Shorten your learning by avoiding critical missteps

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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Shorten your learning by avoiding critical missteps

Being an entrepreneur means not taking the oft-trodden path. The journey to success can be difficult, ponderous, and fraught with peril as the business grows.  The numbers are particularly telling: [box type=”info” align=”” class=”” width=””]According to the United States Bureau of Labor Statistics, 20% of new firms fail during the first two years of operation, and nearly half of all enterprises fail by the fifth year. So, how should you go about starting a successful business?[/box]

The most important thing that entrepreneurs must keep in mind is that they should rise above their challenges and not sink into desperation. As an entrepreneur, some mistakes could prove to be more expensive than others. Based on insights from Forbes, you can shorten the learning curve while also avoiding these expensive mistakes.

The wrong buyer persona

Developing the requisite data sources and having a keen understanding of your target audience is critical. Ostensibly, sans an accurate grasp of your target audience, your products and services are less likely to have the desired impact.  In certain instances, it may even deter potential buyers from your brand. Keeping an eye on your competitors to understand how your target audience behaves is also important.

[box type=”success” align=”” class=”” width=””]Once your brand has a keen grasp of its target audience, your future roadmap can be more impactful and innovative.[/box]

Not monitoring unsatisfied customers

In the digital age, creating a uniform and delightful customer experience across channels can be quite challenging; a small business that frequently receives negative feedback can expect a domino effect. Especially if the business tries to sweep things under the rug by ignoring the negative feedback.  Hell hath no fury like a customer scorned! These customers can quickly bring a brand down and eventually sound the death knell for a thriving business. It is thus imperative to keep your customers in good spirits and deliver on promises.

Not addressing the right customer pain points

This is a common oversight by entrepreneurs. There is always a challenge to overcome. There will always be client issues that need to be addressed. These clues, however, are insufficient to motivate you to start working on a solution.

The reasons why most businesses fail were canvassed in CBInsights research of 101 startups. According to its creators, 42 percent of small firms fail because their services or goods aren’t in demand. Entrepreneurs need to focus on the value engineering of their products to make them stand out.

Understanding how your product acts as a solution for specific target audience problems should be the foundation of your Research and Development. The higher the demand for a specific solution, the greater the chances of success.

Not leveraging technology correctly

It’s unfortunate that many entrepreneurs aren’t taking use of technology at an age when it’s at the heart of company. Technology is an integral element of our daily lives as well as a business and branding enabler. Artificial intelligence technology may help you keep track of data in your area, and social media can help you understand what your consumers are saying – and what they want.

Many company objectives may be met by successfully utilising technology as a resource. Find out about industry statistics and data, as well as what your rivals are doing differently and how you can make your services stand out while still appealing to your target market.

Finally, being an effective entrepreneur who makes a market impact is about being a thought leader and depicting the right salesmanship. Being able to connect with your customers emotionally is not only about weaving the right experiences with your products and services but also the values the brand conveys. There are always exceptions to the rule and your business can be one of them.

 

 

 

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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