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5 Aug 2013

12 Common Mistakes Business Owners Make

Author: Vanessa  /  Categories: Reducing Costs  /  Rate this article:
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If you’re running a brand new business or thinking about starting one, it can be an intimidating, exhausting and exciting. However, it is so easy to get caught up in day-to-day issues and lose sight of the big picture. Before opening for business, have a clear vision of where you want to take the business. Post your vision statement in a place where you can view it daily to provide the inspiration for making strategic decisions. Below are twelve common mistakes that you want to avoid as an entrepreneur.

12 Common Mistakes Business Owners Make:

1.      Working from an underdeveloped business plan.

2.      Failure to define the target market.

3.      Inability to establish a vision for the direction of the business during a certain period of time.

4.      Fear of technology.

5.      Unawareness of your strengths and weaknesses.

6.      Lack of visibility.

7.      Inconsistent marketing.

8.      Placing more focus on the product, rather than the customers.

9.      Unawareness of competitors.

10.    Poor bookkeeping practices

11.    Failure to reinvest in the business.

12.    Poor customer service.

Owning a business can be challenging, however, equipping yourself with the correct tools for making wise decisions will help you avoid the pitfalls. Begin taking the necessary steps toward building your dream, pausing along the way to evaluate what you have learned. Once have an understanding of what you have learned, make the necessary adjustments and keep going. Before long, you will have established your path to success. 

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