Priya had been working in corporate for more than 15 years. She was always busy in the office, finishing her daily deadlines on time. Due to her busy schedule, she hardly had any free time for herself or her family. Priya was extremely frustrated with her 9 to 5. Quitting the job was on her mind all the time.
Though Priya worked in corporate for many years, she was also a talented baker and always dreamed of starting her bakery. So, she decided to follow her dream and committed herself to it. And finally, she quit her 9 to 5 to start a new bakery business.
Passionate Priya was so delighted about the new venture that she jumped right in without doing much planning. She used all her investment to rent a storefront, buy all the needed equipment, and start baking.
In the beginning, it was all going well. The business was running smoothly, and Priya was getting a lot of customers. But soon, she started running into problems. She had underestimated the costs of running a bakery and struggled to pay her bills. She also realized she needed more market research and was competing with several established bakeries in the area.
But she refused to give up despite all challenges.
She tried hard to attract more customers. But her sales continued to decline, and she, unfortunately, had to close her bakery.
Worried, Priya decided to give herself time to think about what went wrong and how to overcome the situation. After contemplating hard, she realized that she had made several mistakes when starting her business.
And those were:
- Not done enough planning or market research.
- Underestimated the costs involved.
- Failed to differentiate herself from the competition.
- Focused too much on short-term goals.
- Avoided seeking professional assistance.
Disappointed, Priya decided to understand business strategies in and out and start all over again from scratch. Hence she began reading the best books on the topic, attended business workshops, and talked to other entrepreneurs about their experiences.
She did whatever was possible to re-establish herself as a successful bakery owner. (Indeed, she didn't want to fall again into the 9 to 5 trap)
Eventually, she managed to create a new business plan. She started a small catering business specializing in custom cakes and pastries for special events. With extensive market research, Priya developed a unique value proposition and secured adequate funding.
And yes. This time her business started seeing success. She was able to attract a loyal customer base and expand her services to include other types of catering.
Priya learned from her mistakes by taking a more thoughtful approach to starting her business all over again. And she achieved her dream and built a popular bakery shop.
Priya is now a big name in the bakery industry.
Many people think doing business is an easy way to make millions and live the life of their dreams. And yes, that's 100% true. A successful business can make you a millionaire, a multi-millionaire. It can give you everything you have ever imagined.
However, most people don't see the years of hard work, panning and dedication that go into establishing a successful business. They often don't see ups and downs, consistent efforts, and many hurdles successful business owners face.
To become successful, it’s crucial not to make a few costly mistakes that new entrepreneurs make. Avoiding this can save a lot of energy, time, and resources.
Some of them are as follows:
1. Not doing enough research
Many new entrepreneurs jump into starting their businesses without research. They need to invest more time learning about the industry they're getting into or the competition they'll face. This can lead to making crucial mistakes that could cost them dearly later on down the road.
2. Not having a clear plan
Another deadly mistake entrepreneurs make is not having a clear plan for their business. They might have a vague idea of what they want to do, but they don't have a solid plan in place outlining how they're going to achieve their goals. This lack of planning can often lead to businesses failing before getting off the ground.
3. Not being realistic
It's essential to be realistic when starting your own business. Many people overestimate how much they can achieve in the early stages and end up setting themselves up for disappointment. It's important to start small and gradually grow your business over time so you stay calm and focused along the way.
4. Giving up too soon
One of the biggest mistakes people make when starting their own business is giving up too soon. Building a successful enterprise from scratch takes time, effort, and dedication. If you give up at the first sign of trouble, you'll never reach your full potential as an entrepreneur.
5. Not seeking professional help
Many new businesses do not seek professional help when setting up their business. This can include hiring an accountant or lawyer to help with the legal aspects of starting a new business.
Starting a new venture is overwhelming, and mistakes will inevitably be made.
However, if you arm yourself with the right knowledge and information before you begin, you can avoid many of the common pitfalls associated with starting a business or venture. Awareness of these common mistakes can help ensure your success as an entrepreneur and save you time and money in the long run.