WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
NOT MAKING A COMMITMENT
Starting a business requires a number of success-oriented
character traits such as drive, dedication and a serious sense of
commitment. Small business owners and startup owners need
to be willing to make sacrifices, put in the time necessary, and
face challenges head-on if they want their businesses to be
successful. There is no alternative to this.
LACK OF RESULT TRACKING
This is more common for more developed businesses, but it’s
also one of the worst offenses. If results are not track, you
really don’t know what works. Whether it’s not tracking goals
on your website with Google Analytics, or not tracking
conversions through your pay per click ads, or not tracking
calls and foot traffic from a big sale or advertising investment,
if you aren’t tracking, you’re throwing your money away.
A wise business owner would say it’s okay to make mistakes,
so long as you learn from them. If you are not tracking, there
is no way to learn from your mistakes. Heck, there is no way
filled up with retired guys hungry after playing golf on the
to even know if you made a mistake. Worst of all, if you don’t
nearby course. The other tables are empty.
track, then there is really no way to improve. That is truly a
Yet the owner barely sees the guys. He keeps promoting
waste of a marketing budget.
gluten-free muffins and green smoothies. The guys just want
a really good sandwich, a beer or two and a relaxed place to
Using Family Members as Top Management: Leadership is
cool off before they go home. They don’t want gluten free
key to success of any organization. Most business and startup
muffins.
owners find it difficult to differentiate between business
This kind of mismatch can happen in a number of ways. It
activities and family affairs. As a result, it leads to combining
can be around a feature of a product. The owner thinks
all as one function. Therefore, family members may lack
people are buying their product for reason A, yet people are
direction to diverse appropriate strategy to move the business
really buying it because of reason B. Unfortunately, all the
forward. In some instance, the business area may not be there
company’s marketing is built around reason A. That
area of specialization. It’s a great and ideal thing to appoint
mistake, which misread of their audience, is costing them an
great top leaders of any business organization from anywhere
uncounted
amount
of
sales.
for the success of the business.
OVERSPENDING DURING BUSINESS INITIATION
Starting a business doesn't have to require a large
investment, but some new business owners feel that they
need to spend a lot to purchase the best of the best
everything from marketing help, to equipment, to software.
There are usually other, less expensive but equally viable
options available, if you are willing to do the research.
Creating and sticking to a business budget to curb
overspending is always an excellent idea.
Under-spending: Some small business owners who don't
overspend fall on the other end of the spectrum and refuse to
spend much of anything. While there are certainly ways to
start and grow a business with limited funds, going too far
and not investing any kind of capital in your business can
severely limit your potential for success. It will make a great
deal and relevant to stay at moderate, and acquire great and
moderate resources and initial investment to make a great
beginning. LACK OF KNOWLEDGE IN A COMPETITIVE
ENVIRONMENT
This is similar to the tracking mistake, in that business owners
have a huge opportunity to find out what works and what
doesn’t… and yet many small business owners ignore it
completely.
Keep tabs on what your competitors are doing. Even if they
are not in your environment, find at least three other
businesses like yours that are doing well. Study their
marketing like you were back in school; that is one aspect of
benchmarking which is very important.
Owners will be able to read their successes and failures once
they start tracking what they do. Owners are advice to pay
special attention to which tactics competitors do once, and
then never do again. Notice what tactics they keep doing
month after month after month. As a business owner, you can
leverage every one of their successes and failures. You can
learn from every mistake they make. You just have to pay
attention.
DOING IT ALL ALONE
Small business owners may be willing to learn how to be a
jack of all trades, but, it doesn't have to be that
way. Effective delegation can be one of the best ways for
new small business owners and startup owners to build their
businesses, free up their time for business activities that
require their unique expertise, and build a team positioned
for future success. LACK OF GOOD RECORD KEEPING
Reference can only be made when good records are kept in
any organization. Lack of record keeping especially financial
record keep the business in a blank or dark situation. This is a
mistake that is very common from all startups and small
business owners which is not supposed to be. Record keeping
is paramount to the success of any organization. Common
books in a small business or startup which are very important
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ENDEAVOR 2019 | WAIMS ACADMIC PRESS
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