It is the 21st century and people feel more liberated regarding their thoughts as compared to previous generations. It’s great progress to see people speaking up for themselves and projecting their ideas wideout loud. Times have changed, the “only rich people are capable of starting a business” days are gone. People have a great start up business ideas but often get demotivated thinking they don’t have the resources. However, as mentioned above times have changed, a lot.

Even a middle-class man can start a business today with even limited resources. There are government policies that help people to fulfill their dream of running a business by lending loans from banks, also there are many NGOs who seek to help people run businesses.

As discussed earlier, people do have the option to start a business but it all comes down to how well prepared they are. Even the slightest mistakes or things not properly planned can end up becoming a  huge mess. There is nothing to be demotivated about, it’s all about having things well planned. Andrew Grove, Intel Co-founder quoted “make mistakes faster.” Analyze and learn from it.

However, there are certain things you should definitely avoid when starting a business:

1. Not preparing A Business Plan

Consider yourself going on a road trip to a new place and hitting the road without having a roadmap. Imagine how high will be the chances of getting lost, seems completely possible though! The same resonates with having a business plan when starting a business.

You may have the best startup ideas but if you don’t have a business plan it can actually make you lose your path. A business plan is important as it gives a proper layout of the business goal, helps you to keep track of things, and see how progressive things actually are. It can help you to see loopholes if any, rather than noticing them when it gets too late.

2. Lack Of Marketing Research

It is not an uncommon scene to see people having their business go downward spiral and eventually witnessing it being collapsed. That business in which you have invested so much, took debt and whatnot, seeing it coming down for a reason which could be taken care of shouldn’t be avoided at all. It is quite obvious since people are getting more opportunities to open businesses the competition has increased as well.

Therefore, doing proper market research is extremely important. You should know who your competitors are, how can you set your unique identity, what are the things you can do to fulfill the current demand in the market, make profits, and many more things. Before diving into this entire thing, thorough research about the market shouldn’t be avoided at all.

3. Not Having A Clear Picture About What You Are Selling

Just think of it, can someone teach English if they never studied English? In context to the same, can you actually sell a product without having proper knowledge of it? How are you going to convince people to buy it or even convey the idea of launching it?

This speaks quite about this point. How is your product unique compared to its competitors and why people should buy it, all such subjects should be taken into consideration. People need to hear how beneficial any XYZ product is to them then only they’ll be convinced.

4. No Money Investment Or Backup

It is quite understood that when we head out to bear risk but it’s important to have a clear idea about a backup if things go south. Businesses tend to go through highs and lows, but to keep it stable when it hits low, there should always be a backup otherwise it connects with the road towards bankruptcy.

5. Ignoring Digital Marketing

Start-up business ideas are good, but to make them work even better one should always consider digital media. Nowadays, from big to small all types of businesses have taken their business online and for most of them, it has been one of the top reasons for successful steps.