- July 21, 2021
-- The business world is constantly growing in the form of organizations, entrepreneurs, start-ups, individual owners, etc. Two major factors that drive any business is market needs and market acceptance.
The mistakes which we must learn even from the brands like NOKIA, KODAK, COMPAQ, GENERAL MOTORS
or the success story of PepsiCo which got bankrupt and COCA-COLA
has been refused to buy the brand PEPSI TWICE
at first world war and then in 1931
again but then PEPSI has become world conglomerate of 180$ billion.
Let us understand what mistakes entrepreneurs usually make –
- Defining Market and Customers – The basic mistake an organization can do is to not recognize their products& services in the market or target audience. No matter how good the plan is or how efficient the employees are, it only works if it is in the right direction i.e. targeting the particular customers.
- Considering Monopoly – Usually, when someone comes up with an idea of a business, they tend to think that their idea is one of a kind or think they have no direct competitors which can lead them to overconfidence and hence increases their possibility to commit any mistake.
- Goals Beyond Capacity – Understanding the potential and setting realistic goals for the company is necessary to build a solid work plan. Failing to do so can result in moral downhill for the employees as well as financial loss to the company.
- Not Spending on Proportions – Businessmen spend too much or too little on their business, often leading to financial instability. Even to spend more in the same business is the risk too after reasonable size.
- Hiring Blunder – New companies look forward to hiring employees on low salaries. This may seem profitable for the short term but companies end up paying more in the longer run.
- Adaptive Plan Change – Chalking out yearly plans for the company or business should be adaptive and not entirely based on last year's plan. The parameters and market condition changes rapidly, so the plan should have a new approach every year.
- Detailed Planning – Not knowing how the strategy will be delivered results in a blunder. In the excitement of an effective new plan, the planning team could overlook the details and hence end up in a mess at the time of execution.
All the above-mentioned issues should be looked upon with seriousness for a successful business.
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