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5 Things Entrepreneurs Should Never Do

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Startup planning

Introducing the ‘what not to do’ list

Most lists for entrepreneurs focus on the key ingredients they’ll need to make them successful. Derived from famous success stories, these tips can often be misleading. Just because an idea worked for one individual in one situation does not mean it will work for everyone. Perhaps more importantly, investing in a set of activities, however worthwhile, does not automatically mean new entrepreneurs will avoid the pitfalls they should.

I’ve started 2 companies and 5 websites. For the last 5 years, I have stepped out of corporate life and into running my own things. I can tell you from bitter experience that this is the list I wish people had given me on day 1. Here’s what not to do if you want to be a successful entrepreneur.

Get involved in an industry they know nothing about

Picking an industry to start up in is the hardest part of the puzzle. I had worked in telecommunications for around 15 years. When I examined the skills I had, the only thing I could really offer insight into at the time was phones and phone plans.  Since then I have written hundreds of thousands of words of content, outlining everything I know about the field, with a view to even out the information balance between time poor people looking to get the phone plan that’s right for them and the phone companies.

What you take for granted, what people ask you about at BBQs on the weekend, that’s your valuable Intellectual Property and it should probably be the focus area for your business.

Act without insight into the market

The single most valuable thing I have done since I started my own business is to spend money on Google Surveys. For as little as $0.10 per question, per user, it’s possible to mobilize Google’s content monetization chops and get unique, affordable insights into your target market.

Without this, you’ll be guessing at where to position your products and the information you need to provide people on your site to overcome their emotional and rational barriers to purchase.

If you’re operating in an industry you know intimately, and, as we’ve seen, you should be, Google Surveys can add to your trove of understanding and give you unique value on top of what your competitors can provide.

Do it part time – or alone

You’ll never get funding for your idea if you’re doing it part-time. Any foray into entrepreneurship has to be a 110% commitment of all of your resources, including time. If potential investors see you ensuring failure by keeping even a part-time job on the back burner, they won’t take you seriously.

Entrepreneurship gives you freedom but requires, in exchange, discipline. A number of studies have shown that grit – determination and persistence in the face of obstacles are what sets successful entrepreneurs apart from those who fail. Get yourself a partner in crime – if you can’t convince someone else to join you, how are you going to convince investors to invest or customers to buy. And then work the problems between you, full time, if you want to make a go of it.

Do it just for the money

Having a friend and colleague by your side will also help when things go wrong. I’ve been screwed over by suppliers and beaten up by Google’s search results algorithms more times than I care to remember. If your only motivator for working this way is to make money, it almost certainly won’t be enough to keep you going when things fall apart.

Whatever you see in the media, being an entrepreneur can be best characterized by a single metaphor – getting kicked hard in the crotch at least once a week. Money is not enough to justify the experience. You need to be realistic about how passionate you are about the industry you’re choosing, the colleagues you have and this entirely new way of working. If you don’t love, love, love what you’re doing, I’m sorry, but don’t bother starting.

Spend the money as soon as you have it

One of the great things about being an entrepreneur, especially a digital entrepreneur is that the time from an effort to reward can be extremely fast. Have a good idea and your analytics can often show money rolling into the coffers quickly. Take it from someone who learned the hard way – when that happens, bank it. I try and live on the minimum amount I can, investing everything else back into the business. I keep a safety net of 6 months operating cost (some entrepreneurs call this ‘runway’) in the bank.

Small businesses succeed and fail on cash flow. When a good idea pays dividends, bank them for a rainy day. There is one just around the corner.

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Pick an Apt Working Environment for Your Enterprise

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Over the years, thousands of businesses have emerged. Every single week, new companies are starting. But what makes good businesses good is their way of working, working space and of course credibility. Skills and knowledge alone are not enough; there has to be a proper working environment too. If you have a good team of experts but a shallow working space for them; it might mar their productivity and lead to less effective results in business.

Of course, you can look for options like Commercial offices for lease in sohna road Gurgaon. But it is also true that renting a commercial place comes with so much of hidden costs and other costs. Moreover, the commercial space should support your team members and help them flourish. So, to pick just any random office space would not be an option. Before you end up with any decision, consider the following things:

Location does count

In case you are considering a devoted business space for rent then the location should be the most vital criteria to consider before you finalize the deal. You should check whether commercial space is conveniently accessible or not. Then find out if your team members conveniently commute to the place. Similarly, can your clients locate it in a proper manner? Then find out if space is easily accessible via public transportation or not.  If the answer is yes then you can’t think about that space.

Is there any additional expense?

