Hey guys, as I welcome you back after quite some time, to SBP, The Sense Bin Podcast, which I’ve decided to make a regular thing as the year 2015 ends up. So, in today’s session, I’d be listing up the top 5 reasons why your first online venture failed, won’t be considering pointing out anybody specifically as these were the mistakes I made in my first ever corporate business.
So, let’s just begin:
Also, if anyone of you wants a text version of this podcast, here are the manuscripts.
5 Reasons Why Your First Online Business Failed
No. 5: Lack Of Knowledge – Now one of the first things a successful business requires is proper knowledge. If you’ve got a food startup, you gotta have knowledge about Food, if it’s something about exporting, you need to learn what is it. Because it’s not a copy-paste game! If you want to pursue, you first need to learn and then only you can deliver to your audience.
No. 4: Not Being Consistence – We’ve all been learning that Hard Work with honesty is what leads to success, but that’s not the way. Consistency and determination is what works simultaneously with Hard Work and that is what brings about glory. No matter what your business is about, even if online or offline, you have to be consistent and determined with your work to make it a success. I can’t say that all the businesses which are tried are successful, but without consistency, nothing can ever be successful.
No. 3: Lacking Courage & Confidence – Now don’t say that you’re trying out your business without even being confident in it. The first priority I ever have is to be confident about my business, not thinking if it will look lame or stupid in front of others. One should have confidence in the tasks that are undertook. If you aren’t confident, no consistency or knowledge can help you out, because confidence works as a root to your hard work. Your work will take time to succeed, but be confident, and it’ll work!
No. 2: Having Good relations with your clients – This is again something, really very important. The most successful businesses out there exist because they care for their clients. Forgetting a client after the work done isn’t the way successes go on. The only reason why you should care for your clients is that they will help you to move it further. Your work will spread out by the good word from your client, and that’s how it works!
No. 1: Not willing to take risks – This is the thing most important out of them all. Now say you’ve started a business, but you think of taking a risk in it or not. Risk is what brings success. Guys like Bill Gates and Mark Zuckerberg are successful today because they dared to take risk. If at any cost you want to succeed, you have no choice other than taking a risk. And in words, not taking a risk sounds quite feasible right, but actually is the biggest disaster and loss.