Schools Training

The 5 Major Pitfalls of Starting a Business

12 DEC 2014
Career Path : Administration

Examining graphs with other people on background

Are you considering the possibility of taking your own business out for a spin? If you want to arrive safely at your intended destination of success, make sure to avoid the following pitfalls on the road to business creation.

Lack of Know-How

The last thing you want to hear coming out of your mouth after choosing to start your own company, is “I didn’t see that coming!” Although there is always a learning curve for every new business owner, you can turn the mountains into hills by making sure you get the right training and preparation before starting your business. Seek out the mentorship of someone you know who has already successfully launched their own venture. With expert guidance, you could possibly avoid some of the more common errors entrepreneurs make during their first few years at the helm.

Numbers, Numbers, Numbers

In the competitive business world we live in, you cannot afford to neglect calculating the cost of production and also the profit margin needed in order to survive (and thrive) in today’s economy. Have you considered all of the costs of a new business? Make sure to take careful inventory of every aspect of cost including production, administration and advertising. You will be glad you did!

The Emptying Hourglass

Time is the most valuable asset you have. Do you have enough of it with your current schedule to help your business gain traction and pick up speed? Make the necessary changes in your life to get your business moving in the right direction! This may mean pulling back the throttle on some of your hobbies and finding a way to get your other responsibilities done in a more efficient manner.

Failure to Develop Business Relationships

The importance of developing business relationships in starting and growing a business cannot be overstated. There are others who have already traveled on the road you are embarking upon. Ask them what the best route is to your intended destination. Don’t be afraid to inquire what they would choose to do, and not to do again, if they could go back to the starting line of their own venture.

A mentor may be the greatest gift you will have as you maneuver through the sometimes harrowing road of business creation. They can give you invaluable tips that will save you many hours and keep you from getting stuck in the pesky ruts of business creation.

Incomplete Planning

Someone once said, “A dream without a plan is only a wish.” Make sure to spend sufficient time planning and preparing for the successful launch of your new business. The appearance of your business to clients is important, but even more important is your actually delivering on what you promised.

Consider furthering your knowledge by getting your MBA online to help you learn the art of business creation and development. An online business degree can fit into your schedule and can be the fuel that will allow you to gain the wisdom needed for the day-to-day running of a successfully operated business.

What do you think is the most important factor in launching a brand new business?