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TYPICAL TRAPS AT THE BEGINNING OF AN ENTREPRENEURIAL CAREER

There are many pitfalls and challenges when it comes to entrepreneurship at the beginning of the entrepreneurial path. The risks of not succeeding at it are high. That is why we need to draw attention to typical traps, even though we do not want to cast a shadow of pessimism on your drive of an independent entrepreneurial path.

Especially in the early stages – at the beginning of starting business, there are no customers, no established businesses, often no one knows you even exist. In the beginning it is necessary to go step by step, to find the first customer, do a good job for them, at the same time organize the team, gain their trust, get confirmation of the business idea and implementation in the economic market. At the same time it is necessary to deal with reporting, documentation and accounting.
There is also competition to look after which the market already knows, has a well-established brand and is a step ahead of you in terms of business volume and clients reputation.

We need to be aware that there are more than 7 billion people in the world and that, probably in response to perceived problems, the same or similar ideas as you have have emerged in the past – only that their time had not yet come then, but it may have come today.

In the last hundred years, someone has already built business by making bikes, cars, clothes, shoes, beer, things that require enthusiasm and expertise, but can be done by any team with a combination of engineering skills and sales enthusiasm.

We can say that it is easy to find a small circle of enthusiastic customers who are looking for innovation, but this can lead us to wrong conclusions about the actual demand for our product or service. Maybe there is demand, maybe it will come later, but it certainly needs to be stimulated.

On the one hand, there are very complex, scientific and technological challenges that promise to be higher rewards (read: profit) and, on the other hand, mass problems that offer less profit because they create less value. Thus products in the “1-euro shop” solve a bunch of problems: from how to open a bottle of wine well to how to wrap a gift box nicely. However, with these solutions it is not possible to create high added value in individual sales. They need to be placed in an economy of scale, which is again beyond the reach of entrepreneurs at the beginning of their business because of the need for larger financial resources.

To start your business correctly and flawlessly, we recommend business workshops (https://program.panta-rei.si/panta-rei-academy-en/) where you will learn from the best in the industry of business management. Business workshops will enable you to think about all points of doing business and challenges that might occur.