Esteemed and illustrious Astro Strategist cum Business Astrologer Mr. Hirav Shah has created marvels in the fields of Business, Sports, Politics, films, and many more industries with his sheer knowledge of Business ideas and astrology, shared hi valuable opinions on Product Packaging in the world of business marketing. Upcoming and even Established Businessmen and entrepreneurs look up to him for his ideas and advice to make their business successful and grow beyond their expectations.
Let’s understand Hirav Shah’s views in detail the 7 DON’T that every entrepreneur should follow if he/she doesn’t want to spell doom for their business.
Hirav Shah says, “Do you know hundreds of businesses start every year in India? But only a few of them are only able to make it to the top. Do you know the reasons why only a few of the businesses succeed and most of the others fail miserably?”
He adds, “In your entrepreneurship journey, undoubtedly, you learn everything from experimenting and you learn and improve from your previous mistakes.”
“Yet there are definitely a few things you must avoid in your entrepreneurship journey. As the competition around is tough. One must do smart work instead of hard work to get better results.”
In this column, Hirav Shah lets us proceed further and understand the mistakes an entrepreneur shouldn’t make in his/her entrepreneurship journey –
1. NEVER BE SCARED OF FAILURE
Hirav Shah explains, “Yes! you heard it right. And this is found that the maximum startup owners are afraid to fail. That way they don’t even experiment with new things. As they are scared they will fail. Well, this is a blunder. Never be afraid of failure. You learn from your mistakes in your entrepreneurship journey. If you are afraid of failure then you might never succeed.”
2. HAVE A SMART BUSINESS PLAN
Another reason why startups fail in the initial stage. That’s because they don’t have a business plan. They are not aware of how they need to proceed further. Having a business plan is very important. It will give you an understanding of almost everything. The marketing channels you will be using, the cost required, the strengths and weaknesses of your products, etc.
3. BE SYSTEMATIC
Exactly, when you start a business. You will see that there are several things that need to be done. In case, you are not systematic then you will miss dozens of important things that need your immediate attention. Start making a list of things that need to be done. Then, check out the things that need your immediate attention and the other things that can wait.
4. KNOW YOUR POTENTIAL CUSTOMERS
Well, this is the foundation of almost every marketing activity. Initially, businesses fail because entrepreneurs fail to recognize their targeted audiences, their preferences, needs, and desires. As an entrepreneur, you need to understand that not everybody is your audience, not everybody is interested in what you are trying to sell. So, always keep in mind that you need to always market to the right kind of audience.
5. DON’T GO WITH MULTI-TASKING
Another blunder entrepreneurs make is they try to do everything by themselves. They feel that only they can manage all the tasks perfectly by themselves. And fail to understand the power of having a skilled team. And you must never do that. Having a strong team who can manage different tasks skillfully, and who are dedicated to your work is crucial. As an entrepreneur always make sure that you have a skilled team of dedicated professionals.
6. DON’T WASTE MONEY
You need to be careful at this thing. Plan carefully where you need to invest money. Where it is necessary and where it is not necessary. Spending money too much or too less can actually land your business in deep trouble. Thus, always find the right ratio.
7. NEVER UNDERESTIMATE THE VALUE OF YOUR PRODUCTS AND SERVICES
Initially, it is found that entrepreneurs give their products for free to build a community. Or they set the price too high or too low. You need to be very careful in this matter. Make sure that you are doing things within the limit. First, understand the value of your products first. Research about the market, your competitors, and then price your products and services accordingly.
Hirav Shah says, “And also, never forget to evolve and improve your business. A successful business is not built by one single person alone – surround yourself with subject-matter experts and mentors you can lean on and learn from. Take advice from a Business Astrologer as well which might help you in foreseeing the pitfalls much before in advance.”
Hirav Shah concludes by saying, “Although there are several mistakes entrepreneurs will want to avoid while building their business, occasional mistakes might seem inevitable. But even those mistakes can be avoided if you have an expert Business strategist guiding you all through your entrepreneurship journey.”