1. Do not have maps
Always sounded to entrepreneurs who want to start a business to fill themselves with fuel "passion / passion" so that no quitter. But honestly, you do not just need fuel to move it, you need a plan!
Take time to investigate the market and target customers, competition, and other things. Focus yourself to answer the question: "How do you generate revenue from this business?"
Take the case; you open a DVD rental store because the location is somewhat backed into a corner, you concentrate to be seen by others. Trying to enliven the exterior and interior decoration to be seen. You were sucked into capital there. As a result, the films you have not had a good inventory. As a result, customers who have successfully signed in, out, disappointed, you did not managed to get revenue. The lesson to be taken is the careful planning from the beginning and focus. Do not be reckless if there is no clear planning.
2. Selling below market price
"Many entrepreneurs assess own goods or placing price is too cheap," says Linda Hollander, author of Bags to Riches. That is, this will make them always worrying about money. Every time they get the order, no sense of fun, because the price was set too low and there was no advantage gained.
Before the price lists, perform calculations. Calculate the fixed expenses and expenditures at any time. Perform market research and competitor price value. Calculate the margin you need to get the required benefits.
3. Starting a business just to try it
Most entrepreneurs just see the big picture; type of visionary, risk taker, challenge seeker. Increasingly faced with the challenge, the more excited they are. Not infrequently, this type of looking for trouble so I could find the challenge and feel more energetic.
"Pewirausaha bored is one of the murder weapon hidden in a small company that looks healthy," said Ralph Warner, author of How to Run a Thriving Business. The purpose for doing business is to print money. Do not try to take risks just to get keseruan. You are endangering the whole company and the people in it.
4. Not the slightest understanding of marketing
Rarely people who are just starting to plan or prepare a budget for marketing. Generally, these new business owners think that marketing is not necessary expenditure. Or, worse, menyamaartikan marketing with sales.
"Marketing should be thinking about future sales. While the sales have to think about how many sales that happened today," explained Rob Gelphman, who runs a marketing communications company in San Jose, California. The fundamental problem is the lack of experience on the sales cycle process. Starter businesses usually hire salespeople first. Ideally, hire people who can help plan and organize the project moves ahead, just sent its sales to sell.
5. Boss is not equal to a friend
At the beginning of opening the business, everyone seems to work 3-4 positions at once. It seems no need to worry about flow management. "When starting a business, the process was invented by accident," says Jay Arthur, author of Six Sigma Simplified Training. Problem solving usually takes place using reason and feeling alone. The Company developed through trial and error. However, at some point, the ability to solve complicated problems start is needed. Since no standard operating procedure, and the workload was not balanced, step by step is difficult for employees to work in a place like that. What can be done is to take a stand and make a certain procedure to fix the problem, or appoint subordinates to execute it.
Create a manual that defines the rules regarding the division of labor, about the dismissal, staffing, appraisal, leave, compensation, promotion, and others.
6. Capital Spend
Most new business owners not to plan their financial needs. Generally, the new owners spend money on goods that less is required, such as furniture, technology and office goods, or hiring too many experts or executives than is needed. Please note also that there are rarely customers who pay obligations on time. So, even though sales managed to close the deal, the payment could have happened later. It would be better if you have an accountant who can perform the analysis.
7. Lost loved ones take into account
Starter takes 80-100 hours per week to work on building his company. They'll need somebody who can push them. "Quite a spouse who has the required time, commitment, patience, and willing to sacrifice income in order to be lasting relationship," explained Victor Sim, a lawyer at Squire, Sanders & Dempsey.
You must be committed to keep watching them as well. Do not let the launch of your company actually hurt the people you care about.
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