Making a start-up is not an easy thing. There are lots of things to consider and a lot of decisions to make before starting a business. Making wrong decisions can set you back and cost your potential for success. We are here to help you make the right decision. Here are some of the common mistakes that a business start-up can make.

Top Mistakes a business start-up makes

  1. Not Planning Well: This seems so obvious but still so many entrepreneurs do not plan their business properly. By planning, we mean doing the business idea research and checking the market potential. You must consider making a business plan, a marketing plan and a financial plan properly before starting.
  2. Not choosing the right team: One of the biggest mistakes entrepreneurs do is not choosing a proper team. Doing a business is not like making a baseball team in your school. You cannot choose your friends all the time. It is extremely important to choose whom to hire and work with when it comes to business. Make sure you choose a team that shares common values with you and that you can trust.
  3. Not engaging with customers: Your customers might not like your product, and it is your job to find out why. You need to make a team that engages with the customers daily. Listen to how the customers review your product. Read all the reviews they post and reply to them. You can eliminate all the cons of your product just by staying in touch with your customers.
  4. Not checking for copyright/patents: Make sure the photos you use, code you copy online etc. have no copyright issues. Most of us ignore this simple thing but once your business is established, it can cost you a whole lot of money. You might be using a photo without knowing if it has any copyrights. One morning you would wake up and you would find all your content was taken down just because the photographer who clicked the photo has filed a case on you. You can prevent these types of things just by being careful.
  5. Using old technology: Technology is a good friend when it comes to start-ups. Technology can help us do the work more efficiently and save a lot of time. When it comes to entrepreneurs, they might find new technology intimidating. It will take time to get accustomed to it, but it will help you a lot in the long run. Try to get adapted to new technologies and use them smartly.
  6. Poor Marketing: Another mistake entrepreneurs do is overvaluing the product. Thinking ‘This product will sell itself’ is a lie. Nothing ever sells itself. You NEED to market your product properly, or you will not get sales from it. You can do any kind of advertising, the best kind of marketing to do is Internet marketing. Build your website and make brand awareness. Do good marketing over the internet, and you will generate a good amount of sales from it.
  7. Not using proper credit monitoring: Using a proper Credit monitoring service is extremely important to prevent any kind of fraudulent change to the credit accounts. They can help you find fraud changes to your account, and alert you if a new credit account is fraudulently opened or applied in your name. If you want to make sure that your financial information is not compromised, then it is really essential to get a reliable credit monitoring service.

Conclusion

Remember one thing: we all make mistakes. There is no wrong in making mistakes, but make sure you learn your lessons from them and never repeat the same mistake twice. We hope our article will help you realize the common mistakes entrepreneurs make while starting their business. If you have any other views regarding this topic, share them with us in the comment box below.

Total
0
Shares


Feel free to ask questions, send feedback and even point out mistakes. Great conversations start with just a single word. How to write better comments?
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like
Read More

5 New Trends in the Cloud Computing Industry

Over the past few years, cloud computing has become an effective tool that contributes to smarter, better, and more efficient business operations. Today, this computing technology is almost indispensable, irrespective of the size and domain of the business. Furthermore, with more stringent competition, the increasing need for advanced systems, cloud computing is constantly vying for new innovations that supersede its…

4 Ways a POS System Can Help Your Coffee Shop Business

A point of sale system refers to the combination of a cash register, a cash drawer, a receipt printer, a computer and display monitor and even a barcode scanner. This system is used for the retail payments in supermarkets and other outlets that have installed a complete system to receive payments from clients. It may also have a debit or…
Read More

HIPAA Violations in the Workplace: What to do and How to prevent?

The Health Insurance Portability and Accountability Act (HIPAA) workplace violations apply to all companies as well as covered enterprises and their business associates not just health providers. Employers in need of health information as part of disability benefits or those offering healthcare to their workers are likely to violate HIPAA. Due to the possibility of HIPAA infringement occurring in a…
Read More

5 Critical IT & Business Issues in 2019 and beyond to consider

Running a business is easy, right? Ask any experienced business owner and they will tell you that keeping up with the demands of a small business can be extremely challenging. One of the best ways to make this job easier is by finding and implementing the right technology. Some business owners fall into a rut when it comes to the…
Read More

How to Make the Most Out of Wix?

Wix is one of the most powerful web building platforms, with around 120 million users worldwide. One particular thing that makes Wix stand out of the crowd as a top solution for an online presence is its simplicity. Wix makes creating the website easy, with its extra features and functionalities, and it also optimizes your site’s performance. But that’s not…
Read More

5 Ways to Determine if You’re Ready to Quit Your Day Job

When you are just starting a business unless you have a round of venture capital funding or some angel investors, you will probably be bootstrapping your way along. This means you’ll probably keep your day job and work on your business at night and on the weekends. Don’t worry, that is how a lot of us started out. Eventually you…