4 Costly Mistakes by Young Entrepreneur| Business Matter
There several reasons why most young online/ traditional entrepreneurs never gets to the top of their trenches. The struggle to gain relevance or dominance has forced these young entrepreneurs to commit serious and very costly mistakes that brought a great backlash to their business.
I agree with you that mistakes are inevitable in our life experience as an entrepreneur but there some very costly mistakes young entrepreneurs must learn to avoid. So, in the process to safeguard young businesses still at their start-up phase I have compiled this report I titled “4 Costly Mistakes by Young Entrepreneur”.
1 Choosing the name that suits or explain their Business correctly
Believe it or not, your choice of brand name will either bring you more customers or put people off. So as an entrepreneur you must be very cautious in choosing a brand name, don’t join the folks that want to use their personal names for their business, though using a personal name for a business title could work for an institute that has to deal with whose particular credentials customers are putting their trust in or dealing with.
However, research has proved that companies with names that explain exactly what they do provide the best advertising.
2 Trying to be like the rest or meet up with the trend.
Think for a moment about how you want to portray yourself to your future customers. Consider what organizational culture your company will have – what do you believe in, what do you stand for, what is your mission? Think about how you want customers to think of you. Or, how you want them to perceive your company and make moves that stand out amongst competitions. In simpler terms, start-ups business can strive better when they are found on uniqueness.
3 Unconsciously going against their brand message
Like we already discussed above, more focus should be on portraying your business vision or mission in service delivery if you want your business to come off as authentic or genuine.
4 Having less knowledge about their line of Business
When starting, or in the process of starting a business then the single biggest thing you can do to stack the odds of success in your favor is to increase your knowledge base on everything that might have an impact on it.
What follows are several dozen things you should know before launching your business. The reason is that increased knowledge gives you an objective point of view, makes you an expert, not a bluffer, helps you to become the eyes and ears of your buyers, and gives you more confidence when dealing with clientele.
Businesses can strive better if business owners can remain genuine and learn to avoid unnecessary competitions.!!!