The 5 Biggest Mistakes Of Aspiring Entrepreneurs.

            BY  DIVAKAR KUMAR PANDAY.

People who are inexperienced in building businesses tend to make similar mistakes. None of them are rocket science. None of them are particularly ‘difficult’ to figure out.

And yet, plenty of people repeat them over and over again.

As a result, they get stuck in businesses that take away all of their time and yet make them hardly any money at all.

While your business was supposed to free you from annoying people ordering you around, it quickly turns into a nightmare. Slowly, money becomes your new boss.

And it is an even more terrible one than you ever faced before.

You try all sorts of things and nothing seems to help. You literally work your ass off trying to get the business off the ground and yet nothing seems to be getting any better.

Here’s 10 reasons why this might be the case.

1. You haven’t done enough research.

One of the biggest mistakes aspiring entrepreneurs make, is that they ‘think’ they know their market extremely well. As a result, they rush through the market research stage.

This assumption is the beginning of their doom.

They invest plenty of time and resources developing products that nobody wants. After that, they throw everything into the marketing process, not realizing that it is impossible to sell that particular product.

2. You haven’t done appropriate testing.

Before you should even start developing a product, you need to properly test customer interest. And testing ‘properly’, in most cases, means that there has already been people willing to pay for your product.

    In 90% of all cases, it is better to start pre-selling a product long before you have even started developing it.

Why?

Because the only way to really get a feeling for whether or not people are REALLY interested in your product, is to get them to pay you upfront.

People can say as much as they want that they really want your product — the moment that they have to take out their wallets and actually pay, things might change completely.

Never skip the testing stage.

Always try to get a decent number of customers before you spend any amount of time into product development. In the best case scenario, it is these pre-sales, which finance your product development completely.

In this way, you keep risk as low as possible.

3. You think too much about what you yourself want.

Often, businesses are grounded in what their founders want, rather than what it right for the business itself. Because businesses are often an extension of the founder himself, they also take in all the problems of the founder.

Of course, you primarily build a business with the purpose of making your own life better.

4. You keep quitting too quickly.

As long as you’ve done proper market research and proper testing, there shouldn’t be any good reason to quit a project and move to another one for quite a while.

If only you keep working at the project long enough, you will probably find a way of making it profitable.

And yet, most people quit their projects way too fast.

5. You think like a technician.

Most people get into business on the basis of a particular skill they have. This could be something like coding, selling, copy-writing, bakery, architectural design or whatever else.

But the reality is that just because you are good at your craft, it doesn’t mean that you are good at building a business.