Unfortunately, a great proportion of young entrepreneurs who got down to business life with brilliant ideas were disappointed in their first attempt.
Efe Bezci, Vice-President of the Turkish Young Businessmen Association (TÜGİAD) asserted that he observed, in a study he conducted, that young entrepreneurs frequently made 7 mistakes in their efforts.
Efe Bezeci listed these mistakes that success-seekers should avoid as below:
It's true that business is made to make money. However, I think that making money and the dream of getting high profits should have secondary, even tertiary importance. Ensuring continuance in the market is what's important. This is possible by making a difference among rivals and by thrusting yourself forward.
Every good thing is achieved after a hard process. It's the same for business, too. Don't forget that you'll reap the fruits of your hard work at the end of the growth and ripening period in when you open yourself to the market. It's crucial to get over this period without giving up or breaking off the business, no matter how hard it is.
I understand that you want to talk about your idea since you trust it so much, and you want to get investments. However, only the ones who make their dreams into reality win. Let your work do the talking; let business be your language.
All new enterprise has risks. Your rivals are at the top of the list of these risks. Define the strong aspects of your business that make you different from others and try to emphasize them. Also, don't forget to examine the risks caused by legal obligations and regulations.
One of the most important mistakes in business is disregarding the sales, marketing, and advertising issues. A good idea is not enough to sell itself. You need to be known in order to advertise your idea and your brand somehow. It will help you to get professional assistance to manage this process.
We all want success. But this doesn't mean being hell bent and saying 'everything is permissible for success.' Confusing greed with ambition, refusing the offers of investors when your enterprise was at the investment phase expecting more money, would end badly for your business.
You have a brilliant idea, you have persuaded an investor to invest in your idea, and you completed all the steps above with great care. But you couldn't get to the stage you expected. You shouldn't give up, even in these circumstances; because, success is a long and difficult process. Believe in yourself and know how to stand up even when you fall hard.
