There are millions of business start-ups that fail every year but most entrepreneurs assume that their business will not be among that number. The question is, how can one avoid the common mistakes? Ask yourself these questions.
1) Did you perform adequate research? It is important to ensure that know a solid business idea and what the potential market is
2) Did you identify exactly who is your target market? Narrowing your focus is crucial. Understanding the behaviour of your target market are key to the success.
3) Did you develop a clear business plan? A clear business plan provides a roadmap and set the tone for the business.
4) Do you know what are the critical factors of your business? For example, does your business need adhere to the local laws and regulations? There are restrictions that some businesses must comply.
5) When will your business be profitable? Some entrepreneurs start a business without considering the financials. Let’s face it. Bills must be paid.
6) Have you set your key milestones and deadline? This tracks the progress of what we intend to achieve. We are all aiming for something aren’t we?
7) Do you have a budget and are you sticking to it? Overspending can be detrimental to a start-up.
8) Are you distracted? Don’t allow yourself to be distracted with something unrelated.