Thousands of people start new businesses each year. The ugly truth is that only a small fraction of those enterprises survive. What’s even sadder is that many of the reasons for failure could have got avoided.
With that in mind, it’s important for all new startups to make the right decisions in business. If you’re starting a new business, please don’t make any of these epic mistakes!
- Following your heart instead of your head
I’m afraid there just isn’t any room in the business world for emotion. If you let it get the better of you, it can cloud your judgment. Should that happen, you end up making stupid mistakes!
- Not sticking with the plan
Another big mistake a lot of startups make is going off-track from their business plans. The idea of a business plan is to create a roadmap of your startup. It defines your goals, how you’ll achieve them, and how much money you’ll be making.
- Starting on a shoestring budget
Yes, I’ll admit some startup ideas can begin life as bedroom businesses. However, sooner or later there one will need to invest some capital in their startups. Without money, you can’t move forward with your plans to grow your business.
- Being afraid to leave your comfort zone
Starting a business means you’ll have to explore all kinds of new worlds. But, if you’re not a “people person” for instance, don’t expect a rapid level of growth. Being afraid to leave one’s comfort zone is bad for business.
- Working with the wrong people
Many startups comprise of two or more individuals. It’s important that each business partner brings something useful to the table. And it’s also crucial that everyone gets along with one another. Any disturbance in the team dynamic will only end in doom.
- Not taking advantage of technology
The thing about technology in business is that it provides a practical way for firms to be efficient. It’s not just about having something new and fresh in the office. One of the “secrets” of all thriving businesses is their investment in technology.
- Hiring people when you don’t need them
One of the biggest costs to any startup is human resources. It beggars belief how some entrepreneurs feel they MUST hire people to work for them. The outsourcing market is vast and competitive. There’s no reason not to use it.
- Not listening to your customers
I don’t care what you got told in the past. The customer IS always right. And that includes your customers specifically! If you don’t listen to what they have to say, you could end up as another sad statistic in the business world. Plus, you’ll probably have to go and get a job again. If you want to attract new customers, listen to what your existing ones have to say.
- Using the wrong suppliers
Just because one provider lets you open an account with them doesn’t mean others won’t. Remember that suppliers offer their products and services at varying prices. If you pay too much, don’t expect to make a profit anytime soon.
This article was provided by ellie jo