Tags |
|
|
Links |
|
|
Hub You - The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them
Starting your own business is not a simple task. On the contrary, it has a series of implications that will completely transform your life and the way you see the world. This is why you truly need to understand the reasons that are driving you to start your own business and if you have developed the skills necessary for this kind of venture.Discovering the real reasons for starting your own businessWhen I hear people say, "I can open a small business, hire an employee, and I’ll just receive the money from the sales," I realize this person has never owned a business. This description is related more to an "investor," whose work is very different than the one of "business owner."Having your own business can mean working as you have never worked before and will challenge all your abilities to the maximum extent. Several years can pass before your business “breaks even” and becomes profitable.Nevertheless, once established, by owning your own business you can achieve your personal dreams and generate well-being for others through the creation of jobs and wealth. In addition, your own business could give you independence by allowi
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the t
Businesses can be incorporated online. Incorporation can be done filing papers and handing over the forms to the office of the Secretary of State where they will be incorporated. It can be done by the applicant or by a lawyer. If you chose to do it yourself, online medium offer a fairly easy way. There are intermediaries who will do if for you, but you must keep in mind that they are just service providers and don’t offer any legal advice.There are many of service providers on the Internet who provide incorporation services. The services include filing the papers, providing registered agents for those states where the business is to be incorporated, name checking and final delivery of the documents. The charges include state filing fees that vary from state to state and service and shipping charges. If the incorporation process has to be expedited, the charges are usually higher.Before filing online, you have to do a lot of homework either by yourself or with the counsel of a lawyer. This includes deciding on the type of corporation -- the most important part of the incorporation process because a wrong choice could lead to business losses. Secondly
Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action?
At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.
To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them’:
Mistake # 1 - Failure to spend enough time researching the business idea to see if it's viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the te
With all things considered, there is really not much choice but to accept credit cards online. This makes it much more convenient for not only the customer, but yourself as well. Because of the necessity of accepting credit cards online, it is important that you know the options available to you to accept credit cards. On top of that, you need to know which the better fit for your business is.There are two methods of accepting credit cards online, using your own merchant account or going through a third party merchant. They both have their advantages and disadvantages, making it all the more important that you know what they have to offer.In order to set up your own merchant account, you need a bank to approve the opening of the account. When you go through a third party account, it is simply a company that is accepting your credit card payment in exchange for various fees and percentages.So which is the better method? The initial cost of opening up your own merchant account is going to be higher than going through a third party account. You will often find that many third party accounts have no initial fees whatsoever. The part that
At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.
To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them’:
Mistake # 1 - Failure to spend enough time researching the business idea to see if it's viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the t
In today’s fast paced data-centric world of personal computers and consumer/business electronics (such as PDAs and digital media players) we have, as a society, developed a reliance on digital data. We have particularly developed a dependence on data stored on various magnetic media such as hard drives, removable disks, and magnetic tape. While some computer users may never have had a problem with loss of data due to viruses, Internet worms or file corruption, most of us have at some time experienced the frustration and loss of productivity that comes with the loss of computer data.Perhaps someone in your office deleted files off the network that your entire team had been working on for months. Or maybe the corporate firewall didn’t stop the latest Internet-borne virus that has a penchant for overwriting “.doc” files with junk data. Like it or not, if you connect your computer to the Internet (and in some cases, even if you don’t), your mission critical data is at risk. The question is: What can you do about it?An excellent solution is to employ offsite backups. Offsite backup solutions allow you to store critical data that is crucial to your b
To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them’:
Mistake # 1 - Failure to spend enough time researching the business idea to see if it's viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the t
While training and observing groups as a corporate trainer and team builder over the past few years, I am always amazed at how a group of strangers gel and become a team in a matter of hours. Groups on teambuilding retreats can become closer to each other in one day than some people do in years of working with each other in offices. The major reason I attribute the success of these groups to and the way they gel is the use of “fun”.Plato said ”you can learn more about a person in an hour of play than in a year of conversation.” Fun is also a great way to increase employee retention, sales, motivate and inspire your employees. Who ever said that “we keep work and play separated” could not be any more wrong about getting things done. Having fun on the job makes an organization more successful. So how can your organization use and implement fun into your culture? Here are fourteen ways to manage to have fun at work:1. Orient new employees to the office by having them complete a "scavenger hunt". They can meet key people, learn where things are kept, and acquaint them with key functions. The new hire must get a signature or bring somethin
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the t
In his essay, "Quality", written in 1911, the great writer, John Galsworthy, recounts the tale of two brothers. Shoemakers with their own shop somewhere near the end of the 19th century, they exemplify the issue of quality in Mr. Galsworthy's mind. They knew each customer. They made patterns of the customers' feet, cut the shoes to fit, had the customer try the shoes, and then adjusted the shoes as necessary to each customer's satisfaction, offering to take the cost off the bill if the shoes or boots were not acceptable.In time, faster, cheaper, and more efficient ways were found to make shoes and boots, and the little shopkeeper was, at the last, forced into barely being able to survive. Until the last, he insisted on making only the finest quality product, even as his customers deserted him for the cheaper product provided by the factories.An interesting note is Galsworthy's statement, "I ordered several pairs. It was very long before they came--but they were better than ever. One simply could not wear them out."My father was almost obsessive about quality. One of the first lessons I had was that most things should last a long
Mistake # 2 - Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment – Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.
Mistake # 3 - Failure to gain a complete and total understanding of the business
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment – Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.
Mistake # 4 - Failure to describe the business in only one or two sentences
No doubt you’ve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment – Have an efficient 15 to 60 second elevator pitch that introduces you, your business’ mission, focuses on the benefits you provide and makes you and your business memorable.
Mistake # 5 - Failure to conduct the primary research
There are many great ideas you can latch on to, but the key in business is to make sure the idea—the central theme or mission of your business venture—can attract customers and generate s
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.iadvice.info/article/17676/iadvice-The-12-Most-Common-Mistakes-New-Entrepreneurs-Make--How-to-Avoid-Them.html">The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them</a>
BB link (for phorums):
[url=http://www.iadvice.info/article/17676/iadvice-The-12-Most-Common-Mistakes-New-Entrepreneurs-Make--How-to-Avoid-Them.html]The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them[/url]
Related Articles:
4 Alternative Ways To Gain Lifetime Customers
A Business Model That Keeps on Giving
Bookmark it:
|