$1 Investing Your own Capital Without Grasping the Financials
Many of new Entrepreneurs decide to start their new Business without considering the monetary outlay involved in the Effort. Bootstrapping your way to an operational Business may work out if your costs are reasonably low.
Unfortunately, many Blog Owners and Founders overspend their way into trouble by getting their feet wet before much planning is done. Look at Your budget and get a good grasp on how you plan to Finance your Business before you get going.
$2 Not Doing enough Market Research
This seems to be a Fairly Common Problem. A lot of creative minds out there get lots of Fresh and Innovative Exciting Business Ideas which are then turned into Business pursuits. However, not all wonderful Ideas are worthy of your Investment, something that sufficient research will uncover.
$3 Not Focusing on Your Target Market.
If you’re not clear as to who your target audience or market is, you may have some problems positioning your product. But even if you know who your audience is, you’ll still need to execute a sales or marketing strategy that focuses on this audience.
$4 Not Having very Clear Goals and a Clear Mission.
How will you measure your success ?
What are you trying to achieve ?
Without any form of planning or roadmap, you may just be groping in the dark when it comes to steering your Business towards a profitable end. If you haven’t identified your goals for your Business, how would you know you’ve reached success ?
$5 Hiring People you like vs People you need.
A company is not a social club: you need a variety of critical skills to build your Venture and different points of view to make your Business Succeed.
Be aware that if you hire only people you like, you may be building too Homogeneous a Work Force.
So Hire People you respect but not necessarily agree with all the time.
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Capt Shekhar Gupta
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