Starting a new Business is a fun and exciting adventure, but beware as there are a lot of easy mistakes to be made, which could ruin your chances of success before you’ve even got the ball rolling.

Falling in love with your idea

When people decide what they are going to do with their start up, they often become obsessed with making the original idea work and lose sight of the real aim of running a successful business. When this happens, you become unwilling to make changes that would benefit the company.

Too many changes

While making small changes can be good for your company, it is important to set a clear goal that looks at the bigger picture. If you’re constantly changing what your business does, it will slow things down and set you back months at a time.

It’s already been done

Being the next something isn’t anywhere near as good as being the first.

No clear audience

There must be someone out there who would use my product, right? That may be true, but you should probably do some research first and find out.

Being too specific

By fitting your business into a particular market or niche, you will limit your audience and therefore, how much Money you can make. There is money to be made in some niche markets, but it is much harder for start-ups to get that money

Choosing investors over customers

More often than not, people think they need to do whatever makes their investors happy. While there is reasonable logic behind this, it isn’t completely true. If your customers/clients are happy then the investors will make money too, even if it takes a little longer.

Hiring the wrong staff

You will eventually hit a point where your business gets too big for you and the original founders to handle; this is when you need to hire some staff. The problem arrives when you don’t hire the staff until you need them, so you do so in a rush and end up getting someone who doesn’t understand the business or industry and simply wants a job.

Listening to the wrong people

When you are new to an industry you will hear a lot of advice from a lot of people, but that doesn’t mean it is necessarily going to be helpful. Make sure you only take advice from people who know what they’re doing and who they have done well with those same principles.

The wrong location

Make sure you put your new business somewhere that will help it grow. Whether that is somewhere that has a demand for what you are providing or somewhere that has resources nearby is up to you. It depends on what your needs are.

Too much money to spend

Believe it or not, there is such a thing as having too much money from an investor. Once you have been given funding, results are expected and the more money you take, the less time you will have to deliver.

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