From the article: Top 10 Startup Mistakes Entrepreneurs Make When Starting a Business
Business startup is always a stressful time, as no one knows how successful a new business will be until the startup period is over. But sometimes people trying to develop new businesses make the startup period even more stressful than it needs to be or even inadvertently do things that sabotage their new business' chance of success. What do you think are the most common business startup mistakes people make? Share Your Opinion
one more mistake first timers make
- Being too darn trusting! I find most small business first timers trust everyone around them and listen to all the noise. Get educated and get facts - don't listen to people who think they know better. Take the advice but don't live by it. Big mistake! Your two best friends in business are your accountant and lawyer!
- —Guest justme
assuming spirit
- the most important two mistakes is the assuming that you know every thing whenever you are doing bussiness you should assume only one thing it is the golden rule I know nothing. coz always you should know that the devil in the details the second mistake is loosing your spirit coz the spirit is the second most important. without spirit your task will be very hard to finish
- —Guest Farouk
Getting over-involved in small details
- I agree with Guest Al - you need to look at the big picture of how you are going to make money. If your focus is on delivering a perfect product & you spend all your waking hours and some of your sleeping ones on little things that no-one will appreciate, you won't have any energy left for actually marketing & running your business & delivering your product. Being a great chef doesn't mean that you can run a restaurant successfully. Being good at something doesn't mean that you can run a business even if you have professional training, many lawyers, dentists and doctors look to other people to help organize & run their practices so that they can actually spend time doing what they are good at. Kate
- —smudgeid
Attitude
- One problem I have seen is some entrepreneurs have their priorities mixed up. Some wake up in the morning and say "I am going to be a carpenter today", others wake up and say "I am going to make money by being a carpenter today". Guess who succeeds? If your an entrepreneur and don't focus on the money aspect, quit your business and get a job.
- —Guest Al
Focus on Customer Acquisition
- I find that several entrepreneurs are so captivated by their "idea" that they focus entirely on the product and the enterprise. Later they are forced to learn that people do not automatically buy products that the entrepreneur expected them to love!
- —quotations
Estimates Can Hurt
- I think one of the most common mistakes people new to business make is overestimating revenues and underestimating expenses. The second of these is easy to fix by making sure you find out what all your expenses will be and researching their cost. The first is harder but doing cash flow projections will help.
- —Guest Dave T.
