Common start-up mistakes – You should avoid

Though starting your own business can be interesting but the field in itself is daunting. The journey of beginning business has its share of ups and downs and the whole accountability is yours. Each decision you make and the outcome you get is all yours.

startup mistakes

Many people when they start their own business do a lot of mistakes. One should learn from these mistakes, correct it and move forward. It will be still better if one learns from the mistakes from peers and avoid making the same one.

Toolsvilla is one of the largest portals that deals in machine tools and equipment which covers the big procurement gap. It covers both aspects of trade that is product availability and economical pricing.

There are more than 5000 registered customers within two years of starting the portal. Co-founders shares their experience and offered few suggestions for the upcoming entrepreneurs as described below.

When a company is launched the most important aspect the entrepreneurs should give is the highest priority to customer’s interest. Each and every step that is taken from designing the product to selling it, customers needs and difficulty should be considered. More often it is seen that the entrepreneur stresses more on what he is offering then listening to the customer’s need and problems. The customer should be the focus of attention and everything should revolve around it.

When Toolsvilla started it was just like another e-commerce website. On studying customer’s behavior and pattern through the feedback the co-founders simplified the user interface of the website. The customers were not too tech savvy. This led Toolsvilla to make the buying process more easy and comfortable.

Responding to customer’s demands and needs is indeed crucial and essential which drives the venture towards success. One has to go as per market situation and circumstances, depending upon demand and supply dynamics. If one is unable to keep up he may have to face problems. The strategy to take the company forward should be adjusted according to the need of the hour.

Many young entrepreneurs over indulge initially with the funds and have a tendency to spend recklessly. Maybe presently they may afford it but if possible they should avoid unnecessary expenses in the early stage. Operating on necessarily sufficient funds help companies take quicker decisions in case something is going wrong or in an unplanned manner.

Many new entrepreneurs are unable to ascertain beforehand the number of resources needed to meet their objective. One must set goals along with the time period in which it should be achieved. By doing little maths (calculations) along with accounts (income and expenses), will help them not to compromise on their targets under any situation.

All the co-founders should have a common goal and aim to achieve their targets. In other words, they all should work with same seriousness, commitment, and participation. Sometimes it so happens that one or two co-founding members back out. This will waste a lot of time and energy one has put in the project. Hence co-founder should be chosen with great care.

When starting a new venture most of the entrepreneurs do not pay careful attention to all the legal requirements needed, like PAN, GST, TAN, taxes, duties, PF, ESI registrations etc. Once the enterprise grows government officials from different departments start visiting your premises and point out to the compliance you have not complied with.

It is better to higher services of the legal practitioner at the onset of your venture who will guide you. If caught off-guard you will have to pay the sum plus interest plus penalty plus consultancy fee. All this will be taken into consideration right from the date when the enterprise began functioning. Same applies to the closure of the enterprises.

What factors influence the success of digital agency to flourish?

Nowadays most of the things are getting digital from ordering pizza to getting plumber to repair leaking tap to purchasing day-to-day grocery to digital payments. The digital world is exploding just about everywhere near us. So if you are still in a planning stage whether to jump into digital vagabond or not, see to it that you do not miss the bus. The competition is cut throat and there are thousands and thousands of people who are spilling over the space rapidly.

digital agencyIf you go along with the flow you will be reaching your destination much faster. That is using the available technology to its maximum extent. If you resist changing your ways of doing business against the flow of technology you are in for a doom. Present flow is going a digital marketing way.

Digital marketing field is driven by pure innovation and the ability to change according to the modern needs. Changing technology in the digital arena is a breeding ground for ambition and innovation.

In the competitive industry the digital agency needs to be marketable and for its existence, the development and operations of the company should be carefully evaluated at each step.

A digital marketing company, to ensure successes in digital field has to create great service which adds a constant value to its client. The best method is to under-promise and over-deliver to the clients’ expectations. This reinforces business success.

Another import point while servicing client is consistency. Just as for a film actor one mega-hit and then series of flops does not work, same apply in the digital industry. To safeguard your name and fame you will have to maintain consistency with your creativeness and innovations, continuously and persistently to deliver quality product or services to your client. One must aim for improving, promoting consistently covering all spheres of services rendered.

