43 Business Mistakes
43 Business MistakesLessons learnt by first time
entrepreneursNot Accepting good advicerepeatedly ignoring bad
advice can make us miss good opportunitiesNot understanding the
difference between a good idea and a good businessWhy isnt anyone
else doing this?Who will buy your product/service?How many of those
people are there?How much would they be willing to pay?What will be
the costs?Business MistakesSTARTING A BUSINESS ON A BAD IDEA
What need does my business fulfil?
Ask Around
Business MistakesRight idea wrong person, wrong person right
ideaThinking your customer are just like youWrong locationProximity
to rivalsParking PrestigeThinking markets will never changeThinking
if I build they will come
Business MistakesBusiness MistakesInadequate researchRevenue
streamsCostsRivalsCustomersProductBusiness MistakesAvoiding
difficult tasks-Make a list, set deadlines, set a penalty &
reward systemHiding behind your desk-You need to reach out to
customers, suppliers and other related businessesNot putting your
own money in it
Business MistakesBeing stupid with equityGenerosity, Greed &
StupidBurning capital-Burn rateMaking Deals not relationshipFocus
on the win-win strategyBusiness MistakesNot being hungry enoughSet
metricsWhat have you learned and achievedif it was easy everyone
would do itNot being able to sellSell your passionBusiness
MistakesNot identifying all your
costsStaffPremisesFeesFinanceTechnologyNon PaymentContingency
CostEmergenciesBusiness MistakesBeing flattered by turnoverRevenue
isnt profit
Not understanding cash flowSeasonal effects
Not doing a sensitivity analysisWhat percentage of cost increase
or revenue decrease can you bare before you go in redBusiness
MistakesExtrapolation trapHow many staff will it take?Where will
that staff work?Are they enough customers?The One percent market
mindsetAccept good advice-repeatedly ignoring bad advice can make
us miss good opportunities
Business MistakesNot putting your own money in itBy putting your
own wealth, comfort and security on the line, you give yourself
enough motivation to ensure that the business doesnt failMaking a
poor first impressionDont Compound on Initial errorManage
ExpectationsWriting a business plan backwardsMarket first, Not cost
firstBusiness MistakesFalling out with partnersPartnership
AgreementOutrageous valuations
Arrogance
Growing too quicklyRapid growth usually means rapid cash
consumptionBusiness MistakesDisrespecting the customer
Whose money is itMistaking salary for ProfitThe issue of
Drawings
Failing to delegateWho & How
Business MistakesNot knowing your key performance
IndicatorsProfit is a blunt measurement tool
Failing to manage staffPay, work, conditions, productivity,
turnover, motivation & communication
Over complicationKeep it SimpleBusiness MistakesJust not good
enoughPassion can blind you to the flaws of your businessSelling at
the wrong timeNewsweek was sold for $1 in 2010Not admitting
failureWould you pass an interview for your own job?
The Biggest Mistake is..
Not doing anything at all
