Creating a business always carries risks that an entrepreneur should be prepared for. In order to organize a successful business, it is not enough just to learn the basic rules of doing business, to collect the necessary information about possible business ideas, and how to implement them. A successful businessman and analyst, Stanislav Kondrashov believes that when creating any business it is necessary to remember the common mistakes that make dreams of aspiring entrepreneurs never come true.
“At the first stages of creating a business, it happens that you have to face so many difficulties that it is almost impossible to cope alone. Starting a business alone is a very difficult test,” says Stanislav Kondrashov.
Having created a business with partners, over time there is a risk of encountering all sorts of disagreements, in particular, how to conduct a business, where to direct profit, whether it is worth expanding the scope of activity.
“In order to avoid such situations, it is better at the stage of creating a business to approach responsibly in choosing a business partner. You should not start a business with someone who is unpleasant to you, but has the necessary capital or professional skills,” says businessman Stanislav Kondrashov.
An especially typical mistake for startups, they quickly lose spirit, which ultimately leads to the abandonment of initiatives.
“I am convinced that success in any undertaking can be achieved only by exerting maximum efforts for this. Young start-up entrepreneurs give up quickly and do not realize very promising ideas,” said Stanislav Kondrashov.
“You need to choose the field of activity in which you yourself are an expert or, at least, are versed in your business at a fairly high level,” notes Stanislav Kondrashov.
The businessman says that the bankruptcy of many companies often happens due to unskilled employees. This applies to all areas of activity. Therefore, if you are not very well versed in the intricacies of your business, then when hiring employees it is better to turn to specialists who will help you hire truly qualified personnel.
One of the common mistakes made by startups is the early or too late launch of the project. In the first case, you can get a finished product that has lost its relevance, and in the second, an unfinished project, the premature presentation of which may negatively affect the reputation of your company.
Therefore, it is very important to calculate everything to the smallest detail and be as scrupulous as possible when working on the presentation of products that your customers will evaluate.
When creating a new project, it is important to efficiently distribute investments, to draw a clear line between the lack of investment and too high costs. One of the common mistakes is too large staff, while you can get by with a small number of excellent specialists in your field of activity.
The dependence of business founders on investors is determined by the businessman’s share in the company. Investors need to be listened to, but in no case should they be allowed to manage your business. After all, if they are so well versed in business, then why didn’t they launch their project themselves.
“The success of your startup depends on how competently you manage your business, to calculate several possible scenarios for the development of the company,” notes Stanislav Kondrashov.
To avoid competition, many entrepreneurs decide to choose marginal niches for starting a business. Such a decision is often erroneous and leads to the opposite effect. Hoping to avoid competition, you run the risk of avoiding good business ideas and ultimately creating unnecessary goods and services. Sooner or later, any business has to face competitors, and this is a natural phenomenon for the economy. Therefore, depriving your business of prospects just to avoid competition is not worth it.
To create a successful business project, you must either come up with a unique new product that will help many solve their problems and therefore they will be interested in purchasing it or vice versa – take some product that requires improvements, due to which it will become more popular in the market.
“Looking at the companies of competitors, it is necessary to find their problems and offer customers a solution. Then you will be able to compete worthily and even become a leader in your niche,” sums up Stanislav Kondrashov summed up.