Business is the name of profit and loss. But still, it is the dream of every person to do business instead of doing a 9-5 job. Because doing a job is itself hectic and its scope is also limited. But if you do business then the sky is the limit. If at one side businessmen enjoy so many advantages on the other hand there are some drawbacks to doing business. But it doesn’t mean that you should not start a business. My point is that there are certain things which you should avoid as a businessman. And in this article, we are going to highlight those business mistakes and how you can avoid them. Read the article completely and don’t forget to share it with your friends.
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Business Mistakes You Should Avoid:
No Business Planning:
“By failing to prepare, you are preparing to fail.”Benjamin Franklin
Writing a business plan requires so much time and you need to do a lot of research for that. That why many businesses make this mistake of not making a business plan. But they don’t realize that if they will invest their time today in making a good business plan then it will not only save a lot of their time in the future but also it can save a lot of their money.
No Market Research:
“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.”David Ogilvy
Before starting a business you need to explore the market. By exploring the market you will be able to analyze demand and supply factors. You also need to test your services or products in the market before starting a business. If you will not do market research then you won’t be able to know that either your product is going to be collapsed or people are going to love it.
Ignoring the Competition:
“A horse never runs so fast as when he has other horses to catch up and outpace.”Ovid
Ignoring the competition is a big mistake. For example, you have a clothing business but you have not done research on your competition. Suppose you are selling one shirt for $15 but your competitor is selling the same shirt for $6 then tell me how many shirts you think you are going to sell?
That’s why it is very important to know the competition before starting your own business.
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Not doing SWOT analysis:
Strategic entrepreneurs and leaders find the greatest insights hiding behind SWOT.Richie Norton
Many successful businesses before starting their business do a complete SWOT analysis while many unsuccessful businesses do not do that. SWOT analysis means analyzing your business’ strengths, weaknesses, opportunities, and threats before starting your business. You need a complete SWOT analysis to be successful.
Not Having a Backup:
Life is designed to knock you down. It will knock you down, time and time again, but it doesn’t matter how many times you fall – it matters how many times you get back up.Lilly Singh
As I said earlier that business is the name of profit and loss. If on one side you can earn a huge amount of profit then on the other hand there are also chances of a major loss. You should always be ready to face any critical condition and should always have a plan B or backup to overcome the situation. If you will have a plan B in prior then it will not create a panicking situation at the nick of the time.
In this article, I have shared with you how as a businessman you can avoid these major mistakes. I really hope that by reading the article you found it interesting. Please let me know about your views in the comment section given below.