Thursday, February 11, 2016
The 5 Biggest Mistakes to Avoid When Starting a Business
1. Expecting overnight success
Very few businesses are going to go from launch to successful revenue monster overnight. Yes, it happens, but not as often as one might think. The media is always going to talk about a unicorn startup that was conceived on a bar napkin and valued at $100 million two months later, rather than a business that’s been plugging away for the past few years, barely staying above water.
2. Sitting back and assuming sales will roll in
It doesn’t matter how great your product or service is—if nobody knows it exists, your business will die. You have to market your business and put it directly in front of your target audience.
3. Failing to perform simple due diligence
Will your business name be infringing on an existing trademark?
4. Not going in with a long-term plan
Running a business “on the fly” without a well-thought-out plan is entrepreneurial suicide. On the fly can lead to mismanagement of funds and resources, which will ultimately sink your ship.