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Pitfalls new entrepreneurs face, misconceptions about entrepreneurship, importance of setting right expectations, working hard, making sacrifices. Time management and avoiding temptation of starting new business. Increasing lifetime customer value, power of upselling, reducing churn and cross-selling. Importance of outsourcing domestic tasks for more time, and the significance of time management.
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Quick takeaways
- New entrepreneurs should charge appropriately to cover the costs of acquiring customers.
- Aspiring entrepreneurs need to understand the reality of building a successful business and the potential challenges involved.
Deep dives
Importance of Charging Enough as an Entrepreneur
One of the main challenges faced by new entrepreneurs is not charging enough for their products and services. In an attempt to undercut the competition, they end up making the least amount of profit. It's crucial for entrepreneurs to realize that they need to charge appropriately to cover the costs of acquiring customers.
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AI-powered
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Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode