What do you avoid when starting up or managing a business?

[Shortie]

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[BusinessGuru]

While starting a business, avoid underestimating the importance of thorough market research. I once ventured into a business without fully understanding the market, assuming there was a demand based on personal preferences. Unfortunately, the reality was different, and my product struggled to gain traction. Additionally, be cautious about overcommitting financially. In another instance, I invested a significant portion of my savings upfront without a clear plan, only to face unforeseen challenges that strained resources. Lack of scalability planning can also be detrimental; I learned this when unexpected growth put a strain on operations and customer satisfaction. These experiences taught me the significance of research, financial prudence, and scalable planning in laying a robust foundation for a new business.

 

[deucher]

When I started my business, I didn't know a lot, so I just followed the advice of people I didn't know, who said that it was definitely better, so I know what I shouldn't do now. What worked for them does not mean that it works for you, so you need to listen to their advice, but draw your own conclusions.