BUSINESS STARTUP MISTAKES YOU SHOULD AVOID

1. Doing it for passion :

Most business fail because it was created for passionate sake, passion don’t pays the bill and time is money, most failed businesses lacks first priority in business which is to establish an area of expertise or core competency that will enables to distinguish seriousness  from fun, which allows reputations to permeate the marketplace.   amass and leverage of knowledge, skills and experience to attract clients and help them to effectively solve problems  was lacking . Without sufficient expertise, it’s difficult if not impossible to deliver value. In a world where substance and the final sum measure success, passion is no substitute for competence.

2. Poor Management:

A business that has poor management personnel in place has multiple problems. … Eventually, this affects the overall aesthetic of a business as poor reviews come in and employees begin to quit unannounced. It is important to employ the right management personalities and skills for what your particular business needs

3. Insufficient capital. 

A business with this problems spent too much in the first month of business and will not raise enough capital to go beyond a few months. The owner of the startup business will have overheads, salaries and other costs to pay, any starting up organization needs to have enough capital to not only launch the startup but keep it afloat.

4.  wrong location. 

location should be consistent with your particular style and image. If a particular business is retailing, a traditional store  or  a kiosk (or booth) as to be considered in the business plan, choosing an office is out of it.

5. Lack of planning.

Low or no experiences on the choosing businesses  automatically  affect any setup.

 

 

6. Over expansion.

Most funder of  a maximum number of companies look after been every and  these shows no signs of thriving booming , when the other aspects of management is lacking i.e A larger business won’t be able to operate in the same way that a much smaller one can; quite often smaller businesses have ways of managing employees and dealing with HR in ways that aren’t scalable.

SOLUTIONS

1. GET ORGANIZED.
2. KEEP DETAILED RECORDS.
3. ANALYZE YOUR COMPETITION.
4. UNDERSTAND THE RISKS & REWARDS.
5. BE CREATIVE.
6. STAY FOCUSED.
7. PREPARE TO MAKE SACRIFICES.
8. PROVIDE GREAT SERVICE.
9. BE CONSISTENT.
10.HAVE A WEBSITE.

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