Common Mistakes of a New Business Venture
September 21st, 2007 Filed under: Uncategorized — Small Home Business AuthorSO youve decided to go into business for yourself. Nice idea. If you look at the richest people in the world, very few, very few, work for someone else.
I can’t quite figure out why anyone would want to work for someone else, but I guess someone has to, huh. I mean, when you run the show, you have control. Yes, more hours, more work possibly, but more income, provided you have a business that makes a profit.
And,thats where I’m going to start this article- Common Mistakes of a New Business Venture.
When you start a business, you should be excited. You should be motivated. Because a business will REQUIRE that of you. It will take energy to get off the ground, and maintain, and grow.
So your motivated. Great. And lets assume you have some money to get off the ground. It could be $100 to start your fledgling Auto Detail business, $5k to start a Paintless Dent Repair business, or 2M to start a McDonald’s franchise. Whatever your goal, youve got startup funds, and your motivated.
Ok, how about planning. A marketing plan, business plan, etc. This, is not too exciting, is it? But this is REQUIRED to provide a strong framework for success. If you fail at planning, its a pretty good notion that you will also fail with your business.
So, PLAN for success.
Second common mistake for a new business venture is time, or, lack thereof. Many a future successful business person will underestimate the TIME it takes to build and manage a business. Do your homework, and overestimate the time it will require, and hopefully your energy and motivation will follow.
Third common mistake experienced by budding entrepreneurs is lack of salesmanship. This doesnt mean you need to be a snake oil salesperson, but, you or someone with you will need to be able to sell your wares, and will need to be good at it early on. Many businesses forget this crucial step, and it is very important.
The last common mistake that is a surefire way to bury a new business is underestimation of the competition, and failure to create a unique identity, or commonly known as a unique selling position. This is the way that a new business will penetrate into the market, and survive. If you copy the competition, and fail to offer the market a new idea, product or service, you risk being lost in the fray. Be unique, and be successful.
These are not the only ways to fail in a new business, but some of the most common and crucial ways to make things pretty tough, to say the least. Go about your business with all cylinders firing, and you will ensure your success.
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Happy Pushing!
Brian Jump
