Vinod Ramchandra Jadhav: 7 Critical Mistake Business Owners Make

Business rookies are easy to spot because they make critical mistakes experienced entrepreneurs avoid. If you're a new business owner, understanding the basic, yet vital blunders most newbies make can help you maintain an advantage. Let's look at the fundamental errors that are best evaded.

Not specializing.

If you imagine marketing yourself as multi-skilled is an advantage, think again. People prefer to appoint an expert rather than a jack-of-all-trades. You may be talented enough to provide several services, but doing so will reduce your appearance as a professional. Identify your best skill and promote it instead of spreading yourself thinly. Potential clients will be more willing to employ you and see you as an authority.

Imagining products and skills will sell themselves.

Beginners often believe their qualifications and talents are sufficient to draw customers and investors. However, competition is high, and many business owners in your niche know how to market their companies using aggressive strategies.

If you don't want to fall behind, study your competitor's tactics and make successful devices yours too. See what other business owners do that doesn't work as well, and ensure you don't follow suit.

Not creating an elevator pitch.

If you bump into a potential client at a social function, do you know how to promote your business? Not knowing what to say could cost you work. Having an elevator pitch to hand, though, will mean you can always sell your service or product and generate interest in your brand.

Make your pitch concise and memorable, so it highlights your specialty and sounds enticing. Also, keep promotional material available to dip into if you unexpectedly meet new contacts who are keen to employ you or a potential investor.

Seeing setbacks as failures.

All new business owners face setbacks. Deals fall through, trade becomes sluggish, or other mishaps occur. Nonetheless, successful entrepreneurs see obstacles as challenges that help them develop a superior business model.

When plans go astray, figure out what you can learn from the situation to improve future transactions. Recognize every hindrance is a stepping-stone to becoming a business mogul.

Not bringing in talent.

Trying to manage every little job, even when you can't do so well, is a mistake. Most people aren't proficient in all areas of business. Hiring the right talent and delegating work you can't handle can help you succeed.

If you can't cope, find an expert who will do tasks justice. Also, assign chores that eat your time to assistants. Work on the philosophy that anything your employees can manage with ease shouldn't be part of your workload.

Thinking sweat and toil creates money.

What you do, rather than how long jobs take is crucial. Hard work can pay off, but it isn't the secret to making money. Your business will generate more prosperity if you spend time working wisely rather than toiling for long hours getting nowhere.

Consider the most efficient routes to reaching goals as a priority. Some tasks take time, but others can be managed quickly and still create wealth, so don't fall into the trap of believing time equals money.

Not streamlining presentation.

What you, your office, and your business look like matters if you want to create a professional impression. Not paying attention to presentation is a big mistake. Like it or not, customers will believe your work is shoddy if you don't dress as though you mean business and package your company with style.

The appearance of your website is critical too because it reflects your business ethics. If your site is cluttered and confusing to navigate, your audience will quickly leave. Likewise, if you present recycled, unimaginative content customer conversion will be low. Streamline your website, yourself, and your place of work to mirror professionalism.

You may be a new business owner, but you can avoid the blunders your counterparts usually make. By marketing yourself and your company effectively, and not believing limiting ideas about how to run business, you will make a positive impact on your audience.

About Vinod Ramchandra Jadhav: Vinod Ramchandra Jadhav is the Chairman of SAVA Group and Devtech M2M. He has adopted his entrepreneurial spirit to additional fields including Biotechnology and Predictive Diagnostics. In addition to his current roles, Mr. Jadhav supports several charitable organizations recently sponsoring a Rotary International’s “Happy Schools Project” and developing the pediatric unit at Sassoon General Hospital, in Pune, India.