Monday, January 9, 2017

Top 5 Mistakes to Avoid When Starting a Business

Top 5 Mistakes to Avoid When Starting a Business
  1. Do not pick an idea you aren't passionate about.
When starting a business, be sure to pick an idea or area that you are passionate about. If you choose something that you are passionate about, rather than focussing too much on the bottom line, the results will follow. When working on your business, you don’t want it to seem like work, and it should always be something that you want to be doing.
  1. Do not be afraid to pivot or fail
Especially in the beginning do not become too attached to your idea or product. A large portion of the time, your idea could fail. Take what you learn from this failure, and use it to pivot, or completely drop the idea and try to come up with a new one.  
  1. Do not spend too much money when you start a business.
Always start small. Don’t invest too much money into your new business idea first and try to locally expand and promote your idea without a large amount of investment.
  1. Don't be overrun by the numbers
Always listen to your customers wants, within reason. Especially if you’re starting small, you need to value every customer and focus on them more than the bottom line. If you treat your customer right, the profits will come.
  1. Do not underestimate the amount of time it will take to do things.
Starting a business takes a lot of effort and time and you will not be able to create a business within a day, keep this in mind and do not stop the work until the end. Always overestimate the amount of time it will take to do things.

1 comment:

Unknown said...

Excellent things to avoid! You encountered some of these--and overcame quite a few! I hope people follow your advice to avoid making unnecessary mistakes.