However, the solution to this is not just making proper plans but making plans that work in the long run.
A successful entrepreneur is not just a person who takes initiatives, follows the risk-it policy and has carved a niche for himself but he is fully aware that where his business fits in respect to the economy and can easily adapt to the market or the economy changes. Well, whenever it comes to entrepreneurship everyone has a different take. But one thing that all our readers would agree to is that successful entrepreneurs are EPIC people and their success stories are not only inspirational but they they force us to introspect.
Through E-junkie, I have had the opportunity to interact with some of the most amazing entrepreneurs who are a great source of inspiration. What, I learnt from them is that, no idea is big or small!
There is a bit of an entrepreneur inside of all of us, who just needs to come out and with so many success stories around, some of us do manage to take the entrepreneurial leap. Since there is no school that teaches entrepreneurship, all that we have for reference are the personal experiences of people who have been there and done that. So we at E-junkie decided to help our readers in taking that entrepreneurial leap. We got in touch with some successful entrepreneurs with a question - 'What Are The Most Common Mistakes For Start-ups?' and the answers to which are no quoted-lines from books but are their own personal experience. Read on for some great do's and don'ts from experts.
Siobhan Bulfin - Goalpost
Goalpost is an internet and mobile application that helps people quit smoking. Goalpost is like a social networking site for people who are trying to quit smoking. Goalpost lets users connect with friends, post their everyday experience, seek expert advice and motivates them to quit smoking in a fun way. Siobhan Bulfin is the brain behind Goalpost.
The best feature of Goalpost is the daily tasks that it offers the users or the challenges from invited friends.
"1. What problem are you trying to solve? If you can't clearly and simply articulate the problem you're trying to address, don't do it.
2. Do market validation on your concept before building it - Many start-ups building products they like, or products that they think will fix a problem that either doesn't exist or has been solved already by someone else. Is there a demand for your kind of product? is there a market for it? or it is dominated already.
3. However long you think it's going to take to get launch your MVP, double it. Ditto re budget.
4. Don't be afraid of failure. Learn from your mistakes and don't repeat them.
5. Test, test and test again."Learn more about Siobhan and Goalpost
Paris Grey - CSR Blast
CSR is a customer service blog, which is still in its developing phase. Aimed at providing brands the resource that they need to build, grow and maintain their customers. The folks at CSR Blast are already blasting companies with horrible CSR on Twitter.
"1. Failing to test ideas with real market data with less resource - Sometimes founders are so much into how cool an idea or a feature is which can eventually be a pitfall if it leads to less focus on customer feedback on product. The key is understanding how potential customers or users use, interact and generally respond to a feature using. This can be done well by getting the products into the hands of users (not just family and friends) quick. This helps in focusing on the key areas and spending less on resources. Being agile is great for start-ups it allows for flexibility and quick response to market changes.
2. Recognizing the right time to pivot - For start-ups the key is quick and less iteration through product builds to learn and understand which one works through market response. Unlike bigger firms that might have bigger R&D budgets to test and keep certain projects running for a long time, a start-up does not have the luxury of such resources. Therefore figuring out the right time to axe a particular product or feature is important. There no fast and hard rules around this since every situation might be fairly unique, but having the concept of pivoting on the table is helps in evaluating products or product features. Doing this well can make the difference between build sometime great that scales or building something cool that nobody likes."Learn more about Paris and her other ventures.
Michael Wellman Jr. - Glowtrend
Glowtrend is a new social networking site which is all about social entertainment. Glowtrend might look like a regular social networking website at first but it has a lot to offer. Glowtrend not only lets you make friends and share information like videos, photos etc. with them but it has its own version of iTunes storefront (where musicians can upload and sell their work), chat interface like Google Plus, a Craiglist like in-house marketplace and Twitter like micro-blogging.
Glowtrend is the brainchild of Michael Wellman Jr., who is an entrepreneur, project manager at a construction firm. Apart from the web-based platform you can also access Glowtrend on all mobile platforms.
"1. Being underfunded - Not having enough start up cash will cause the venture not to last long enough to start making a profit.
2. Not having a solid business plan - Poor business planning or the lack of a plan is the one of the biggest mistakes one could make. By not having a plan or a goal the business will have no way of tracking if the business is on track or making the required progress to succeed.
3. Not having enough knowledge or experience in the field of choice - It is always good to know more than competitors. To stay ahead of the game it is a must to be well educated and well versed in the business you’re launching."Learn more about Michael and Glowtrend
Jack Smith - Vungle
In case, if you are a mobile app developer who is looking for a way to promote his newly developed app, then Vungle is what you need to use.
Vungle lets users create and monetize professional looking HD videos of their app and share it through their in-app video platform. Jack Smith is one of the co-founders of Vungle.
"Don't try to guess what your customers want and build it; instead ask them what their biggest problem is and then think about how you could build a solution to that. Then aim to get people to commit to buy your product before you build it."Learn more about Jack and Vungle
René Andreasi-Bassi - BuyMyIdea
If you're looking for start-up ideas, then you need to visit BuyMyIdea. It's one stop for many start-up ideas; ranging from ideas for business apps, products, restaurant concept, TV shows, website and what not. René Andreasi- Bassi is the brain behind BuyMyIdea. René who has a fulltime creative job in television, loves to think of new start-up ideas. Since he works a daytime job, its not possible for him to realize all his start-up ideas. Therefore, he created BuyMyIdea, where he uploads all his ideas and sells them for just a dollar as he believes that ideas are just a multiplier of execution so its the execution that matters the most.
"Lack of research before kicking of. Make sure you test your start-up idea with your target audience. Are they really eager to engage with your start-up long term, or will they try it once for fun and not return? If its the latter research a bit more on what they would really like you to add to make it last. Give your future customers a voice before you kick off."
Neil Patel - Neil Patel
Neil Patel is a serial entrepreneur who has come a long way. He co-founded of 2 big internet brands - Crazy Egg and KISSmetrics. Neil has helped some big brands like AOL, General Motors, Hewlett-Packard and Viacom make more money from the internet, through these 2 companies. By the age of 21, Neil was one of the top 100 bloggers by Technorati and was also one of the top influencers on the web, according to the Wall Street Journal. He has also been recognized as a top 100 entrepreneur under the age of 30 by President Obama. Neil has also received Congressional Recognition from the U.S. House of Representatives for his work in the nonprofit sector
"1. Start-ups tend to build products that they love versus products that solve real problems people are facing. If you can’t solve real problems, you won’t have a big company.
2. Start-ups do big product releases instead of being a lean start-up. If you can’t get something out there fast and iterate on it, you may end up developing something people don't want.
3. Start-ups try to do many things at once, instead of focusing on growing their core businesses."These are some great tips from some successful entrepreneurs, who have worked hard to be where they are today. We'd like to wish all of them the very best for the future.
I am sure, there must be that one tip in this list that you truly connect to, do let us know about it in the comment section below.
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