Want to start a business!!! In the present world, India is the country full of a rapidly growing hub for
tech-based startups. According to the Randstad Work monitor survey states that
83% of the workforce is interested in entrepreneurship in India as compared to
53% worldwide. India is rapidly growing as a hub for tech-based startups. Most
of the entrepreneur have full of knowledge along with they need to have
financial tips which will increase their chance of success in the future. So,
here I am going to tell a few quick and easy tips to start a business today.
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| 5-best-tips-to-avoid-common-mistakes during-successful-startup |
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Let’s start the 5 best tips to avoid common mistakes during successful startup so that you can avoid common mistakes.
5 misconceptions that every entrepreneur should stop believing
6 advantages of being a solopreneur
6 habits of highly successful people that you know
Let’s start the 5 best tips to avoid common mistakes during successful startup so that you can avoid common mistakes.
Mistake #1 Secure funds
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| secure-funds |
I strongly believe that “Cash is king”
that every entrepreneur should take care of it during the period of the startup
of a business. It does not matter what is your business model is but the
deficient of cash will impact it a lot on the business. As funds are used to
pay to suppliers and employees in order to survive the business in the modern
world. If you fail to secure your funds then your business will definitely shut
down at last. When you start a business, you have a negative cash flow to
secure the funds from investors but when your business is not earning enough
cash then your investors will become hyper and left your business.
It is important for every entrepreneur
to secure finance for the business. Usually, an entrepreneur invests their own
funds in order to scale their business. In order to expand the business, the
entrepreneurs need to finance the funds from the external sources. It may
include debt fund or equity funds; both can include which have their pros and
cons. However, the entrepreneurs need to take expert advice before choosing the
way of choosing funds either debt or equity funds.
Mistake #2 Value Time
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| value-time |
There is also an old saying that “Time
is Money”. This is the most important advice that every entrepreneur should
remember it by heart. This will help you to find assess the value whether it is
worth pursuing or not. In this way, you can take the maximum advantages of your
time by taking the right decision at the right time in the dynamic world.
While an entrepreneur starts a
business to create a world, so it is very important to recognize your role in
the business as you are an investor and full-time CEO of the company. Firstly,
you should know the value of yourselves that you have generated by working as a
CEO by paying the amount to yourself. This will help you to decide the
remuneration of CEO hired for your company. In this way, you will able to focus
on the essential things which will lead to the growth of your business.
Mistake #3 Track inflow and outflow
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| track-inflow-outflow |
During the initial period of starting
of business, an entrepreneur should keep track of inflow and outflow of funds.
You should keep the track until it will become consistent for your company. In
this way, you can keep track of the expanding and revenues of your company and
help you to maintain the balance between the expenses and revenues. An
intelligent investment entrepreneur will build software regarding accounting in
order to maintain the funds.
It is common for startups that they
spend more in order to grow their business in the short run. But this practice
is very dangerous in terms of the long run. This will lead to having
insufficient funds available in the business. So, you need to check the track
of outflow and inflow of funds from time to time.
Mistake #4 Diversify wealth
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| diversify-wealth |
It is saying that the person has 5
sources of generating wealth. As new entrepreneurs are ready to face even
the worse challenges like a failure. It is estimated that 90% of the business
is failed in the initial period of 5 years. But that is not true in India.
Here, the business fails due to financial crises.
As I mentioned above that the
entrepreneurs should diversify their wealth in order to protect the business
from financial crises. You can diversify your wealth by investing in the shares
or bonds. But these investments are as per market risks. You need to take help
from the financial advisor regarding the investments.
Mistake #5 Set goals
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| set-goals |
Last but not least, this is the most
important as the chance of success depends on it. As we Indians love to watch
cricket not just to see that our favorite player is playing but for the target
that the team will able to achieve it or not. We only have an interest in this.
Sorry to say you that if you remove the target of it, then your favorite
playing is playing then you may find a little boring then earlier.
But the point is that you should also
set financial goals with fix deadline. If you are able to achieve it then
reward yourself otherwise set punishment if you are not able to achieve it. In this
way, it will help you to take actions on time as well as you can achieve your
goals on time.
In a nutshell, I have discussed the 5 best tips to avoid common mistakes during successful startup so that
you can avoid common mistakes during the initial period of startups of your
business. In this way, you can able to avoid common mistakes when you
want to start a business. At last, it will not only help you to measure the
milestones of your success of the business but also you can avoid the common
mistakes of the initial period of starting off a business.
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