Starting a new business venture can be a hell of a ride! In the excitement and enthusiasm of getting everything up and going, start-up businesses often make some basic mistakes in business. Here are the Top 5 Common Start-Up Mistakes to Avoid.
Top 5 Common Start-Up Mistakes to Avoid
- They focus on a product they want and know about rather than what one potential customer want.
- They neglect to speak to potential customers or users.
- They have no idea whether a market is big enough to support their product.
- They have no grasp of marketing or sales, and their concerns about secrecy keep them from seeking expert advice.
- They do not validate any of their fundamental assumptions in the market.
I thought this list was exciting when I came across it the other day. It is easy to convince yourself that what you have developed is what customers will surely want. It is also easy to see people as potential threats to your exclusivity when they are just trying to assist.
These are not necessarily fatal mistakes; they could still be a part of your business even if you are approaching maturity.
Can you see any of these in your empire?
Did you know that more than 50% of small businesses fail in their first 4 years?
For more Start-Up statistics, check out this article.
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