Let’s look at what are the most common mistakes entrepreneurs often make when creating your business or company.
Common mistakes to which we must pay attention and avoid, if we start a successful business:
Not having a business plan
A common misconception among entrepreneurs is to obviate the development stage business plan.
Many entrepreneurs do not give due importance to the business plan, and this often results in a miscalculation of investment, excessive costs, a lack of direction, the need of having to improvise all, in a undue delay to create the business, to get the first customers, a lack of organization, control, etc.
Not knowing customers well
Many entrepreneurs do not have very clear on what type of consumers to go to target their products or services and those that do not perform a proper investigation and analysis of its characteristics.
Do not analyze it needs, desires, tastes, preferences, habits, etc., And this is reflected in the design of products that fail to meet the needs of consumers, distribution channel design cannot efficiently distribute consumer products design of media that are not effective on them, and other strategies that fail to perform well in their target audience due to lack of knowledge on them.
Underestimating the competition
Many entrepreneurs underestimate the competition, do not give due importance, not because they take the time to investigate it and analyze it.
They think that having a unique and innovative product, can easily circumvent competition. But do not take into account is that as your business or company starts to become known, the competition will know them, and not stand with folded arms.
And if we have not previously taken the time to study it and analyze it, it will be difficult to design strategies that allow us to address them promptly.
The starting a new business always carries an enthusiasm and optimism of the fact themselves embarking on a new project, but when this enthusiasm or optimism is excessive, the entrepreneur can lose objectivity.
Resulting in a lack of realism in your projections, overestimating revenues and underestimating costs (miscalculation of investment), or it can also mean inadequate staffing (thinking it could do everything yourself) or an excess of investment expenses (making money later end missing).
Hire untrained staff
The entrepreneur often think you can do and solve everything, and only need to hire staff just to follow him in his decisions.
Not considered that to create a solid business needs to have even trained people are smarter or know more than one in a particular topic or aspect of the business that are complementary to each other and thereby achieve a good team.
Because of the enthusiasm that crosses the start to build your business, it usually does not measure well their expenses, and buy everything at your hand, or buy more expensive products, until it finally runs out of capital before we even start their business.
Not take into account that many of the goods, wax or equipment purchased, may not be needed initially, and later purchase. Or do not take into account that if you do not hurry to buy the first thing you are, always find a place where they can acquire the same at lower prices compared with those of others.