The 10 Mistakes Every Entrepreneur Should Avoid When Starting

When we go to start a new business, we all experience a mixed bag of emotions as a result of enthusiasm, fear, and optimism.

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Thinking about risks makes us cautious and dreaming about profits leads us to be daring.

However, many intelligent and potentially successful entrepreneurs succumb to common mistakes that, through ignorance or lack of control, ultimately bring their businesses to a pitiful point of risk.

Today I present a list of at least 10 mistakes that you should avoid making in the adventure of starting your own business.

Common mistakes when undertaking

  1. They start their business buying furniture and equipment with credit cards.
  2. They start adventurously without a business plan or medium and long-term goals.
  3. They hire employees immediately instead of being the main workforce at the start.
  4. They do not have a minimum operating budget.
  5. They prepare a budget but do not respect it or stick to it to control expenses.
  6. They expect their new and just started business to pay their bills, their luxury car, and their vacations.
  7. They immediately spend their profits, do not save and hardly reinvest.
  8. They quit their jobs immediately and hope to survive on what their business generates for them.
  9. They spend too much on operational details and are light on cost management.
  10. They do not like to sell or let sales take a “secondary” place in their business.

See also: Things Successful Entrepreneurs Do Right

Finally, I don’t know if you knew but the Japanese, recognized for their enormous ability to do business and build million-dollar companies, have as a philosophy not to touch the profits of the business at least before the first 10 years and reinvest everything.

I think that learning a little from this would lead us directly to success.

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