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Business idea is not sufficiently thought throughPoor financial planningPoor liquidity planningInadequate marketingToo tight schedule
3. Trying to make a product for everyone.
4. Obsessing over the competition.
5. Not learning every side of the business.
6. Running out of cash.
7. Getting too emotionally attached.
8. Not hiring the right fit.
9. Not getting feedback from your customers.
There are few common mistakes.
1) Failing to do a market survey or market analysis.
2) Failing to do a feasibility study and the forecast for short term and long term.
3) The strategies for long term growth and short term survival.
4) Consider about the investment, but not thinking about the working capital requirement for survival - this is one of the important factor where most of the new business get stuck and in few months close down.
5) More than above expecting to be successful within short span of time - non of the business give return on investment in short time.
Do a proper study , write down your ideas, plan out your strategies for short term and long term and document everything. Set your goals and objectives work towards it.. And more than that 'Be patient'.. You can be successful..
To not being surrounded by the right people like choosing the wrong associate/partner
Using too much resource for the marginal issues and for good image even for blind advertising and forgetting the main issue, which is to acquire customers first, and thinking that customers will come automatically when we have done all that.