Before you opt for any specific commercial place for rent, you have to ensure that you understand what is involved in the rent and what is not. most of the times, the actually quoted rent does not involve expenses like additional repairs or even the installing electricity and phone lines and so on. You have to make it clear that the landlord is going to take care of these additional expenses. If the property owner is going to take care of these things and areas; you can take a sigh of relief. Otherwise, you might have to think again about your budget and all.

Explore your building

Before you finalize the deal, you should check whether the building where you are renting the office has the needed amenities or not. Find out if it is safe and secure for your team members. Does the building or space has a security guard or takes good fire precautionary measures? What about the after-hours security?  These are some of the many issues that have to be considered before you pick a space for your business. After all, the building in which your office would be matters a lot. What is the point if you have sealed the deal but then, later on, you discover this or that about the building? It would be really disappointing.

Conclusion

Thus, if you are going for virtual office space in Sohna road Gurgaon then you might not have to think about all these things. But if you are hiring a physical space of your office deeds then these points might be of great help.

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5 Steps to Creating a Millennial Marketing Strategy [ Infographic ]

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5 Steps to Creating Your Marketing Strategy for Millennials

5 Steps to Creating Your Marketing Strategy for Millennials

Originally published on Sales Force.

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7 Proven Benefits of Business Events to Steer Business Growth

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business events

Business events always prove to be a special treat for any size and type of company. Though we are in the era of digital marketing and technology, still such gatherings have a huge impact on the growth of any company. Besides generating revenue and bringing new clients, business gatherings are also lucrative in hundreds of other ways. No matter, if you are participating in an event or conducting it yourself, it has to offer much to your business. But, conducting events yourself is always much more lucrative than just participating except for trade show. The most common types of events for corporate outfits are a trade show, conference, seminar, product launch events, and expos. Let’s see how companies can steer business growth with such professional gatherings.

Brand awareness:

The first ever and much-talked benefit of business events is brand awareness. Though you can reach out to clients digitally today, it does not bring such juices as connecting with them locally. Therefore, when you are available to your clientele under the same roof, it does foster brand awareness. Also, the main reason to switch towards hosting events is that these remain a topic for longer time spans.

Where a digital ad will only show up twice or thrice to a single person, attendees will self-promote your brand long after the event. Moreover, most people try to attend such gatherings with their closed ones. So, you can get more and more traffic. You can also offer interactive experiences to attendees to make your gathering unforgettable. Think how much engaging VR rentals for product launch demonstrations could be.

Face to face meetings:

As we have discussed earlier, connecting with your customers behind the computer screen is lucrative. How much beneficial for connecting with them face-to-face could be? The chances of such face to face meetings are very limited in the virtual world. Also, local events not only enable organizers to connect with clientele but also provide a chance to connect with like-minded businesses and organizations.

Not only does face to face meeting would build a local clientele but also help in fostering industry relationships that could result in amazing partnerships.

Keep an eye on your competitors:

All your marketing efforts scale to making more profit and crushing the jaw biting competition in your niche. But, you do not have to adopt different plans and employee secret agencies, on the lighter notes, to find out what your competitors are up to. Keep an eye on what events you are competitors are organizing or participating in, you can follow them to find out the latest changes to their marketing or business plans.

Also, you can find out the latest marketing and customer acquisition trends your competitors are following. Sometimes this information can prove to be massively valuable to the organization. Hence, you can either copy some good strategy from the competition or generate your own to break the competition.

Service to the community:

By hosting you can do some great service to your community. This service can become beneficial in long terms. Not only attendees will interact with your brand, but also will connect with each other. Thus fostering a trend of sharing and caring in your community. And because you are the reason for this service, your brand will always be remembered by attendees one way or the other. Also, this offline engagement will reflect online and in business growth with brand awareness.

Building trust:

Trust is the most important factor. If you are a new firm this becomes even more important. After all, why should customers leave the existing seller and buy from you? There is a serious need to build trust among your customers. But how can you do that? Don’t worry Business events to the rescue.

By participating in such gatherings such as trade show or hosting your own conference or seminar, you can make your brand name to be heard. It is all the matter of interacting a few times and the audience will start recognizing your brand, ultimately building trust which would then help in selling and reselling.

Increasing Sales:

Business events like trade show are most commonly known to increase sales and generate revenue. This is not the case in every type of as mostly in events like conference, seminar or product launch, you will be connecting with customers to deliver valuable insights. However, organizers of such business events can still generate leads. These leads can then be followed up to convert into sales. So, there is always some kind of return on investment coming from every type of event.

Reaching new horizons:

Exploring the world of business events, not only you will be able to leverage all the upper described benefits, but also reach open new doors to relevant industries. These new horizons could be in form of invitations from other like-minded companies in their conferences, seminars and product launch events. Thus, hosting or participating in an event can open new doors to explore the worlds and reach new horizons.

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