These efforts will bring in a steady stream of clients and along with it regular finances. From a business point of view, one has to grow vertically and horizontally to remain afloat professionally.

The digital space is a constantly changing field, one has to adapt to new environment and at the same time innovate something new and the latest. One has to regularly modify and alter the course of action and this makes the field dynamic. Training sessions, up-skilling of all the staff members is vital so as to recognize and be in touch with current trends and happenings.

Skilled and trained employees are the heart of digital agency. To retain them and attract fresh talent is one of the hardest hurdles for any agency to overcome. Every employee has one or the other hidden talent which should be developed and grown over time so that they take their skills forward. More and more youngsters are joining this creative field to unleash their true potential. These new recruits speak their language, think out of the box and understand the spread and importance of digital world. For this industry human resource is the biggest investment. Ultimately it builds a strong team.

Working with plenty of different brands and in different sectors and industries establishes the digital agency with a lot of experience and can work in any challenging environment.

How to Command Your Conversation?

Many entrepreneurs are good at business but lack the art of good conversation. If you are a boss spontaneous interaction is a just day-to-day affair, but if you are a staff then commanding like a boss is an extraordinary art which has to be held as holy. Among Southern Nigeria Igbo tribe the art of conversation is regarded very highly. But sadly this characteristic of communication among humans is lost somewhere.

ConversationOprah Winfrey, US entertainment mogul, talk show host, actress, producer, and philanthropist says that great communication begins with connection. All talk show hosts long for acceptance and significance. In the initial stages of conversation, one may see a lot of throat clearing, display uncomforting, and sometimes may-be silence too. If someone wants to converse then it is best to build rapport with the listener. As a businessman, you need to have conversations with staff, clients, and many different people, and all require a different approach. If you are unable to win these conversations then you may be missing out on golden opportunities.

Be cool and composed

You can charm your way through conversation which is pleasing and admired. You will have to trend fine line between being assertive and aggressive. Since you wish to command the conversation you will have to keep yourself calm and composed.

Speak less and to the point

Your body language and facial expression play a crucial role in the conversation. They can send both appropriate and inappropriate message across very strongly. Always be in your natural best, charming and beautiful. Let your vibes, aura, and style speak for you. It is better to speak less as each uttered word holds authenticity and legitimacy. So the more you speak, more will be chances of you making mistakes.

Involve yourself in the conversation

In fact, nobody wants to make a mistake. It is better to be a good listener. It is a good manner to lean a bit forward so as the participant thinks that you are equally involved and interested in the conversation. When the participant feels that he is being heard this, in turn, will attract him to listen to you.

Use quotes and be simple

Never lose the spirit of conversation. With a decent vocabulary, modulating pitch of voice and tone of speaking are a charming art to hook your participant towards your conversation. Humans have a very short attention span and will mentally move out of the conversation if it is too lengthy and boring. In case if another participant is stubborn, to put your point through come up with simple and practical quotes and examples that will leave him speechless. So when you are commanding be loud and assertive and polite when requesting.

Be confident while conversing

Be confident in what you are speaking because your confidence will speak volumes about what you intend to say. Do not be afraid to say a direct “no” if you do not agree to the point in question. At certain intervals take pauses when you speak, this will give time to listeners what you actually want to say.

See to it that you converse is around the topic(s) which are in your command and is your strength. In between spice it up with humor to keep it light and going.

Factors behind success of a small business

For getting success in small business many people think they have to be smart in their business. Smartness does help and positive thinking can make decisions easy. Apart from these two indicators, there are other factors many people just ignore. Let’s discusses them.

successPassion for the business

One should have a deep burning desire to excel. Without it, you will be lacking in enthusiasm. You should have the passion to overcome the setbacks during the journey to excel. One should be motivated even during tough and unexciting times. It is the grit required to last for a long time to come. An entrepreneur depends mostly on passion and his spirit of determination. Your enthusiasm is mostly noted by your associates and customers. If you have a fire in your belly you can carry your businesses to greater heights when others have failed long back.

