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Being an eCommerce industry observer, we believe setting up business itself is hard, however, managing the same and pushing it hard to penetrate in the dense competition is even the hardest. We live in a world, where people consider the first impression as the last one. Taking a look at a vast business world, we will see that a huge number of businesses are taking place on a daily basis. Some of these are emerging in the form of traditional brick and mortar store while others as an Online venture. However, among these, one thing is common and that, most of these businesses are held by young online entrepreneurs.
More interestingly, if we take a look at a ratio between offline and online business, we will come to know that the graph of lateral is growing exceptionally fast. However, irrespective of the fact that a business is online or offline, there are some mistakes that young online entrepreneurs make. Wondering what are these? Let’s take a look
Bringing Down Even the Last Needle into the Business
Money makes the mare go, true that but at the same times young online entrepreneurs forget that excess of everything is bad. These newbies are enthusiastic as well as passionate. They want to bring creativity in their business, they want to be as unique as possible and in doing so they keep on adding more and more without even doing any beta or cost calculations.
Overspending on unnecessary things can quickly grind down their personal finances. It is the point where these young online entrepreneurs dig themselves deeper into the hole. Instead of spending huge chunks on unnecessary things, these entrepreneurs should spend more on improving their products.
They Are Not Well Prepared For Plan B
If every young online entrepreneur would’ve succeeded, probably the world would’ve run out of job seekers. We would’ve seen a number of business persons, “Jimmy Neil” says. The good thing about these early birds is, they are full of beans and optimist. However, the downside is, they only fascinate themselves from success stories and are not aware of the risks of loss associated with. And even if they are aware, they simply bury their head in a sand and believe that everything will get vanish.
Long story short, they’ve not prepared for plan B. Since they’ve already invested every penny in their business, they don’t have any savings that can serve them as a lender of last resort.
There’s No Segregation between Business and Personal Assets
Not all but some of these young online entrepreneurs don’t even mind investing their personal assets for business. Leveraging personal assets for business purpose isn’t good nor it receives any appreciation from experienced entrepreneurs.
Raiding the Company’s Coffers
Often, people ask us that why the majority of the young entrepreneurs surrender their dream. The only reason is their overconfidence. Let us say you again, that it is their overconfidence. Having two or three big projects and these young online entrepreneurs start spending those funds randomly. They think that now their ATM is active and it will keep on generating more and more. Indeed their overconfidence keeps on motivating them until they realize that it’s wrong approach.
Risk Mitigation is Not Their Thing
One characteristic that briskly draws the difference between the seasoned entrepreneurs from the resolute one is their willingness to take calculated risks. This differentiating factor and the inclination of seasoned entrepreneurs towards it has been witnessed overtimes and again.
They Rush in Every Thing
Nothing can be alarming then triggering your online business and that of without having a proper quality check. Spare some time, do a research to hunt out the reason. Find out the reason that why some online websites fail in the early days of their launch? Why other sites make it till long? Keep on finding the reasons, and you will see that all those online entrepreneurs wanted to be rich overnight. They wanted to do things all of a sudden.
Choosing a Niche without Doing R&D
All of us want to earn money, however, people only see the net worth of any website and they simply neglect the fact that what hardships, this site would have laid. Other than this, these online entrepreneurs choose their niche without doing any research. Assuming that people are making good from clothing lines, so you should tart same is not a good approach at all.
They Neglect the Importance of Search Engine Optimization
Maybe few, but there are online entrepreneurs who think that they can conquer without even doing search engine optimization. They believe that their website is good enough. They are even confident that no matter whether they obey search engines or not but they will get visitors. These online entrepreneurs keep on thinking this by the times, they realize that they are betting on the wrong horse.
Last But Not the Least
The growing number of eCommerce website builders have opened up endless possibilities for us. Now being an online entrepreneur is not a nightmare anymore. However, in order to stand in the line of successful entrepreneurs, there’s need to watch out the previous mistakes and to learn from these.