The business world is changing by the day.
New industries are forming, and old ones are closing.
If you own a business or you’re planning to start one, here are the most common business mistakes you should be aware of:
1) It’s much harder then it looks. Most entrepreneurs, especially the newbies, underestimate how much time, effort, energy, dedication, commitment and funding it takes to start and operate a successful business.
We’re hopeful creatures always wishing for the best, however, in business no one owes you anything, and most of time you’re dealing with significant barriers and obstacles by yourself.
2) Going into a saturated market. If your’e trying to open a business in a saturated market, your’e gong to have a hard time reaching customers since most of the market is already sold to your competitors.
Make sure you find yourself a blue ocean to begin with.
3) No mentors. Instead of doing your own mistakes, why not learn from others mistakes who have already been there and done that.
You can find amazing mentors and business coaches and sometimes it’s even worth giving a small peace of the business for guidance and help.
This help may be your golden ticket to success.
They might also have connections that can help you in the future.
4) Not fully understanding the money game. In business you will have a lot of expenses, some of them will look small, however not following a proper cashflow sheet might hurt your financials drastically. That’s why you should keep an eye on all of your expenses, try to reduce the ones that aren’t a must, especially in the first years. Having a good CPA will help, however more importantly, being fully aware of your expenses and learning of alternatives will help you a lot as the business accelerates.