People fail in business because they make avoidable mistakes. Start-up entrepreneurs are possessed with enthusiasm and confidence but too often are unaware of potentially fatal business potholes that lie before them. All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:
- Not picking the right business to begin with.
- Inadequate prior experience in the business.
- Quitting job security too soon, before adequate plans are laid
- Not having a progressively updated written business plan.
- Inadequate cash flow management (running out of money.)
- Opening a business in the wrong location.
- Inadequate protection in business documents including leases.
- Failed partnerships.
- Lack of selling and marketing know-how.
- Expanding too rapidly before adequate testing.
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