beginner mistakes in business

[MarieArie]

Embrace social media as part of your business every day. Set aside 10-20 minutes every day to work on it. Don't try to accomplish everything at once, but take it one piece at a time. Update your page regularly, change out your cover photo and profile image every few months and engage your users daily.

 

[Ralphjoe]

One of the biggest mistakes that business newbies makes is not having enough knowledge of the business they intend to start up, this is the reason for most business start ups failure. The driving force of most people that starts businesses these days is always quick profit at the expense of knowledge or experience.

 

[Rimsha kanwal]

What is the biggest mistake you can make when starting a business?

If you want to start a business, read through the following list of business mistakes and go out of your way to avoid them. Any one of them could sabotage your new business venture and turn it into a failure rather than a success.

 

[WhiteHouse]

Coming up short in Marketing :-

Marketing is the main thing for any new company.

Attempt to utilize all conceivable promoting techniques to evade this regular business startup botch.

Utilize the present innovation for current advertising to contact your crowd.

 

[Jonaville1]

Not me actually, its a friend of mine who started a new business with a loan. Now he is finding it difficult to repay it. It is not that the business isn't thriving, but the channels through which money goes out exceed the income. Now he wished he had source for the capital elsewhere.

 

[Ridorz]

There are many big mistakes that a business beginner may made. I will just mention a some of them, the big mistakes are improper research on location, lack of standard knowledge of business before start, improperly budget. These are what I can mention as a best mistakes.

 

[Oliver 20]

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What are some well-known mistakes to avoid as a startup?

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19 Answers




Adam Fayed, Founder of Global Online Financial Advisory Firm
Answered March 6, 2020 · Upvoted by Daniel Chen, MBA Operations and Supply Chain Management & Entrepreneurship, Harvard Business School (1997)

Originally Answered: What are some common mistakes when starting a business?
A few days ago I saw an auction, for charity, on Youtube. Gary Vee was giving away his time, and potential contact list.
In other words, he would have 2 one on one sessions with the winner of the auction, and the money would go to charity.
He would then introduce those people to some people in his network.

The bidding started at a few hundred. Almost everybody wanted it at that price.
Then $1,000 an hour. Now there were less people, but still plenty.
Above $1,400-$1,500, there were only two people in the race, that could afford it.
Eventually, both people paid over $4,000 each, after he cut the bidding short.
So $8,000 for two hours of his time. $4,000 an hour. OK for charity, but he has often gotten the same price for his own personal profit.
What can we learn from this?

1. The law of supply and demand. 99% of the people in the audience couldn't afford $1,500, or thought it was a silly price. Yet there was 1 of him, and 2 of them. So the supply was greater than the demand even though 99% of people didn't want it
2. Therefore, if we follow on from point 1, if the auction was online, i am sure the price could have gone to $50,000. Why? More people. So maybe now there would have been more than 2 big bidders.
3. Imagine if Gary Vee was trying to sell people, 1–1, those tickets! In this case, the supply and demand is more in the buyers favour. There is one of him and one of them in each meeting.
4. Imagine now Gary Vee tried to sell to everybody in the audience rather than the highest bigger. How much would he have gotten for selling to all 1,000 people? Maybe $250 from each person? And then, it would have taken too much time to sit down with them all.

99% of actors don’t make enough to pay the bills and only about 1,000 earn $150,000 a year or more in the US.
Yet Brad Pit, George Clooney and others can make millions per film.
Think it is just because these people are famous? Get this. There are some little known business coaches, that charge $70,000-$100,000 per year, for one on one coaching.
They keep their clients down to 5–15 per year. They are exclusive.
99% or even 99.9% of people think their prices are silly. Ridiculous.
And yet they have more demand than supply. They interview about 30–50 people, and pick the 5–15 they want to work with, and put the rest on a waiting list.
Most coaches charge $30-$50 an hour. They can make $500,000-$1m from a small number of clients.
They have created their own market.
So the point is:

1. You don’t have to be all things to all people
2. You can succeed even if 99.99% of people don’t want to deal with you.
3. Don’t try to sell to all people
4. Scale is key. If you find a way to get in front of millions of people, online or offline, you will have more demand than you can keep up with. You will earn a lot, regardless of how much you charge. You can’t scale face-to-face unless you focus on big audiences like speaker events. Let’s put this another way. Person 1, gets 5m people every month looking on their website, Youtube video or whatever else. Person 2, meets 20 people face to face every week. Person 2 has better products. Person 2 also charges less. Guess what though. Person 1 will still beat person 2. Person 1 only needs a tiny proportion of people to be able to afford their products and services, and see the value, to beat person 2.

