Updated: Jun 29, 2020
I would like to touch upon three points that I consider critical to the success or failure of a New Business Venture. Its difficult to create a business from scratch , to turn your ideas into a “Salable” product that satisfies customer needs amidst a very competitive B2B environment however if you have decided that 2020 is your year to Business stardom you may want to pay attention to the below common mistakes.
Chasing investors rather than chasing clients.
To understand this we need to go back to the basic purpose of every business which is to generate revenue and profit.
This process has two major pillars a) your business and b) the client. Without clients, your business will not generate profits and revenue and will ultimately fail. By investing the greatest deal of your time and brain activity pitching to investors instead of pitching your business to potential clients, thereby helping create Brand Awareness, shifts your attention from your number goal which is not to secure huge funding round but to Acquire New Customers.
For some reason, young entrepreneurs believe that securing external funding is their elevator to success. Remember that funding through any source equals either debt or equity. In first you need to re