In my previous post, I shared with us "7 steps on how to start an online business and earn from it".
Today I will be disclosing to us the 10 broad mistakes
young entrepreneurs make when starting an online business.
Without further delay, below are the 10 mistakes
entrepreneurs make in their online business.
1.
DELAY TO LAUNCH THE PRODUCT OR SERVICES:
As the
saying goes “delay is dangerous”. Most possible reason why some people delay
before launching their products or service is waiting for some specific number
of audience or traffic like 1000 or may be 10,000 visitors or subscribers.
Whatever the reason maybe it’s a fatal mistake because you don’t want to build
or offer a product or service no one will pay for. The earlier you start the
better for you and your product or service. Plus m you need proper guide to
offer your product/service.
2.
SOLVING UNIMPORTANT PROBLEM:
Remember in my last
post on “ how to start an online business” I talked about identifying an
opportunity/need on what people need then trying to solve them give you an edge
over competitors. But if your product/service does not solve a major
problem/need, don’t bother sourcing for customers online. Most business fail
online because they try to solve unimportant problems. If you fall in this
category there is a need for you to do a re-check.
3. FAILING TO LISTEN TO CUSTOMERS FEEDBACK:
Listening to feedback from customers does not just entails checking for
positive replies but also for those asking of refunds or those who buy your
product but don’t use it, also those who tell you they won’t buy, try to find
out why. There’s a reason why customers are always right, without the customers
you don’t have a product.
4.
FOLLOWING THE MULTITUDE:
Remember there are many
other business online similar to your own kind of business offering same
products/services like yours so “dare to be different among duplicates”. Give
your customers a reason to choose your own products over the others. Put
yourself in the customer position, the customer might want to know “why should
I purchase this product?” Don’t be an inferior version among other competitors.
5.
CHOOSING A FIELD YOU HAVE NO INTEREST ABOUT:
I’ve seen a lot of people going into business they have no knowledge about just
because others are into that same business and they are making it. Most
business fail due to lack of interest in that business. When choosing your
product or service, ensure you have even a little idea about it. This does not
mean your business has to be your number 1 passion. They will be competition
but who cares? Just remember to be “different in a world of duplicates”.
6.
STARTING WITH THE WRONG MOTIVES:
Your motive
towards your business is very important as it is similar to step #5 above. Your
motive towards your business should be to offer quality service, and then any
other can follow. Know that when you pursue excellence success will follow you
pants down.
7.
THINKING AND NOT ACTING:
It is very easy to
fantasize or dream about the outcome of your business, but without taking the
right steps or acting on your decisions, there is no way your business can be a
success. It should be more action and less thinking. Like Thomas Edison rightly
said “Genius is one percent inspiration, ninety-nine percent perspiration”.
8.
DOING IT ALONE:
In business for you to be
successful sometimes you need people to make it work. Your customers,
suppliers, service providers are people. Meet other entrepreneurs like you to
get more ideas, share your struggles with them and your goals or aim and ask
for their opinion.
9.
WRONG CONTACTS:
The kind of people you associate
with will also determine your success or failure in the online world. Ensure to
interact with people of like minds just like you. Who are zealous and ready to
make success even at the face of failure.
10.
PATIENCE AND TOLERANCE:
Most young entrepreneurs
lack the zeal to be patient in their business they want to get a huge turnover
within few weeks of starting their business online. When they fail to achieve
their goal within few weeks they think of throwing in the towel. For you to
make your business a success give it your best shot and with time it shall
yield the expected result.
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