February 11, 2008

Ten business mistakes

Running your own business is a dream that many people hold dear to their hearts, so it is a terrible thing that when the opportunity comes along within a couple of years the whole thing be a failure and costing the owner a lot of money, how could something like this be avoided?

The main thing for any new business venture is that the whole process should be thoroughly thought out and then the business may be in with a good chance of surviving the long term.

These are some top tips for new businesses:

Not enough money.
Not thinking survival.
Losing momentum.
Doing it all alone.
Not hiring right away.
Doing it just for the money.
Getting to year 1, past year 2.
Don’t build around a customer.
Don’t seek mentors.
Don’t get involved in the community.

Source [Young Entrepreneur]