Innovative Business Owner Talks About 3 Start-up Mistakes You May Not Know You Are Doing
How do you minimize risks when you’re starting up? In this episode of Enlightened Entrepreneur Podcast, innovative business owner, Al-ameen Raif talks about his journey towards success and what every business owner must know when choosing an industry and how to set up a steady cash flow.
Key Questions Asked:
- How does Al-ameen go about getting an idea out into the market place?
- What are the common mistakes that business owners commit in their early years of development?
- How best can they best avoid these mistakes?
- If he were to start all over again knowing what he knows today, what would Al-ameen do differently?
Highlights of Lessons Learned
Marketing an Idea
- Al-ameen believes that the business is like a solution maker for any problem. As long as there is a need that people can’t fill themselves, they will look for a solution from ready-made brands.
- Start up business owners look for a problem then they survey how they can solve it but then they have to introduce it to the market in a interesting way.
2 kinds of Business
- People would do what they love and what they are passionate about,
- People would get into a business because it guarantees income and will create resources for them
Most business owners are strong enough to do both of them, but for a startup, sometimes they have to choose between the two.
One tip from Al-ameen to add a touch of the modern world into your business is to have something exciting because people are getting less energized, less willing to do things, they all like spending half of their life on social media and they need something to be excited about.
- Business owners often think it’s all about resources, but the fact is that it’s not about funding. The real problem lies in people not knowing exactly what they need and what they already have.
- Another problem is that business owners sometimes think that they are the only people in this industry but you have to understand that many people are already doing what you want to start.
- Al-ameen believes that instead of using up all their money on starting up a business, if business owners have the opportunity to invest their start up money on something that will help them create a steady cash flow, for example buying shares that will generate granted income for them, they should do it. The huge benefit of that is that they have the ability to try and fail and try and fail and the same budget it will not dry up.
How to Avoid the Mistakes
- By knowledge, awareness and by sharing. Al-ameen believes that business owners always need to gather information for basic knowledge,and if there’s a challenge blocking their way, they have to share it.
- If he were to start all over again, knowing what he knows now, Al-ameen would save more money and work harder.
- When you are planning to go into a business and you don’t have qualification yet, look for an industry that does not require credibility for you to sell.