The biggest mistake new entrepreneurs make when starting a business
Anaita explains that most people fail because they build a business around what they personally want to sell instead of what the market actually wants. She shares that her own sustainable packaging business wasn't her 'dream' but succeeded because it aligned with market demand and profitability.
The lessons
Build your business model around market demand, not personal passion.
Don't chase the 'follow your dreams' advice when picking a business idea.
A profitable business comes from solving what the market wants, not what excites you most.
Questions people ask
Where do most people go wrong when starting an online business?
They start a business based on what they personally want to sell rather than what the market actually wants. Anaita says you need a business model that sides with the market, not with yourself. She notes her own sustainable packaging business wasn't her personal dream, but it succeeded because it met market demand and became profitable.
Transcript
there are a lot of people who feel like they're stuck in the corporate grind and they dream of starting their own business to have a bit more flexibility maybe. Where do you think people most often go wrong when they're starting an online business? I think they want to do what they want to do. They start a business based on what they want to sell as opposed to what the market wants.
So there is sometimes a mix between what you want to sell and what the market wants, but usually you need to figure out the business model that is siding with the market and not with yourself. And the problem is a lot of people say like, live your dreams, like go and find your passion. And actually that's not how you start a business. And in fact, sustainability was not my dream in life.
You know, running a, um, a handbag empire, that sounds amazing, you know, like lipstick company or like becoming a celebrity, that is following my dreams. But actually running a sustainable packaging company has made me love my job. And it's because the best thing I can do for my business and for myself is to have a profitable business. And the only way to have a profitable business is to do something that the market wants.
