Establishing a new venture is not easy; do your assignment well

Published: 30th October 2008
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New business entrepreneurs start up new ventures with optimism that their chances of success and survival in an environment full of rivalry are very high.

Besides, no single person decides to venture into this realm with a belief of failure at heart; they all hope to perform excellently.

In any case, many express their desire to grow or expand their new ventures in to huge enterprises in the near future but just a few will ever become mature companies.

This is so because the owners choose that type of business based on speculations rather than field research regarding the feasibility of their new venture.

Where do young investors go wrong?

Poor choice of business name

A good business venture name should be eye-catching, informative in that it will tell the purpose of the business.

Some young business owners choose names that tend to confuse consumers who might have been clients of another organization with a closely related name.

The names must not be boring or one sided yet the owner uses it to perform many things.

Poor choice of business venture location

Some business ventures will not survive the competition if they are located in hidden places such as hotels and restaurants.

One must do thorough research to be able to locate a strategic place to locate their businesses.

Poor choice of business partners

Before investing all your savings in a business venture which you ought ot undertake with some other partners, think twice.

You need to investigate their past records with money and such dealings and how well they cooperated.

Many potential young investors end up loosing focus of their well thought out business plan because they invited losers or parasites who want of share profits alone.

You need to start up a business venture with some one with common interest as yours and also not an escapist or a dreamer without intentions of making things happen.

Expect a network of clients in a day

It is a good thing that we have young brilliant brains today, but the only problem is that, once they set up a business venture, they want to see overflowing clients knocking at their door in no time.

Consumer networks are built daily by appreciating that one client who values your products or service, then brings another one in that order.

Some only want to think profit wise rather than costs as well

Most young business ventures have a foundation of profits margins alone, even though the indubitable owners know that expenditures are a must.

Many young investors want to climb the stairs from up going down which is a pity because a long journey starts with a single step.

It is better to start down and grow than up there and enjoy tumbling down in the near future.

They start these ventures because another person did it successfully yet such people worked hard and smartly.

You can not talk of profits without spending money to achieve them.

Fear of change

If young investors want their business ventures to grow to big enterprises, they must embrace change in order to grow.

Perhaps, your profit margin is enough to set up an expansion plan such as a new branch elsewhere, but you fear failure and costs.

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This is an original article written by Esteri Maina on BUSINESS VENTURES Esteri Maina is an author with a great gift and full of inspiration

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