What are the top start-up business mistakes? - Page 7

selfemploymentcoach · 10-16-2008, 11:16 AM

I am a mentor and a coach for self-employed Enterprenuers...wishing to make it out on their own. I invite anyone who is interested in getting a mentor to visit my website. I would love to hear about your business ideas and help you get started!

Sensational · 10-16-2008, 01:40 PM

One of the biggest mistakes I have seen is people having the money to do what is required to succeed who are afraid to spend the money.

I have a neighbor doing it now. He opened a perfume store, has the money, has very little inventory, will not spend for a website, won't spend on advertising and will surely go down the tubes!

trendsetter37 · 10-17-2008, 07:25 PM

insufficient funds will kill you

Jenna343 · 10-21-2008, 07:52 AM

I'd agree with #10. Don’t get involved in the community. It's all about connections. Also Time management and self discipline.

santiago · 10-23-2008, 07:15 AM

We all make mistakes, it's a fact of life. It's no big deal in the whole scheme of things as long as we learn from our mistakes and move forward.

santiago

J0schm03 · 10-27-2008, 11:12 PM

I'm a little confused by the "Don't get involved in the community" one. Can someone clear this up for me?

By Don't get involved in the community, do you mean that as in don't get involved with charities for example? Or what?

gowriter · 10-28-2008, 06:00 AM

i'd say the biggest mistake is not understanding your customer. sometimes we target the wrong people with the product we're selling.

smsmamster · 10-28-2008, 07:07 PM

#1 of all time is being under capitalized. Goes for why most new businesses fail.

Cheers!
Robert

jodamanx · 11-02-2008, 05:38 AM

Personally, my biggest mistake was in the planning stages of the business itself. I was so excited to sell the products / services, that I didn't get the merchant account until the orders were flooding in...

So I was a lot of money in debt before I made a dime...

The worst part was that because my credit score wasn't all that great, I had to try several different merchant accounts before I could finally get approved.

minzeverest · 11-19-2008, 02:17 PM

I'm a brand new in business. Didn't go to business school either. Take this from me. Go do Trade shows! Participate in all the events, biz expo, shows, festivals etc. You will learn a lot at lower risks. Gain confidence in your products/service that you sell. Now I'm planning to open a store at downtown. Wish me luck!

I'll use all your advices. Chao!

Austin14 · 11-24-2008, 06:28 AM

Hello,

Thanks for the tips of mistakes done while forming a new business . some of the things but some not .I was planning to start a business so these tips will help me out .

Thanks

Gopal Dev · 11-24-2008, 01:08 PM

Great list. All of those are true. Firsthand I have seen friends of mine get into business ventures on an emotional high without really thinking things through. They never knew what would be expected of them to succeed after the initial burst of excitement wore off. There is no substitute for hard work and some startup capital because every business has some sort of price tag attached to it. That is only normal and any business should be registered as one, so you can enjoy the tax benefits it can accord.

The following questions are fairly general, but are at the very heart of whether you will succeed or fail. I strongly advise everybody to answer each one before making snap decisions that they will later regret:

1) Why do you want to be in business for yourself?
2) What will you need to do to be successful?
3) How much time and energy can you consecrate to building your company?
4) How much sacrifice are you prepared to make (personally, financially)?
5) How much risk can you afford to take (personally, financially)?

Any business should be approached realistically. If more dreamers were willing to do everything it takes, even if results don't come quickly (which is almost always the case) we would have many more success stories. Avoid ''get rich quick'' scams and hype at all cost! They never work. Keep your eye on the prize, work hard, work consistently, and work smart. You can be successful. Just brace yourself and know how deep the water is before jumping in. Victory to all levelheaded leaders!

Gopal (The Musical Mad Scientist and Entrepreneur)

Suzanne · 11-27-2008, 02:20 AM

Scunizzo... you have provided a nice list.. thanks for the info..

mthomas · 11-29-2008, 05:05 PM

Quote:

Originally Posted by pugsley

Then first do the research to make sure there is a market to support that business before you just jump in.

Quote:

Originally Posted by Jessica-FrankTeam

Not researching their idea enough to truly understand the needs of the customer

I would have to agree with these two comments. Not doing enough research (especially market research and competitive research) is a top mistake. Doing too much may prevent you from ever moving forward, but not doing enough could wind up being very costly, or even ruin your image.

Ahern & Brucker also said something interesting, that a lot of these mistakes could be a result of poor planning. I think this is absolutely true. You need to at least formulate some strategy as to how you are going to start-up, research, market, etc... otherwise a lack of organization can show very quickly.

listier · 12-13-2008, 03:29 PM

I think the first mistake is not having a plan because even if you have enough money, but spend all the money in one way, but forget about other parts of the business then it will fail. One of the most challenging problems of online business is advertising. Advertising is very expensive and it just take too much time. I never had a dream of having a local business, but of having an online business that can provide enough money to pay for all its expenses and my personal expenses too. All in all, good planning is essential.