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Monday, July 2, 2012

The Top 10 Mistakes Of New Business Owners

What are the "top 10" mistakes you consistently, across the board see in new business owners?

Consider the scenario where you want to jump into the entrepreneur scene, have no guidance, are just told to "do what you love", bust your ass and hustle 7 days a week .... and fail.

The road is far from straight - hard work alone means nothing - but there are definitely some big mistakes I see the same new business owners making again and again.

I've got a few, but I'm most interested in the ones you've seen. What were your biggest mistakes in starting a new business?

Top 2 I've seen .....

#1 Starting with your "passion" or skills you have, without seeing if anyone will actually pay for it. Is there market demand?

 #2 Positioning ... Have you actually sat down for 3 seconds to determine why someone would actually choose you over someone else?

I was once told that the #1 reason why people leave a service after having used them over years is because.... they've become a commodity. McDonald's or Burger King? Who cares.

What about you?

1 comment:

Anonymous said...

I was told the biggest mistake was to offer to provide a service for less because the only option you leave your competition is to do it for EVEN less. Before you know it, no one's making money...