There is no one blueprint for entrepreneurial success, but good business owners have found that implementing a system can do wonders for your venture. And while every business requires a different set of skills or know-how, knowing general principles of doing business can go a long way to ensuring the long term viability of being your own boss.
Mistakes are an inevitable part of business life, particularly so for startups. Errors can serve as learning tools, but can also sap your enthusiasm and drive. That is why Entrepreneur Philippines interviewed small business consultant Oliver Juanir of Business Planners, and Maia Jacinto of marketing and research firm DynaMark for some tips on how businesses can avoid roadblocks to their success.
Here are the five things you should look out for:
Mistake 1: Jumping off without a parachute
Planning is an often overlooked aspect of starting a business, a fatal mistake that often shows up in midstream, according to Juanir. Passion can only take you so far, and when the mistakes pile up, a man without a plan could be in serious trouble.
“Sometimes, enthusiasm can be overrated, because business doesn’t just need raw energy all the time. You need a plan to channel all those ideas you have for the business, because if you don’t, you’ll end up burned out,” he said.
Creating and sticking to a plan is more important for startup businesses, as these often have limited resources. Jacinto says businesses often make the mistake of splurging on only one aspect of the business, to the detriment of other factors.
“People are usually giddy when they start a business, and open a snazzy storefront. Right away, you have a fixed monthly overhead to worry about, before you even start selling. You then see people spend money on fixing the shop up, looking for fancy designs, but makes no provisions for cash registers, and other business tools,” she said.
When it\\\'s finally time to open for business, the investor is tapped out, leaving the business owner with a flashy store with poor inventory and bad service.
Mistake 2: Starting a business just for the heck of it
Most successful entrepreneurs are visionary types, and possess a clear vision of what they want for their company. But most people think that a good, life changing idea is the ticket to money and riches. Juanir says this is the reason why business owners are frustrated when things don’t go their way.