First of all, congrats to have the courage to make new business. This can be the beginning of an amazing venture for you – as long as you work smart and focused on your strategy. Mistakes will be made. BUT the point is to build a strong foundation so that if you do fall, getting up will be easier.
REMEMBER “When you fall it’s better to fall on your back to can see the sky “
So to avoid these Mistakes, here are some tips you need to work on it:
Mistake #1: Find Your Niche
Some Entrepreneurs they want just get a result from the business they start even it’s not their domain to invest on that niche. SO the best advice I can give you to have a successful business is to find your NICHE, and once you find something you love, then focus and execute (TAKE ACTION). Don’t try to be everything to everyone right away. If you pick one vertical and do it well, other folks will find you. Remember that
Mistake #2: Nothing is impossible to achieve
“Never take no for an answer from your clients try again and again until you convince them. Starting a new business isn’t easy and there will always be people who will tell you that something is impossible. Don’t listen to this negative people. Personally, when I started Online Business, a lot of them laughed at me and told me you can’t succeed. I let them speak and keep working on silent until my result makes the noise for Me. Keep this in your mind never took no for an answer work hard to achieve your dreams.
Mistake #3: Hide the Big Idea
So you have an idea worth more than Million dollar, you should keep silent to not let anyone have the possibility to steal it or imitate it, you should be eager to talk about what you want to invest in anyone and everyone in the first stages of your start-up.
Mistakes #4: Pay attention to your coast
I see a lot of small businesses with no idea of their burn rate – how much they spend in order to make their business survive. They will take on board a raft of new customers but then have no idea of what it takes to maintain them.
How many customers do you need to cover your costs? It’s so important to make the calculation and understand what you’re spending on a month to month basis or you’ll end up making no profit.
Mistake #5: Waiting for fast result
Some startup they think after making new business they will get positive result in the next few days because they don’t know any new businesses usually take one to two years to become profitable. Make sure you have enough capital to carry you through because in the beginning you will mostly be spending money to develop your investment. Knowing and preparing for this situation will not only help keep you afloat, it will also prevent demoralization during the rough period of growing pains.
Mistake #6: Getting loan from friend or family
I don’t highly recommend this solution because it usually ends in a catastrophe. If you have a great idea and a well-organized business plan, you should be able to receive loans from any institutions that specialize in these matters. Do you really want family and friends involved in your business decisions? Do you want to risk the relationship with people that you love? Be smart and resist the temptation, even if they offer.