Making money is becoming much harder Even for the self managing business holders. What most entrepreneurs don't know is that you can own your own business which is a great catch but not actually getting the results you expected as a developer. It's good to know your business both inside and around so that you might realize where your business is lugging.
Here are five most common mistakes made by business holders that they actually don't have an idea about.
1. Setting unrealistic financial goals.
Most of entrepreneurs set unrealistic financial goals without really thinking about possible losses within the line of business, Fluctuating markets, rise in the economy of a country which leads to increased market prices which prompts to fluctuating scale in marketing your products.
Setting goals requires one to be sure of the marketing strategies that helps one to achieve the set goals in place of the business you are managing.
2. Poor market research
When it comes to doing the research based on the business you want to start please consider the product you want to start,the population of the intended area,the marketability of the product,the price fluctuations depending on the product on the catch and do not forget about the risks that comes with selling the product.Research allows the entrepreneurs to make informed decision to avoid making decisions rushionally. This will prevent failure of a business before it even begins.
3. Make a business plan.
A business without a plan is actually bound to fail. Actually you might not see the effectiveness of a business plan but it's very essential since it allows the entrepreneur to plan for the cost to be incurred, possible losses, how to recover the losses as well as the alternative back up incase the business fails.
4. Customer preferences.
The whims and caprices of his or her buyers. You should always work towards maintaining a good relationships between your business and your customers. Before making your customers angry always remember a customer is right even when he or she is wrong.
You don't only sell for the sake of selling but always mind what your customers say, this is essential because you might find out actually that you're selling a wrong product. But remember you can't make every customer Happy there are some who won't be satisfied always.
5. Ignoring competition
In any business there must be a competition. without a competition the business cannot progress well. Many people tend to ignore and do away with this . Competition greatly helps us in a business to be active and know where to improve . Although, when taking about competition it has to be a fair competition not a stiff one .
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