Top 5 Failures in Business You Can Escape

“I have not failed. I’ve just found 10,000 ways that won’t work.” “Success is not final; failure is  not fatal: it is the courage to continue that counts.”

Thomas A. Edison

I always look at my life trying to observe it in order to make it better tomorrow. I think I am not the only person who does this exercise and it’s not only me who understands that we have eternal circles of actions that we constantly repeat to make our lives better day by day.

The whole life of ours is about the same three steps that we use every day over and over. First one is about the specific demand that inclines us to the research (second step) and eventually we make the choice (third step). Sometimes the first and the second step switch their titles. For instance, let us consider thoughts about taking umbrella before going out of the house. Firstly, we manage all the possibilities of yet unresisting rain. We look at the clouds or google on the Internet to become informed about the possible rain. So, it is about research. Afterward, we get informed that it is going to rain in an hour (demand). That’s why we consider taking an umbrella with us (choice).

What if we made a mistake and checked the wrong webpage or clouds lied to us? Yes, probably we would get wet after walking outside and maybe we would become sick but we would not die. The failures are our best teachers but not the end of something.

Now imagine a friend who is always open to your calls and is always aware of the climate and raining possibilities. One more time, try to imagine a guy who is always aware of this stuff and calls you to inform about possible rains and remind about needed kinds of umbrellas. Imagine or just read this article with 5 common failures in the business that you can easily escape.

No Need for Advertisement and Market

Although, being a maximalist can be useful in some cases, maybe during teenage-university years, in businesses maximalists trying to reach Everest do not succeed even with small hills. Overconfidence plus maximalism get people to the following ideas: “If I produce it people would buy”; “I do not need any advertisements for my yet unknown best-seller”. Thus, why doesn’t it work? The point is that nowadays it is hardly possible to come up with a business idea that has not been presented yet. That’s why there is no lack of competitors in the market and you would try your best to become unique due to your marketing style, product placement, support team and key advertisements such as popups redirecting all the visitors of your webpage to all the social media profiles of yours.

 

 

Unsuccessful Differentiation

As I already mentioned it is hazardous trying to differ from the opponents of the industry of your choice because they were trying to use the same differentiation possibility by comparing their product to all the others. Sometimes good companies figure out how to differ in the most creative way but oftentimes it turns out like a straight plagiarism. Thus, my advice for you is to pay attention to the qualities, products or services, characteristics that always differ from competitor to competitor. The main issue is that not all the competitors have Unique Value Proposition or it is hard to detect them because of their unclear marketing strategies.

Not Delegating Process

An ideal owner of a startup should be a specialist in any sphere of his/her business. There should always be one irreplaceable specialist in the business. However, the owner should be respectful to all the other specialists and trust them as his/her own hands. That is how a good team is created due to which the owner will be able to earn lots of money in the future. Under such circumstances, the owner will take the necessary steps to grow the business because there is a team he can rely on.

Unprofitable Business Model

It is normal for a person to think that he came up with the best business idea just because it belongs to him. This is not about selfishness but a normal behavior. If you remember those three steps that I was talking about at the beginning of the article, you will probably understand that these steps can become lifesavers for startups. These steps include: Making a marketing research, searching for advice from others and making a coherent business plan. In addition, the best adviser always stands in front of the mirror seeking for questions like “Is there any target market for this product or service?”; “Is there any proven profitable method?” or “How long would it take to bring the startup into the market?”.

 

 

Overestimating Yourself as a Competitor

Even if all these failures were not even close to those you could possibly make in your startup, you would still have the most natural and problematic issue – the competition. By overestimating your chances and failing to notice the competitors in the market you would not benefit but decrease your chances of success. The best solution to this problem is conducting competitive analysis by engaging them in the overall market analysis. Try to figure out all the fears, failures, strengths and weaknesses, as well as failed and succeeded strategies to increase your competitive advantage.

“I can accept failure; everyone fails at something. But I can’t accept not trying”. Michael Jordan

 

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