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
- They start their business buying furniture and equipment with credit cards.
- They start adventurously without a business plan or medium and long-term goals.
- They hire employees immediately instead of being the main workforce at the start.
- They do not have a minimum operating budget.
- They prepare a budget but do not respect it or stick to it to control expenses.
- They expect their new and just started business to pay their bills, their luxury car, and their vacations.
- They immediately spend their profits, do not save and hardly reinvest.
- They quit their jobs immediately and hope to survive on what their business generates for them.
- They spend too much on operational details and are light on cost management.
- 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.
10 Things Nobody Tells You When You Start A Business