Lack of proper planning, being one of the main reasons, there are so many others that lead to the failure of a business. I mean you got to accept that day-dreaming about success wouldn’t really help. You got to be really serious in what you do. Once on a fine morning, you wake up and decide to set-up a business in Thailand wouldn’t work. Before setting your feet on the ground, there are so many bureaucratic nitty gritty that you will have to go through.
So, now the thing is how can you save yourself from committing the same mistakes that other failed entrepreneurs have done. Let’s take a look at some real solutions;
EIQ is What You Need!
What? Sounds Hebrew to you? Well, EIQ is nothing but Entrepreneurial IQ that is all about holistic understanding of the situations. Aspiring businessmen do have a lot of ideas, but not the idea whether the market will accept or reject them. In fact, they fail to understand how uncontrollable and unscheduled innovation can actually work. Also, they fail to realize who their competitors are. You should do sufficient research to have the know-how of the Thailand business ecosystem.
Funding does Matter!
To support you massive ideas you need sufficient funding. You simply cannot get into a business with a few pennies in hand. Apart from registration, there are so many other things that you have to invest in. What you can do is look for sponsorships. The top-notch companies in Thailand are all ready to fund SMEs and promote young entrepreneurs. With a proper presentation of your planning, you can just win their favor. You can attend networking events in that case. These events are conducted by to create a channel between big companies and SMEs.
A Right Partner can Create Wonders
Businesses often fail because of having wrong partners. You will need to decide if the partner you are thinking to work with really worth your time. It is important to have like-minded partners. I mean he or she should be equally interested in the kind of business you are thinking to invest in. But also, your partner should be someone who will guide you throughout. It is not necessary that he/she will have to agree to everything that you say. Your partner should be someone who can form informed opinions.
Once you ensure these basic things, see that you invest much on sales and marketing.