Your family and friends will always be polite and may not want to hurt your feelings, so it is not advisable to take their advice for starting a business.
Some may even promise to buy your products, but when you have invested your time and money into it, they refuse to. Note that your family and friends are not your customers. You need to do a proper market survey that involves strangers before you start a business. They are the ones that will give you honest opinions and buy your products.
Do Not Start a Business If You Do Not Understand the Industry
Before you start a business, ask yourself a few questions like, who are your customers? What are their frustrations? What qualifies you to be in that industry? Do you have any credibility?
Some people cannot answer half of these questions but only go into a business because they have seen someone else make money with it. You have to do your research and bring something unique to the market and solve a problem nobody else can solve. That is only when you will be able to succeed in any field.
Do Not Start a Business Just Because You Are Tired of You Job or You Hate Your Boss
The first advice to people who are tired of their job is to get another job. Starting a business has nothing to do with being emotional or wanting to be your boss.
People can leave their jobs and start a business only when they are equipped with the necessary knowledge and resources. Your ego will not take you far as an entrepreneur.
Do Not Start a Business Because Your Family and Friends Tell You It Is a Good Idea
Your family and friends will always be polite and may not want to hurt your feelings, so it is not advisable to take their advice for starting a business. Some may even promise to buy your products, but when you have invested your time and money into it, they refuse to.
Note that your family and friends are not your customers. You need to do a proper market survey that involves strangers before you start a business. They are the ones that will give you honest opinions and buy your products.
Do Not Start a Business if You Are Not Willing to Commit 10 to 20 Years to It
A wise entrepreneur thinks about the burn rate, how much money they can lose before they go out of business, and how much time they have before they close the door. Instead, think about how you are going to handle it if it doesn’t work.
To be a good entrepreneur, you have to be realistic, look at the facts, data, and numbers. Ask yourself the relevant questions and have answers to them before you begin.
Do Not Start a Business Thinking of How Much Money You Can Make
When you go into a business, you have to think about the long term and have a 10 to 15-year plan. Seeing someone walk out of a 5-year business with a lot of money doesn’t mean it will happen to you.
Business can be very tough in the first few years; you will meet a lot of obstacles and have many sleepless nights. You have to figure out how to make It through the hard times in business.
From the above, one recurrent thing is the number of questions you need to ask yourself before you venture into a business. It may seem like the questions are too many, but if you can provide proper answers to them, you are well on your way to starting a profitable business. If you are a new entrepreneur, make sure you have a valid reason for going into business. Arm yourself with the answers to the questions that customers will throw at you. This will make you ready to conquer all obstacles you may face
