Entrepreneurship

5 Basic Mistakes to Avoid when Starting a Small Business

Google, Apple, Hewlet Packard and Amazon – what do these businesses have in common? Sure, they are ruling their respective industries, possess the highest market shares and are multi-billion dollar corporations but what else? A little known common fact about these business giants is that they all started in the back of a garage. Yes! Shocking isn’t it.

With the right execution, a small business that begins in the back of the garage has the capability to transform the living style of an entire generation. We millennials, belonging to the online generation of Google and Amazon, are a living proof of it. So if you have an idea and you are unsure about it because everyone around you jokes that it is way too crazy or unrealistic, well then maybe it is, but who is to decide that crazy is not good. Let me tell you, it is the decisions you make along the way. Below I have compiled a list of things that you should avoid to transform your crazy business idea into a great one.

Here are a few tips I wish someone had told me when I was starting my own business.

Sometimes those who wander are lost
For any business to work it is absolutely imperative to have a concrete business plan. You should make sure that you set small targets for yourself to ultimately achieve the big goal. You have to have an idea about where you are headed, what your target audience is and which market are you attempting to operate in. Having a road map makes it easier for you to reach your destination and you achieve your end goal faster.

Don’t be overly-positive about any outcome
It is good to be positive and optimistic about your business idea but don’t forget to look at the things critically in the process. Be wary of your flaws before someone else points them out for you. Try to opt for an active approach rather than a reactive one.

Don’t stick to a mistake just because you spent a long time making it
This advice is not only for new entrepreneurs, it can be applicable regardless of the scalability for your business. If something is not working out, as you had planned, stop wasting more time and resources over it and move on.

Don’t be afraid to ask for help
Even the best businesses out there require a team so why are you exhausting yourself by doing everything on your own? Don’t be ashamed or afraid to ask for help. Even if you have limited resources you can always depend on family and friends.

Don’t be afraid of making mistakes
Lastly the most important thing you should know is that no one can avoid failure completely. Yes you can learn from others’ mistakes and try and do things differently and this is why I have compiled this list for you. But you learn from your experiences, so don’t be afraid to dive in and give your 100 percent.

Good Luck! Now go and start working on that dream project of yours.

Author


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Mayur Ramgir

Mayur is a visionary and the founder of Zonopact. He is passionate about what he does and innovation is at the heart of his success. He has contributed to various research projects and single-handedly developed CLINTRA, a latest innovation in enterprise software. Having keen business acumen led Mayur to start his first business at the age of 18. He has completed MS in Computational Science and Engineering from Georgia Tech (USA) and other degrees and professional courses from University of Sussex (UK), University of Mumbai (India), MIT (USA) and University of Oxford (UK).