Some mistakes often made in the process of entrepreneurship
business process is a difficult and challenging, requires wits to obtain the final victory. How to create a successful business, there is nothing to win the best business plan. Entrepreneurs, on the other hand, almost invariably make such mistakes.
1, alone. If you are a person alone, it is difficult to build a large-scale enterprise. Solution: make sure you have enough profit margins to ensure that you have the ability to hire other employees.
2 to seek advice, too many people. It is often a good thing to get advice from experts, especially those who have been successful in creating a company in your industry and experienced entrepreneurs. But asking too many people may make it hard for you to decide. The solution is to set up a reliable Advisory Committee, you can consult their views on a regular basis, but by their own day-to-day decision-making.
4, the target market is too narrow. It is tempting to monopolize a niche market, but if the target market is too narrow, the growth of the firm will soon be hindered.
to enter the market in 5, no case of distribution partners. If the market has been willing and able to deliver your products to sales agents, brokers and manufacturers on behalf of the existing distribution channels and other off the third party dealer network, then into this market will be more easy.
6, in marketing spending too much money. Spending a lot of money on advertising may attract a lot of customers, but if your company can not convert the money into customer lifetime value, then this is a loss of money strategy.
7, the financing is too small. Many start-ups think they need just enough money to lease the site, buy equipment, store inventory and attract customers. What they often forget is that they also need money to pay wages, utilities, insurance and other management fees until the business starts to make a profit.
8, excessive financing. Believe it or not, raising too much money is a problem. Companies with excess funds tend to be big and fat, too early to hire too many employees, and waste valuable resources in the trade show booths, parties, picture ads and other flashy things. No matter how much money you raise in the first place, remember to save some for a rainy day.
9, no business plan. Although not every company needs a formal business plan, it needs a lot of