Starting a business: How do you know if you've been wrong?
Creating a business has never been easier and encouraged by the states. Some will succeed thanks to a good market fit and some will be wrong, but it does not matter if they learn from their mistakes.
How do you know if you've been wrong? Here is a list of common errors
The wrong market
That is offering a product or service that may interest customers but that has not been properly targeted. To correct the situation, the objective is to analyze the various potential targets and reposition the company towards a new market, a new marketing method, a segment of the population or towards a public or private sector.
My product does not interest my target
It happens that we have a good product or service, but no one buys it. The reason is simple: your solution does not solve a problem large enough for buyers to come forward. In order to avoid this frequent error, training exists, such as boot start up training to teach entrepreneurs to quickly meet their customers and test their market before investing thousands of euros and ultimately losing their time. In this case, you can reposition your product or the arguments you use to sell it.
Being at the wrong place in the company
When creating a company, it is usual to have to occupy several functions such as strategy, production, sale ... and a temporary situation becomes final. Unfortunately, sometimes you find yourself in a role that does not suit you or for which you are not the most competent. For example, administration is not my area of excellence, I master the high-level figures, but my interest in accounting is not there, I could not be as competent as a person who loves this area of expertise. The objective of an entrepreneur is to identify his strengths and weaknesses, for example, I prefer to be in the creative, strategic and sales part rather than the administrative and process part because it is not my way of taking advantage of my life as an entrepreneur.
Taking good action in the wrong order
When I started as an entrepreneur in 2014-2015, with the creation of my event company I did things in the wrong order. Having no commercial training, but a background in computer engineering, I had no marketing and sales skills, I did not realize that these skills were the most important one to grow my business. Unable to get my business off the ground, I interviewed several people who told me that they needed different skills, so I asked myself the following question: Where was it possible to acquire all these skills? The reality is that I hadn't learned the fundamentals of an entrepreneur. This is one of the reasons that leads to the quick shutdown of a company. The entrepreneur has a technical know-how but not necessarily the commercial skills that can lead to perilous situations like mismanaging his budget, making bad investments, and finally a lack of strategy that would allow to go from A to Z to build a successful business.
The goal is to challenge yourself every day by asking yourself the question: "Do I make the right decisions for my clients?" "Do the actions taken today have an interest for my clients of tomorrow?"
Every day I ask myself the following question: “Will I be performing better for my clients today than I was yesterday?”
This does not necessarily mean offering additional services or products, but a new review process, a new idea or a better offer compared to the current market ...
If all the little mistakes are cleverly managed on a daily basis, instead of waiting for them to turn into an insurmountable error it allows you to be more competitive and avoid being in trouble.