secure livelihood in order to try and achieve a better livelihood. Sometimes, it requires us to risk the livelihood not only of ourselves but also of people who depend on us financially. Many times, starting a business will require us to give up other occupations that have supported us so far. Starting a business is what can be called a “leap of courage.” We jump from the edge of the pool to the water. And it requires courage from us. In any case, if you are people who are not built for uncertainty – do not start a business.
In any case of starting a business, a significant initial investment of time and thought is required to build the infrastructure of the business and as the Americans say: time is money. It is possible that some of the steps, can be performed while engaging in what we have dealt with so far. However, the bad news is for people that what is holding them back from starting a business is the fear of giving up the existing one, that if we want to give the business we are setting up a serious chance, we will have to invest all our time and energy and it requires us to leave In the new business.
A second question that not all business founders pay attention to is how long will it take for the business to support me? It is important to note that it takes time from the moment the business is set up until it starts to support us. Starting a business requires building business infrastructure and building a customer base. In an average business, which is set up and managed properly and where all or most of the actions required for its success are taken it will take about a year of focused work to reach the level of income we present to ourselves in the initial business plan.
A third question that is important to address is: Apart from my main talent or product around which I am setting up the business, what else do I need to do for the business to be successful?
Two other things without which it is impossible to run a business are defining the products/services and building the customer base.
Under the heading of product definition should define all aspects of the product or service we offer: What is the product range we offer? What are the characteristics of the products? What is special about what we offer compared to what our competitors offer? How do customers receive the product/service? The customer’s experience and buying experience and more.
Under the heading Building a customer audience, we need to define which customers are our ideals, ideal in two respects: customers who will benefit the most from what we offer and our customers will be the best to work with.
Once we have defined our customer base, we need to define a marketing plan that will bring awareness to those customers of the product or service we offer so that they can purchase it.
So in conclusion, what not to do in starting a business: not to set off without setting up the necessary infrastructure: business infrastructure, thinking and mental infrastructure of the business owner and marketing infrastructure.