Illusions Entrepreneurs Should not Fall for
An entrepreneur should treat the venture like his child, and think of himself as the parent, who has to undertake the upbringing of the venture after sacrificing his needs. Just imagine if parents start demanding that their sacrifices be paid back? Would that make any sense? No. In a similar way, the venture is the entrepreneur's kid, from which he must not expect for rewards for the long hours he has put in. An entrepreneur is entitled to both the profits and the losses that his venture brings to him, like any parent has to put up with both the accolades and the "boos" that his kid gets.
Another mistake entrepreneurs make is thinking about the lack of money as a roadblock. Blockages would come and go. It is a very rare occurrence that any entrepreneur would have sufficient money to fund his venture. That is when family, friends, Venture Capitalists, all come into the picture. Cut down on the unnecessary expenditures and focus on increasing the sales rather than worry about the lack of funds and holding your business ideas back.
Entrepreneurs feel that the existing customers would be highly loyal and stick with them throughout, but this is just an illusion, as customers would look for a lower price, and a better quality rather than sticking with a new kid on the block. Not that you would not get loyal customers, it would take time to gain their trust so as to make yourself the first choice for your customers.
A frequent heartbreak for entrepreneurs is the employees, who tend to break trust. Not that you should start spying on your employees to ensure that they don't backstab you, but you should follow them on a regular basis--this would show that you care for them and want them to perform better. A word of caution: don't become too nosey. Treating your employees as a big happy family would just end up making you their nanny, rather than the boss. Be friendly and caring, but know when to draw the line.
Entrepreneurs feel that cutting down on costs, would help to generate money to pool back into the business, but always end up dejected. You should try to expand your market, increase your sales, cater to larger customer base, to generate more revenues. Cutting down on costs without increasing the sales would not serve any purpose.
You should stop making dream castles of live with fear--if you can be brave enough to take such a big responsibility like a business venture, you will have the might to take it forward and make it a success also.
Experts on SiliconIndia
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