Medical Inventor Shares the Most Damaging Mistakes When Starting Out a Business
Are you feeling stuck and doesn’t have the drive to move your business forward? Are you wrestling with what seems to be impossible-to-overcome challenges? In this podcast, medical inventor and business owner, Jacqueline Darna, reveals the biggest mistakes every startup business owner needs to avoid in order to ensure continuous growth in the market.
Key Questions Asked:
- How did she start coming up with an idea of starting out a business?
- Had she ever been involved in running a business before?
- What was the role of mentors to her – when she launched her business?
- What is the mindset that helped her to do these things?
- What are the common mistakes that business owner makes primarily on starting out?
- What are the other critical areas where they make mistakes, which stops their growth?
- What could she have done differently when starting out a business?
- What would she advise to somebody who is going into the business but got stuck?
Highlights of the Lessons Learned:
The Three (3) Common Mistakes of Business Startups:
- Ineffective and inappropriate marketing.
Paying high marketing and press firms for ads may not be a profitable approach for startups – as this medium is not reaching a direct and right market. According to Jacqueline, “Don’t spend frivolously in marketing if you are not sure to get returns.”
- The anticipation of growing too fast.
Hiring a huge team too soon will make the business owner end up paying big salary cost. The conservative approach of hiring key people as the first step would be best. Identify what you can keep in-house.
- Not figuring out the right market
Figure out your market and stick with that. Jumping to just any crowd could possibly waste your time, effort and money.
Jacqueline’s Proven-Effective Marketing Strategies to Rapidly Grow in Business:
- Getting distributors – she employs strategic marketing – in which these people will display their products without cost, and she gets her team pitch and sells the products to them.
- Being the person in authority – playing a role as a leader and an expert in their market gives Jacqueline an opportunity to get a ‘no-cost big publicity’. Media, press and conferences invite her as a keynote speaker; by then, she gets a chance to market herself and her product – adding content and value.
- Being a technology savvy – use the readily available tools that can help you run the business.
- Using social media – it is a big aspect. You can reach a wider market wherein you can automate – without employing a large number of people.
- Learning from mentors – they are the ‘catalyst’ who will make things happen easily and rapidly, with less work while getting better results.
Note: Mentors are the ones who believe not only in your product, but on you as well. They could help you all the way in your business by identifying important strategies, and helpful tools.
- By relating to the audience or consumers – it is very important to understand what your audience needs, and to be able to help them. It is how could your product or your services touch their lives and make them better. By establishing this kind of relationship, these consumers will pay you back and make your business well.
- Branding out – sending a clear message across as to how your products can make people’s lives significantly better is equally important amongst the basics of business like from marketing to its back office; and how it is being patented with its advancements or inventions over its competitors.
- Maintaining sustainable sales through outlets – engaging in e-commerce, partnering with retailers and distributors are the key to getting your business up and running. Giving avenues
Some Pieces of Advice from the Expert for Startups:
- Always figure out the best way of marketing – that best applies to your products or services.
- For business owners who have products, they may go to ECRM show. It is an innovative program where a group of retailers unite – and will give business owners to pitch their product. Indeed, it is a way of saving their time, energy and talent just to talk and meet people with them.
- Always have your business and marketing plan.
- Find a mentor. Find an incubator – a group of entrepreneurs who are helping each other grow.
- Get avenues where people can reach and get your products easily and readily.