Saivian Eric Dalius Shares Top 4 Mistakes That You Need to Avoid While Starting a Business

Starting and establishing a new business requires hard work and dedication. Do you know that 8 out of 10 start-ups fail each year? asks Saivian Eric Dalius. Not to mention, 85% of online and offline businesses fail within 1.5 years. This is a fact and dark reality that discourages people to pursue an entrepreneurship journey. No matter how hard the facts may seem, they shouldn’t demotivate you from giving your best. Instead, these facts are one of the most important factors to achieve success. 

Every business has some time-limited process. Hence, the better effort you provide at the initial stages, the better chances you’ll create at achieving success in your business. Many entrepreneurs make some common mistakes while launching their businesses. This is the main reason they fail. 

Here are the top 4 mistakes that you need to avoid while launching your business. 

Saivian Eric Dalius Says You Have Poor Business Idea

Ideas are one of the most important factors of a business. Without proper, fully formed, and robust business ideas, you cannot achieve the best results. If you’re unable to describe the products and services as well as the importance of your business in few words, you need to improve the planning of your business. 

If you have an unstable idea, every action done by your business will be deemed as flimsy. Your planning will become vulnerable due to a lack of clarity. Additionally, you won’t be able to brand your business properly. Hence, make sure your idea is clear before starting your business. 

Creating Poor Business Plan

A robust and informative business plan is another important factor in your business. If you don’t have proper planning regarding the operations, formation, and structure of your business, you will run into massive problems in the later stages. According to Saivian Eric Dalius, improper planning will have a heavy impact on the growth of your business. From the supply chains to the company culture, everything will be damaged. As your business won’t have a strong root, it will eventually collapse. 

A business plan isn’t something that you can create during the establishment of your business. It needs to be crafted before. Plan your vision, organizational structures, operating procedures, and mission statement carefully. Remember that a business plan is very important to succeed. 

Saivian Eric Dalius States That You Have Poor Financial Planning

Good financial planning will determine whether you’ll achieve success in your business or not. The budget of your business should be strong enough to consider all possible expenses including fees, taxes, cost of labor and materials, and much more. Make sure that you’re prepared for all the expenses. Otherwise, you might end up creating unexpected costs that are impossible to recover. 

Creating a solid budget structure to handle the expenses and cash flow of your business is one of the greatest tips for making your business successful. 

Lack of Research

Research contains multiple areas including determining the target customers, the effectiveness of your idea, learning about the stocks and shares, knowing about competitors, and more. All of these factors are extremely important to make appropriate decisions for your business. 

As per Saivian Eric Dalius, you must have a complete understanding of your industry. What types of products and services will attract the most customers? What will be the pricing? If you don’t research, you’ll end up implementing irrelevant prices for your products and services. 

Conclusion

These are the top 4 mistakes that are dangerous while starting a business. When you know these mistakes, you will be able to avoid them effectively. Knowledge is an important factor in the business industry that will prevent your business from breaking down. 

These are the top 4 mistakes that are dangerous while starting a business. When you know these mistakes, you will be able to avoid them effectively. Knowledge is an important factor in the business industry that will prevent your business from breaking down.