8 common mistakes when starting a business

[Graybeard]

Not having 6 months to 12 months income in cash --and in a bank account --or other liquid assets.

 

[VortexAlpha]

I just see this thread, but even now, almost three years later, there are the same mistakes that people seem to constantly repeat. Besides things you highlighted, I would also say that lack of patience to see the first results of marketing activities is a huge issue, as this can make some people give up and they miss some great opportunities just because they didn't have enough energy and will to wait and see the progress.

 

[Gamerseo]

I agree 100%, great advice

 

[Getseowebsite]

Thanks for sharing the mistakes to start business. Every marketer should avoid these mistakes.

 

[MarketKong]

Nice posts. Eye-openers.

 

[rimamoer]

Thanks for this interesting information! Very useful!

 

[Zaryab Khattak]

• Lack of capital for the initial investment, including working capital.
• Unawareness of the market in which it will act.
• Ignorance of the legal and tax responsibilities inherent in the business.
• Lack of, or scarce, technical knowledge.
• Inaccurate analysis about the place of installation and commercialization.
• Little or no marketing planning.
• Financial unrest
• The mix of personal accounts with those of the company.

Some other's could be:
1: Being scared of failures.
2: Being greedy.
3: Not getting much information about the software/or using it without knowing it.
4: Not having much partners, as they can help you with things get distribute and less stress on you for everything!

Just my opinion maybe i could be wrong.

 

[Zaryab Khattak]

The main mistakes in my opnion when starting your own business are lack of confidence, fear of losing opportunities and fear of losing your money, lack of knowlege and skills, and, lack of managerial experience. Of course, there are some business men who started from the bottom and had no experience of working on managerial position, nevertheless I believe that professional businessmen should always have some experience, maybe as managers in smal companies or stuff like that. They have to understand how business processes flow and how to make your business prosperous and successful, in order to gain more money.

Totally agree!

 

[Zaryab Khattak]

Good Sharing. Why do People start Business if they dunno the basics ?

There's a word Over-confidence and being greedy for money make's them to do it!

It's not the bad thing but business without information and knowledge would somehow face a failure and then facing the failure the only thing they get is their lose of money and get hopeless which makes them to leave their success.

 

[Zaryab Khattak]

I am running a business where I am having team of almost 10 people.its getting hard and hard for me to manage all of them.The points you discuss above are all matter I am agree with you.If you are having purpose so things might get easier for you.

Just be humble with them and see the results, except with the toxic one!

 

[vincenttang023]

• Lack of capital for the initial investment, including working capital.
• Unawareness of the market in which it will act.
• Ignorance of the legal and tax responsibilities inherent in the business.
• Lack of, or scarce, technical knowledge.
• Inaccurate analysis about the place of installation and commercialization.
• Little or no marketing planning.
• Financial unrest
• The mix of personal accounts with those of the company.

Another think is patience and mismanagement of resources

 

[Anna Karenina]

I guess I made all the mistakes written here when I started my own business... Almost. The only thing I've done correctly was to create a bank statement with all the numbers and reports for paperwork. I have been plugging at it pretty much time and it paid off.

 

[Honeybadger]

and so after 3 years
Im happy to share the number 1 mistake
the 1st thing you do when starting a business
nobody has talked about it yet
--> very surprising
@Landagrinn came close on Oct 13, 2021
"The worst mistake which a beginner can make is absense of any business plan. Before investing in your own business, you need to realise how it will develop and how much money you need to make it bring profits"
so what is the number 1 mistake?
NOT SETTING A GOAL
you cannot achieve success (or failure)
without having an objective
as a humanoid your biological objective is reproduction
you are biologically successful if you produce more humanoids
everything else (apart from survival) is choice
if you start a business SET A GOAL
--> a dollar amount
--> a date
everything else is planning & executing
without a GOAL you are just trading randomly

 

[Joy Unfold]

One of the biggest mistakes is seeing things from your perspective not from the customers'. When the customers are the crux of your business plan and everything flows from that point, you're on the right track.

 

[muneembhai]

1. Absence of capital for the underlying speculation, including working capital.
2. Ignorance of the market in which it will act.
3. Obliviousness of the legitimate and burden liabilities innate in the business.
4. Absence of, or scant, specialized information.
5. Erroneous investigation about the spot of establishment and commercialization.
6. Practically zero promoting arranging.
7. Monetary agitation.
8. The blend of individual records with those of the organization.

 

[MsSkeptical]

The way I see it, one of the most common mistakes people make when starting a business is ignorance of the legal responsibilities and the market. It's important to do the research and learn about the legal stuff, starting from the basics – how to deal with all kinds of contracts and what they are, to what laws and regulations are applicable to your industry. Half of these things are a couple of clicks away. I don’t know about business contracts, click, click – hmm, this helps. Someone said “target market“? Aha, here it is. I guess when we get super stressed (and starting a business is for sure one of those cases!), we make mistakes we normally wouldn’t.

 

[AfMaster]

• Lack of capital for the initial investment, including working capital.
• Unawareness of the market in which it will act.
• Ignorance of the legal and tax responsibilities inherent in the business.
• Lack of, or scarce, technical knowledge.
• Inaccurate analysis about the place of installation and commercialization.
• Little or no marketing planning.
• Financial unrest
• The mix of personal accounts with those of the company.

Good points, and some of them concern not only business, but also work in marketing in a narrower direction, i mean the single affiliates.

 

[Honeybadger]

Neglecting online marketing.

not all businesses need online marketing
many have enough customers with word of mouth
some of them have never used the internet
& they have run for 50 years
its a myth you must have online marketing
an old wives tale

 

[Vilmaeliasen]

Hello there. What other mistakes?

 

[polemic_field]

In any case, from the very beginning, the most significant mistake is not understanding the end goal. From it are set conditions, deadlines, needs, and so on. For me this is the main problem

 

[Eserissen]

Hey there. Thanks for sharing these 8 common mistakes to avoid when starting a business - super helpful for those of us just starting out. One way to avoid these mistakes is by creating a solid business plan. Apparently, people create business plans for any industry these days - including cannabis edibles, can you believe it? Best of luck in your entrepreneurial endeavors!