Practices You Should Avoid as a Startup

Practices You Should Avoid as a Startup

The adventure of starting a business is full of threats and committing errors when you run your business is unavoidable. Along your journey, you may encounter people who always say the phrase “No pain, no gain” to you repeatedly. It may sound right to you, but in fact, your venture does not have to be so unpleasant at all times. Here are some practices that you must avoid if you want to enjoy your journey of becoming a successful entrepreneur.

Believe You May Settle All Issues On Your Own Or For Cheap

When you are prepared to set up your company, you will find out that you require support in a lot of areas, which includes compliance, legal, as well as accounting-related tasks (Also see How to Increase Working Capital). It is significant to make sure that you get the help you need from the most trustworthy accounting firms in Singapore available in these fields.

Being short-sighted on problems like this and going for friends provide you with such services at a lower price may cause you to suffer from legal suits, severe losses, and ruined reputation and connections (Also see How Can Business Owners Manage Their Time Wisely).

Maintain A Minimum Networking

No matter how talented you are, it will not help if no one knows you and your fantastic concepts. You can’t survive without a network, especially in Singapore.

For a newly set up company, your network is equally important as the capital as it will determine the value of your company. When you possess a vast network and a deep engagement with your clients, you have a higher opportunity to be successful in your business (Also see Importance of Soft Skills in Business).

According to an entrepreneur of significant influence, an aspiring business owner should devote one-fifth of their time to develop networks. This comprises of building rapport as well as creating connections at meetings, exhibitions, events and conferences. There is a high probability that you may enjoy the taste of success in running your business with the sincerity in friendship as well as proper follow-up. After all, people tend to do business with those who are reliable to them.

Only Pay Attention To A Niche Market

The size of your market is a crucial factor when you start running a business. If your aim is only a specific niche and little section of the entire market, you might incur the serious inherent threat of your business not developing smoothly, since it fails to link with the restricted group of consumers.

A substantial market enables the room to become adaptable with experimentations as well as new concepts. The success of Instagram is an excellent example to illustrate the importance of the size of the market. Initially, it has failed because it was set as a method to ‘check-in’ at a variety of places, and it has just attracted a limited market. As it reorganises itself to become an application for people to share their photos, Instagram has encountered a big demand in the market. As everyone knows, the other apps like this have vanished from the sight of the people.

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