How To Answer Question In Interview About.Being Too Self Critical 10 Small-Business Start-Up Mistakes To Avoid

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10 Small-Business Start-Up Mistakes To Avoid

Introduction

What are some of the most common mistakes entrepreneurs make when starting out? Here is a list of ten of the most common mistakes that new entrepreneurs make when starting their business. Although mistakes made can be our greatest teachers, they can be time consuming and costly. So here I’d like to share with you my hard-earned experiences and the insight I’ve gained from my own lapses in business judgment.

Mistake #1. Start Without a Business Plan

If you are serious about making your new business a success, you must have a written plan. It can be as simple as one page to get started. Writing it down will force yourself to think about how you plan to make your business viable and profitable as well. Force yourself to honestly answer questions like “Who are my customers”; “Why should they buy from me?”; “How much should I charge for my products and services?”; “How do I get the word out about my new business?”. Be realistic about the costs of running your business. Your business plan acts as an ever-changing and evolving guide for you to follow.

error #2. No Management Experience

As the founder of a small business, you are directly responsible for all aspects of management – finance, marketing, sales, employee relations, dealing with sub-contractors, and cleaning the bathroom, etc. But if you started your business because you are good at your particular skill or service, and want to devote all of your time and energy to doing it, perhaps a family member or partner can handle most of the management of the company. This person should share your vision and goals for the business.

error #3. Hire Help Soon

Do not hire employees until they are absolutely necessary. The cost of hiring help can quickly sink your small business’s finances. If you hire someone, make sure he is hardworking and honest. Only hire the people you need, who will have a positive impact on your business. In our small home-based business, we try to use sub-contractors as much as possible.

error #4. Not Hiring Professional Help

Don’t forget to hire professional advisors such as an accountant and lawyer. Interview a few and find counselors you feel comfortable talking to. Do they understand what you are trying to accomplish? Are they willing to share their experiences and knowledge with you? These professionals can save you a lot of headaches and a lot of money.

error #5. Not Using the Cash-Method In Accounting

Under the “cash method”, you record business income when it is received in your bank account. And you record an expense when it is paid from your bank account. Most of us use this method of money for our personal finances because it is simpler and less time consuming. It is also the ideal method for small and home-based businesses. Under the “accrual method”, you record business income when it is earned, regardless of when you are paid for the product or service you sell. And you record an expense when it’s incurred, regardless of when you write a check to pay for it. This accrual method is very difficult to follow for a small and home-based business.

error #6. Not Tracking Your Money

You need to track your income and expenses every month so you know where your money is going. You can do this yourself with inexpensive accounting software, or simply download your monthly statements from your bank and credit card. Cash-flow is the life blood of a small new business.

error #7. Not Doing Enough Market Research

This is a common problem for start-ups. Market research can take months and a lot of research to get right. You need to know who your competition is, and who your customers are. You need to understand all aspects of your industry – inside and out. Read all the books and articles you can find about your particular type of business. Talk to others in the industry.

error #8. Not Doing the Right Marketing

Every business should have an online presence. It doesn’t matter what business you’re in, you need to be online. It is now possible to do extensive and sophisticated marketing for free. Whether it’s a simple website, Facebook, LinkedIn, Tumblr, or an online phone book listing, you need to be online.

error #9. Spending Too Much

If you’re on a tight budget, don’t start by spending thousands on business cards and letterheads. Don’t spend thousands paying a company to build your website when you can easily create a great website yourself. Keep using that old computer until you have the cash-flow and the actual need for a new computer. Before major purchases, such as a new truck or engine, get advice from your accountant.

error #10. Giving-Up Soon

A big part of being an entrepreneur is having stamina, drive, and determination. Not giving up on your dream because of some bumps in the road is an important part of entrepreneurship. Developing intestinal resilience to cope with difficult times is essential if you want to achieve any kind of success. Don’t believe anyone who tells you that starting and running a business is easy or simple. It also takes time, effort, faith, and a vision.

Conclusion

Please feel free to completely ignore this advice, or listen to it and keep it in the back of your mind as you start your new business. But don’t just let the fear of making a mistake, expensive or not, stop you from starting your new business. Making mistakes, and understanding why you made them, and learning how to fix or avoid them in the future, is really your best teacher. And it doesn’t hurt if you start a relationship with an experienced accountant and lawyer that you can ask for help.

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