What are the top start-up business mistakes?

[DavidCalabrese]

I think you are on the right path, but missing the core message by giving soundbites.
"Not enough money" should really be not putting together proper budgets to make sure that there is enough money to weather market, seasonal and competitive impacts...

I agree with Attractive Designer. We make mistakes because we don't ask those who have already learned, most often the hard way. Having a mentor, or a few good advisers really is key to building a business.

All entrepreneurs suffer from pride at some point, but not knowing how to do everything is expected that is why every financial institution or investor asks the same questions, who is on your team and have they built a business before...

[Ava]

In reference to losing momentum: Check out Penelope Trunk's post a couple day's ago on being "in the dig"

[RepRep]

What I think:

1. Not believing in yourself

2. You need to have a business plan! A big one for the whole year, and a smaller one for each week/month. That way you can reach many small goals on your way and you're less likely to fail.

3. Doing everything on your own. In my business I'm going to be the only one employed, because it's only a small one. However, stuff that I'm not that great to, for instance, spelling and web design, is something that I need help to. Could be friends, family or outsourcing. Also, having a mentor is probably important. However, do you guys think this forum could be like a mentor? I'm also kinda having another mentor he has had success with a lot of other projects, but I think more qualified mentors the better.

-RepRep

[fashionsteel]

well... gr8 tips
but hiring right away is a big risk aint it ?

[jonathanfigaro]

Mentors in my opinion. Having some one or even a team of people who don't have your best intentions when pursing your dreams is something to avoid, because i have been thru it. Its better to have a support team of people who care to see you rise to the top instead of people who don't answer there cell phone and give your rude emails when you ask them questions!

[dan2009]

Not knowing what market to target once your ready to launch

[derekqa]

Having mentors is very good advice. Tackling on a small biz by yourself is frustrating at times, but mentors are there to help and support you.

[WealthNet]

Thinking that you can be happy just chasing the money. You've got to be completely passionate about what you do every day to make a living. Then the money is just a bonus.

[jasonbird]

For the YoungEntrepreneur.com blog:

After the success of our last poll, I wanted to start a new poll on the top mistakes that start-up business owners make.

We did our own list in February on the which included:

1) Not enough money.

2) Not thinking survival.

3) Losing momentum.

4) Doing it all alone.

5) Not hiring right away.

6. Doing it just for the money.

7. Getting to year 1, past year 2.

8. Don’t build around a customer.

9. Don’t seek mentors.

10. Don’t get involved in the community.

It was a popular post that made the front page of Digg and got 78 comments!

What makes your list of top start-up mistakes? I would love to hear your thoughts so we can put together a new list!

Great post ~~Thankssssssssssss

[WealthNet]

Too much burn. Too little selling. No positive cash flow. From an investor entrepreneur perspective, whether investing in other businesses or my own, my number one focus is marketing and selling to impact a positive cash flow. No fancy office furniture. No fat expense account. No salaries for people who can't impact marketing, sales and cash flow. I want to know who in the business is selling and generating cash flow.

[jonathanfigaro]

Great Post!

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[BentheCEO]

Having a mentor is very important. If you have a mentor whose been through experiences that you haven't, he or she can offer up a lot of good knowledgeable advice.

[belablasko]

Hello.

Start Up Business Mistake # 1: Lack of knowledge:
The first common mistake is the lack of knowing basic principles in their business.Affiliate marketing is all about advertising.Search engines has made it possible to market anything on the internet.You need to make the search engine your best friend by optimizing your website.Study the principles of search engine optimization (SEO).

Start Up Business Mistake # 2: Stuffing the website:
Many affiliates stuff their website with banners.This does not provide enough information about the product at hand. Instead, write a review of the product, and include a link to the sales page of the product. You will get content to your website and the customer will know much more about the product, its features and so on.

Start Up Business Mistake # 3: Promoting only one product:
Many affiliates promote only one product, and by doing this you are not giving the customer enough options to choose from.Give the customers a few alternatives and you will possibly see more sales.

Start Up Business Mistake # 4: Promoting too many products:
Some affiliates promote too many products on their websites.This will only confuse the customers. Offer them a few options to choose from.It is up to them which product they purchase. When you choose products to sell, always remember to check how much commission you will be paid per product you manage to sell.Also make sure the products that you offer are of high quality.Your reputation is on the line.

Final words:
Affiliates who will fail in this business are those who do not make the effort to learn about their business and market their website every single day. It is a long process to become a successful internet marketer and it can only be achieved step-by-step by following the path.Create your path by writing down your realistic goals on paper, and do whatever it takes to achieve one goal at the time.

[rgregor]

Good points. I would like to add few more points
1. Not doing proper market research
2. Not consulting professional retail consultants
3. Not building proper base

[tcg6]

I had the biggest trouble starting out with programs that cost to much to begin with , then when you try to get going you find out you need more money to really get going.
It makes it hard for a working man/woman supporting a family , to get going.