Top Regrets of Failed Entrepreneurs: Tips to Never Be the One

Failure is an ever-present threat that entrepreneurs have to deal with. The volatile nature of entrepreneurship is something that not everyone can handle.
Since most entrepreneurs don’t have the experience of running a business person, they are bound to fail.But there is much to be learned from failure. If you spend some time listening to and reading about the downfall of startups, you’ll begin to see a pattern.

Here are the top regrets of failed entrepreneurs:

Not knowing your customers.

If you are not sure who your ideal customer is, you should hit the drawing board again. You’re clearly not ready to run a profitable business at this point.
Without knowing your target audience, you won’t be able to develop a unique selling proposition (USP) that would differentiate you from your competitors.
Not having a USP makes you the same as other competitors. In some cases, your business might even be reduced to being a cheap copy of a large competitor.

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You are selling your products at a loss.

This is something that a lot of entrepreneurs struggle with.
Attracting new customers is hard, especially when you’re a new business that hasn’t been in the market for long. People will doubt your offerings. You might think that it would be a good idea to sell your products at a loss.
Wrong answer.
When you sell your offerings for lower than you should, your audience thinks that your current selling point is your product’s true worth.
It doesn’t matter what you call it. Introductory price, special discount, you can come up with multiple names, but what you’re doing is essentially the same thing.
Selling your products at a loss will never end well for your business.
If you think that your startup can afford to sell at a loss like those other big brands, then you are thoroughly mistaken.

These big, traditional players have been around for far longer than you have. They have a well-established audience base that is not going to go away any time soon. They also have a huge budget to spend that most startups can only dream of.
As a startup, you have to realize that you are not a big business. If you try to run your startup like a big business, you’re bound to fail.

They didn’t know how to price their products properly.

Knowing how to price your product is one of the most basic skills that you have to learn if you want to run an effective business.
One thing that I see too often is startups setting their prices based solely on what their competitor’s price point is.
While analyzing your competition is a great thing, you wouldn’t want to sell your products at a loss.
To be effective at pricing, you’re going to have to think of the value you are providing to your audience and customers.
The value you are providing to your audience should obviously be more than your costs associated with creating your product.
Also, make sure to include the marketing and networking costs with your product as well. Some nascent entrepreneurs completely forget about these kinds of expenses.

You are hiring the wrong person for the job.

Hiring the wrong person can help you fail faster. That’s not the kind of help that you are looking for.
Most entrepreneurs don’t have the experience of running a business. When it comes to hiring a new employee, they are at a disadvantage.
And since most startups don’t have an abundance of funds and resources, you can expect the entrepreneur himself is acting as the HR department.

In these kinds of scenarios, a candidate that is not a good cultural fit is hired. Not being a cultural fit means that this new employee won’t be able to work effectively within your organization. In some severe cases, you can expect to see a toxic environment slowly building at your startup.
Take the time to avoid hiring the wrong employee.
A great quote about hiring went something like this: While hiring a new employee, take your time. But when firing an employee, take no time.

Here are tips on how you can avoid failure:

Take things slow initially.

Becoming an entrepreneur is an exciting feeling, but you shouldn’t let this feeling of excitement get the best of you.
If you want to become successful as an entrepreneur, you’ll need to pace yourself.Trying to scale too rapidly can lead your business to rock bottom.
In the initial stages of your entrepreneurial journey, you should take things one step at a time. Since you’re new to the world of business, it makes sense to spend the majority of your time trying to get the basics down.

Learn how to sell.

Sales are one of the most important parts of your business.

Without sales, your business won’t be able to sustain itself.
Learning how to become an effective salesperson will help you in so many ways.
Brilliant salespeople are experts at communication. Excellent communication skills are always helpful. You can’t go to school and expect to learn these skills. You’ll have to spend your time and get the required experience before you can expect to make a real impact through your communication.

To be good at sales, you’re also going to have to identify your target audience. Without knowing who your most profitable customer is, you won’t be able to focus your efforts. Once you identify your audience, you’ll have to start building a relationship with them, and one of the best ways to do that is using a live chat app.

Invest in your growth as a leader and business person.

This is something that a lot of entrepreneurs ignore as well.
Entrepreneurs should always take time out to invest in their personal and professional growth.

They are the ones that are leading the business. The decisions they make will affect not only their business but also all of the people that depend on the business for their livelihoods.

Going to seminars, reading books, and learning from others should not be seen as a bother. Instead, it should be seen as an opportunity to become more skilled at the craft of entrepreneurship.

Conclusion:

Entrepreneurs have a lot that they need to vary. But with the right mindset and appropriate care, they can avoid failure and become successful eventually.

Hamzah Adil is a young digital marketer who is passionate about business and entrepreneurship. He is currently working for a startup that has rolled out a new live chat app called SwiftChat. Live chat softwares help businesses by allowing them to provide instant customer support to their online visitors.
Website: https://www.swiftchat.io