Question

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Mistakes in business, particularly ones that aren’t addressed early can lead to some pretty severe consequences for company. Part of being a successful organization is being responsible enough to be prepared to act immediately if mistakes happen so that further damage can be avoided and lead to damage to the brand itself. One ideal example of this paradigm can be witnessed through the photography giant Kodak. In 1977, the company become the first to file a patent for a digital camera that, used a magnetic cassette to store digitized images up to 100kb). (Roesler) The move would’ve been revolutionary – if they had taken action to make the technology available for public consumption. Instead, because they were making majority of their profit from film products, they allowed Dycam to swoop in and create the Model 1; which became the first digital camera marketed for public use. (Trenholm, 2007) Although Kodak is still a relatively successful company, the move resulted in the potential loss of billions in revenue and the opportunity to position themselves as leaders in the digital photography field. Since then others (Canon, Nikon, Sony etc.) have capitalized off of that misstep and the move has become a lesson and not only being a leader in your industry as it is, but to also seek out how you can become profitable through innovation.

Answer 1

Every Entrepreneur who starts a business doesn't mean that he will not make any mistake everyone makes mistake and it's not different thing. But for startup even little errors can become more costly so he shouldnot take any step before thinking, every step taken by a startup should be examined properly, so that they don't suffer outwards. There are few things which every enterpreneur should keep in their mind :

1. Never be afraid of failure : the biggest mistake of a Startup is that they are afraid to be failed. Failure is the key to every success. This point should always be kept in mind.
2. Every thing should be in a proper way : Being organised is key to success. Everything happens once in the life so you should make a daily task list things which you have to do in the entire day.
3. Never underestimate your market. Underestimating your market can end your business before it starts.
4. Never hire employee so early during startup because many times the work which can be done as a part time employer then why should we pay to a full time employer for that particular job.
5. Always make plans and implement them in a proper way.
6. Always set goals.
7. Use new technologies in your business, It will surely boost your business.
8. Always know your customer.
9. Never overspend.
10. Never make a false commitment.