So many people overcomplicate business when in reality cash-flow is king, and the most famous often wins.
Some reading

• 10 things I wish I had known 15 years ago
• Free IHG Hotels Prize In Association with Investing Right App
• Adam Fayed Podcast
• 4 mistakes that could lead to your financial ruin - and few prepare for them

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Tanuja Roy, Senior Editor, Blogger, Mentor/Advisor at iFora Inc (2015-present)
Answered July 28, 2017

Originally Answered: What is a common mistake of a business start up?
Hello,
If you are looking for some common business startup mistakes you should avoid, just keep these points in mind.
Mistakes are the part of startups you can face many problems in starting of business and also make mistakes as a novice.
Some common mistakes that are mostly done by the startups are listed below :

1. Fail in Marketing :-
Marketing is the most important thing for any startup business.
Try to use all possible marketing strategies to avoid this common business startup mistake.
Use today’s technology for modern marketing to reach your audience.
2. Ignore criticism :-
Ignoring criticism is one the biggest mistake by anybody in managing the startup business.
If any professional criticize you, take that seriously and realize where you can improve your mistakes.
3. Not paying for expertise :-
Paying for expertise is a good idea for any startup business. Because you are not good at everything and you can’t be. So, it is better to do some important things with the help of experts in startup businesses.

 

[singlej007]

One of the biggest mistake any body can make starting a business is going into business without having any experience about that particular business. It has failed a lot of people and it is still failing many people, only few escape in doing business they don't any experience on. Before starting any business or trade, make sure you have learn everything about that trade or business.

 

[kayode10]

The biggest mistakes I made in business when I started out was to believe in get rich quick sydromes. Though having a success business is on of the instruments of getting rich, but it doesn't just come like except if you are just gambling. Another mistake is to believe that I can make it on my own without that help of an expert on the business. Riding under the wings of veteran makes the process fast.

 

[joy101]

They made a lot of mistakes when starting a business, beginners mostly do not have much experience about business, they can made mistakes in times of buying their products in the market or the quality things to sell,
[automerge]1611075546[/automerge]
They made a lot of mistakes when starting a business, beginners mostly do not have much experience about business, they can made mistakes in times of buying their products in the market or the quality things to sell,

 

[tuna89]

One big mistake i have made in business is not having an extra cash on me for expenses after the business was finally set up, if care is not taken, you tend to use all the profits from the business to cater for personal expenses instead of re-investing the profits, it is always good to have a business plan with projected profits as the time goes on.

 

[Presido]

The mistake most business beginners make is not planning vigorously before venturing into the business. This may latter cause the business to go bankrupt and close down. They also don't do market research before starting the business

 

[Afeefah]

Starting a business without a well written plan is the biggest mistake one can make as a beginner.

Understanding the type of business you want to start is also important, know the pros and cons of the business and also learn more about business competitors.
Also managing financial matters is not something everybody can do, if you aren't sure you can manage your finances find someone trustworthy who can and hire him.

 

[Seun4luv]

Beginning a business without an entity. Inadequate capitalization. Planning only for success. Understanding the industry, but not the market. Doing it all yourself. Working with friends instead of business partners.

 

[Sariana23]

There are many mistakes inexperienced people make when starting a business. Lack of knowledge, poor management, lack of capital, lack of marketing to publicize the business, poor treatment of customers and the most common of all is wasting your profits without control. With any of the above mistakes, business failure is likely.

 

[Seyesystem]

I will agree with this starting business without enough knowledge about the business is one of the biggest mistake to do in starting a new business. Also planning the business is very important business all the successful business globally started with business plan which will include all what the business will need to excel. Knowledge is power that is why it's important for every business owner to have the full knowledge of their business.

 

[Fabby]

Not Doing a business Plan. ...Doing What You Love. ...Not Doing Any Market Research. ...Ignoring the Competition. ...Not Taking Into Account Your Own Strengths and Weaknesses. ...Not Understanding What You're Actually Selling. ...Not Making Sure You Have Enough Money. ...Not Investing in Marketing.

 

[Yasmine.Shahid]

What is the biggest mistake you can make when starting a business?

Some mistakes that beginners do in their business are:
1) They have no perfect niche.
2) They have no strategies to work.
3) They didn't know how to target the perfect clients.
4) They didn't know the tricks to drive traffic.
5) They have low quality content.
6) They didn't know how to engage people to their site.

 

[Abibatabosede]

Not only beginners make mistakes,other people who have stayed longer in business also make mistakes. The major mistake comes from not having a plan of running the business. This makes the business not have direction.

 

[Emma Aneni]

Some beginners venture into the business without proper knowledge of how the business really is or what it's all about. Then some will just useless the capital they've been saving to start up something for themselves.
[automerge]1611262138[/automerge]
Some beginners venture into the business without proper knowledge of how the business really is or what it's all about. Then some will just useless the capital they've been saving to start up something for themselves.