For most entrepreneurs, venturing into new territories comes with a fair share of doubts and mistakes. However, learning from them gives you a measure of wisdom to reinvest in copper-bottomed schemes and gain higher stakes when starting your own business. In this blog, we will discuss what it means to stand as an entrepreneur who learns and evolves from his mistakes.
- Take the Risk
The word ‘risk’ is infamously known to raise alarms. However, this is not always the case in business. Risks make a great catalyst to broaden your business horizon, boost your ROI, and even influence the market. This means taking advantage of ripe opportunities before others discover them. Many entrepreneurs bid on ideas that are either market saturated or have a shown a greater success rate.
Betting on a winning horse will only get you money everyone else makes. If you have to make more money, you’ll have to take on bigger risks and bid higher. However, this does not mean putting your money on something without any homework of your own. Any idea with a promising potential must be met with calculation and strategy before it is converted into a business venture.
- Follow Your Instinct
Valuing other people’s opinions is one thing, but ignoring your gut instinct is completely another. The reason most successful businessmen are successful is because they had the gut to do things others would not. If dissuasion has had the better of them they may never have created these incredible businesses. Hence, it is imperative to always make room for your own impulse and then evaluate from different angles.
- Find Your Wingman
One of the key factors that decide the success of a business is finding the person you can trust your company with. Under certain jurisdictions and legal structures such as Dubai Mainland LLC, partnering with another investor or business entity is mandatory. Therefore, a partner that is timid, inconsistent and erratic will always present you with obstacles in your business. Businesses that take on weak partners are known to spiral into costly catastrophes and finally collapse. To ensure your business venture does not share the same fate, you must seek partners that are not only stable and reliable but also smart and consistent.
- Get Your Numbers Right
While passion and innovation play a significant role in driving your business, numbers define where you stand. Many entrepreneurs often make the mistake of building their business model on the perception that business motivation is self-generated does not require any material help. That, unfortunately, is wrong. Being objective-oriented does not make you greedy, but instead, helps you engender competitiveness to foray into the market and make bolder bids.
The idea alone cannot flourish and needs numbers to add up. Therefore, to lead your venture to sustainability and higher revenue it is critical to keep up with your financial targets and goals.
- Study the Past
Last but not least, learn from what you have done to prepare, prevent and succeed in the future. Most business owners spend their energies in predicting what the future holds for them than using their analytical thinking to calculate how the past is influencing them in the present. From what we have studied, seen and experienced while setting up businesses, it is just as important to learn from the past as it is to figure out what is in store for the future. Moreover, it is cheaper to learn from mistakes other business owners have made in the past than to experiment it yourself. Staying ahead of the curve and adding innovation to your business is a sound practice to keep your business resilient from market volatility and other economic factors.
How IBG Can Help?
IBG Consulting UAE is a premier business setup agency of vetted professionals who have helped countless entrepreneurs innovate, build and grow their corporate presence in UAE with expert consultation and continuous guidance. To learn more about our company formation services contact us on +971 4 430 6221.