Young entrepreneurs should avoid falling into four major misunderstandings
Blindly optimistic
Due to the lack of social experience among young people, they are often blindly optimistic and do not have sufficient psychological preparation. Many shopkeepers feel very painful and frustrated about the setbacks and failures in opening a store. Everyone had shopped before and saw examples of success. The mindset is naturally idealistic. In fact, there are more failures behind the success. When you see success and failure, this is the real market. Only in this way can young shoppers become more sensible.
2. Love fantasy
Young people's understanding of opening a shop still stays with only one wonderful idea and concept. In the quite a few of the young people’s book-opening plans, many people also tried to attract investment with an idea that they think is very novel. This kind of thing did exist in foreign countries before, but it is almost impossible today. Investors now value the real technical content of your store-opening plan, to what extent it is impossible to replicate, and how profitable the market is. For these, you must have a set of meticulous and thorough feasibility demonstrations and implementation plans. It is by no means an idea with only a few words to make people save money.
3. Anxious to find success
Lack of market awareness and lack of business management experience are important factors affecting young people's successful shop opening. Although students have mastered certain book knowledge, they ultimately lack the necessary practical skills and management experience. In addition, due to the lack of adequate understanding of the market, marketing, etc., it is difficult for young people to fulfill the role of corporate managers.
4. Young people's market concept is relatively weak
Many young people are happy to talk about investment technology and how their technology is leading and unique, but seldom involve how much market space these technologies or products will have. Even when it comes to the topic of the market, most of them will only plan to spend money on advertising, but there is no concept at all for such important aspects as the combination of target market positioning and marketing tools. In fact, what really attracts investors isn't necessarily those that are extremely advanced. On the contrary, those products or services that have a general technological content but can meet the needs of the market are often favored by investors. At the same time, shoppers should have a very clear marketing plan that can strongly prove the profitability.