We took a turn from the normal route after we had carefully and intelligently paid in-depth attention as to why many new age fault in their business and as a result, drive their business to a limbo at a very early stage. The results of our observation were beyond the regular normalities ascribed to such situation. We came with three (3) climax mistake new age entrepreneurs are constantly inclined too, that continues to hurt their chances of breeding a success enterprise.
1.NEW AGE ENTREPRENUERS ARE TRYING TO MAKE PROFIT TOO SOON
yes! it’s logical for an entrepreneur to be profit inclined. There is absolutely nothing wrong with this notion but it becomes a problem when profit generation is rated highest over all other areas on a priority scale for a starting entrepreneur, in fact, in the hierarchy of priorities of a beginning entrepreneur, product or service standard and quality, service reputation, and setting out organizational structures and policies on which the total activities of the enterprise will exist upon must hold the top orders. Profit generation should be more of a lesser priority for the startup period which ranges from 0 to 2years.
A starting entrepreneur should put more emphasis in understanding market dynamics in accordance to his product or services, developing competitive advantages to expand product consumption.
Trying to make profit too soon is the genesis of the failure of a a starting enterprise, here is why I said that;
It’s going to lead the entrepreneur to customer exploitation which back end can lead to an entrepreneur’s inability to pilot his enterprise to survive competition form industry mates.
New brands should strive for innovation and product acceptance, that way their consumer market is being giving a reason to want to patronize them more rather than their formal.
Its ok to plan for profit but it should not take the place of other primary factors for a starting entrepreneur.
Note that the first 0-2years of business startup is normally referred to as seed years because it is the period in which the entrepreneur must be prepared to invest rather than to harvest such as making mistakes and learning from them, gaining mastery of his craft, understanding his competition, struggling for acceptance, building service reputation, networking and developing guiding policies and business frameworks that will propel the enterprise to archive successes in rapid successions even amongst stiff competition
Now and days, we witness a case where every starting entrepreneur want to prove a point of hitting massive success in very short period of time. Although I have an understanding that we exist in a digital age now where businesses don’t have to struggle to much and for long to gain success in their various services. Trust me this is so true, the recent outbreak of startup firms into global relevance proves this even a lot more.
The big deal is for this reason, most starting entrepreneurs draft out potentially unrealistic plans for their starting firms because of this orientation, they try archive in one year what should take ten years so it happens that most their plan fail them because it doesn’t match the reality on ground. Don’t start with a scent and and proposed a to recoup a million dollar in one year. Am I against growing at a fast pace? Absolutely NO! there is no dignity in playing small. Only make sure the plans are inclined with the realities of the entrepreneur’s industry
A certain startup entrepreneur once said to me while we both were having a talk over coffee, he said he would love to be in the 30 under 30 most successful list of peoples real soon. This sounded relatively good for we both until a third party redirected another question to him, he said “now that’s a plan for yourself, what’s the plan for your company. At my gaze the young entrepreneur remained in suspense for couple of long seconds. Obviously, he had none.
As a startup entrepreneur focus more on building your brand not your personal self, don’t be in a hurry to make the spot light because if you meet the spotlight unprepared, you will get to realize that light does also produce heat (deep thoughts)
It’s very much important to note that the success of your business is also your success
This also has a part as to why startups have the highest business disaster records, they make demands for capitals they don’t need just yet, they employ more than capable, they exhaust their capacity without expansions, it’s good to stretch your business and take some risk sometimes but do it only when you are fit and ready not when you think you are fit and ready.