Mistakes to Avoid in a New Business Venture

Mistakes to Avoid in a New Business Venture

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The following are a few common mistakes you can easily avoid:

1. Bad pricing

Many startups fall into the trap of bad pricing due to wrong product pricing. This happens when other costs associated with producing and delivering the product are not factored in. A solid business plan will help you avoid these pitfalls.

2. Wrong team

The wrong team can result in a loss of income and time while depleting morale. The mistake most people make is hiring friends and family because they are affordable.

You need to hire people because they are competent and have the required skill set. They should also share common values and have the ability to work together through good and bad times.

3. The Perfectionist Syndrome

Seeking to have a perfect product or waiting for perfect conditions before you begin is a terrible mistake.

Define what you want to do (business plan), create the map (strategy) then begin.

Commit to make movement on a purposeful direction instead of waiting for perfect conditions. Remember, the longer you wait to launch, the longer you will go without money. Your product will evolve, and the sooner you start, the sooner you will find a good fit for the market.

In a nutshell, don’t wait till you have a perfect product. Good is good enough.

4. The fear of technology

Find out what aspects of technology are relevant for your business. Even if you hire someone, do not rely on them so much that you cannot function without them.

5. Refusing to invest in professionals

One thing start ups need to understand is that there is more to running a business than having a technical skill. There are core business skills that are required, and investing in a professional lawyer, accountant, business consultant or other technical skill sets is not a waste of money but rather an investment.

For example, social media is great but you need a marketing strategy to get it right in order to attract the right people and actually make money.

The good news is that you can turn your passion into profit, one step at a time. If you make a mistake, it is not the end of the world; learn from it and keep moving on.

When all these factors are put into practice, business becomes successful, and the fruits will become evident in much less time.

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