Listening to your customers

To become an entrepreneur, you will have to listen to what the customer wishes to say. Customers, the base of your business and will tell you what you need to know. Not until you come in their close zone. For coming in the close zone you will have to first initiate a dialogue every now or then. You will have to keep communication lines open. Talk to them about their interests, the weather, politics, stock market, their children, or any other general topic under the sun. Once they start getting familiar with you the will start opening up. During talks, you can casually ask what things they like about the business and what they do not like.

A businessman should remember that he does not overreact to customer complaints at that moment otherwise the customer may stop complaining and you may lose a feedback channel or maybe a customer too. Listen to him patiently, politely assure him that you will look into the matter as soon as possible and do not forget to thank him. This is an indirect opportunity for the businessman to improve the services, introduce new development and make a customer for life. You may get wonderful suggestions which never occurred to you before.

The two qualities discussed above can be done on daily basis. Sometimes new scenarios crop up unexpectedly which one has to deal with. It is challenging for any businessman to develop all the different skills in different fields like management, accounting, marketing, information technology etc. to make the business thrive.

People do overcome few of the challenges that they are exposed to on regular basis.

Businessmen have to see what their employees do and point out every small mistake they do. They should explain clearly that every small detail is important and help them perform better the next time. A businessman should involve himself in all the sub-divisions or section of the business he is in. Working along and building cordial relations with his staff members.

For a business to be successful genuine, vital and real-time feedback is important. It is only feedback when worked on leads to improvement. Customers want that the owners care about their thoughts and feeling and the owner is their collaborator and campaigner. A strong human connection has its share of joy and commitment towards the customer and society at large.

How to manage a bad day at work?

Some days are such that you feel energetic and want to go to work. And sometimes it is just the opposite. You feel so tired that you do not wish to jump out of the bed. Sometimes you are involved in such an activity that you do not want to get involved in. You have to push yourself off your limit to get going.

bad dayYou wake up late in the morning. Have a body ache and feeling tired. The computer does not work as was intended to or in the worst case your data is crashed just at the eleventh hour. Boss is keeping a strict eye and noting all the activities of the staff today. The day seems to be so long and never-ending.

Everyone has those types of days at one point or the other. You may find yourself at fault for whatever wrong is happening. If one notices the entire mentioned situation is out of your control. But you have a way out. Here are the tips on how to handle those “bad day” at work.

  1. Eliminate work-related stress

According to American Psychological Association 65 percent Americans mentioned work as a top source of stress. Only 37 percent were able to manage their stress effectively.

To reduce stress one should ask himself a question: What is important and what is not? Starting with easy and simpler tasks boosts your confidence and establishes a routine of productivity. Create realistic deadlines which you can achieve. If you feel that you are stressed too much or overload of work, better talk to the management.

  1. Communicating with higher-ups

Many bosses pass on their work pressure to their subordinates. Your communicating styles may be different than your higher ups. You need to communicate in their style and manner. There are few communication styles given below.

Analytical – This style needs real numbers and data to put up your side. Avoid unclear or undefined language. Be precise and certain what you are talking about.

Intuitive – This style focuses on the broad outline and no detail description. Be more generalized of your view and end your communication with a solid conclusion.

Functional –   This style has set timelines, details, and processes and is well structured. So be clear and communicate in few words to put your point across.

Personal – In this style, emotional language and value connection are focused on data. Bosses like going deep and find the cause of the problem and expect the same from their subordinate.

You can develop and improve on communication skills that boss likes.

On a bad day at work do not cross lines with your boss. Be punctual, cordial, and keep your communication as brief as possible. For updating your boss best thing is to email instead of directly coming in contact with your boss.

  1. Avoid office politics

On a bad day, office politics and co-workers drama should be avoided as it will affect your productivity. The best thing is to stay out. If you feel tempted or are dragged into the drama remember these few things.

Don’t vent your anger at work. Don’t get passive-aggressive. Explain to your co-worker how their negative behavior is affecting your work and that indirectly affects your job. You can cut down on gossip by clearly declaring that you have a deadline to complete the work at hand.

Everyone faces a bad day at work someday or the other. If you feel too bad it is better to take a day off. Instead of tarnishing your relations with your co-workers and boss at your workplace it is better to avoid it.