Mistakes to Avoid When Starting a Business

[khiholangkang]

Starting a new business is very difficult. There are certain rules of business. By following them, it is possible to establish a business. There will be both profit and loss in business, so you cannot be afraid of it. Nothing can be done without a plan. There must be a specific business plan. It is not possible to maintain a business alone. You have to be careful that the people involved in your business are trustworthy. So you have to keep trustworthy people. I agree with you on every point.

Building a business is certainly not easy especially if you're just starting out and have no experience. Patience is constantly tested when starting a business, and yes, never be afraid to take risks, but always start with maximum effort.

You're right starting a business requires recruiting trustworthy people. However, even if you have employees, you must still be present every day. Because as a business owner you must focus on the business you've started, truly thinking about it, making plans, then executing it, and being involved every day. This can include managing operations, monitoring day to day activities, or developing business strategies. So you can't just sit in the office or shop doing nothing.

Building a business is easy but what's difficult is getting the profits to grow and achieve success, risks must be taken and every condition must understand its potential in the long run to make the business more sustainable.

Don't even think about hiring people, you have to do it yourself first to understand the business you are running.



Look at the building, it's still simple, McDonald's was just a small shop, and the owner understood the type of business and its potential, after that he only thought about how to increase the opportunities to become bigger and as it is now all over the world, the business starts from small things that you understand yourself, but of course you have to be involved in anything, because that's the core of a business.

[Stable090]

Nothing is done perfectly at the first trial especially in business where the risks are elevated. However, when starting a business, it is important to have a good plan and a backup plan. When drafting out the plan, one should avoid "being an island of knowledge" as the theoretical knowledge you have is vastly different from practical knowledge, it's important to consult people who have experiences in that field for guidance. Another mistake that should be avoided is in making financial decisions especially in terms of advertising. As essential as showcasing your services is, it should be done with foresight. When booking spots for advertisement or sponsorship, the feedback from your target audience is paramount. For instance, if the target audience for the business are youths, advertising in secondary schools will not bring as much revenue as advertising in spots popular to youths.
Although starting a business comes with its risks, proper planning and consulting will help minimize it.

[shield132]

One of the biggest mistakes that businesses make and you didn't mention in your thread OP, is that many of them ignore the importance of internet. My relative has a business related to building business and he is the only one locally who has a well-managed Facebook page and a professional website with my help. He has unlimited clients, never struggles to sell his materials and service because people easily find him online, while his competitors who don't put effort into online development, struggle a lot and most of them go bankrupt soon.
Following the latest trends and being popular on the internet is one of the most important parts of any business today.

There is no doubt about that, any business that uses the internet to promote their business and services will likely have more customers or clients than the competitors, especially if they are using online ads to target their audience or people who are potential clients for them because every business knows which kind of people will be the perfect ones to pitch their business or services to, and online marketing can help a business achieve that very easily, especially social media platforms such as Facebook and Instagram are the best for such purposes.

One should also use Google ads to promote their business and services all around the internet, and these marketing campaigns will surely find them some customers or clients because those who run those ads will be allowed to decide what country, ethnicity, age, gender, or any other specification could be added in the list of whom the ad should reach.

Marketing approach should suit individual needs. In my country, facebook advertisement works the most for many products but for fitness products, instagram ads are the best and facebook ads are failure but traditionally, every business focuses on facebook. Google Ads aren't popular in my country because people spend most of their time on social medias. Btw video ads on Youtube are popular but these ads always come from wealthy companies, it's not a good advertisement method for startups or average businesses, it's mostly good for increasing brand awareness via luxury brand advertisement videos.

[Papiay64]

Jumping in with a plan and some backup help made all the difference when I started a small project. While figuring out the legal side, I checked out see here—they made setting up a Limited Company in the UK super smooth.

[Webutxo]

It is a wise approach for small businesses to use the online platform to promote their businesses, because from there they will be able to see customer who are in need of their service or products. But for it work perfectly they need to create a good Ads that can draw  the attention of people in any location. The benefit of the online space is that a person can see new ideas,  updates, and see see what works without burning the whole budget.

That's another angle, the internet has made it easy for us to reach people faster than the way it were some years ago. You can create a page and make awareness, even adverts are now easy to make to reach potential customers. That's what YouTube, Facebook and Instagram does now, TikTok is another big platform that you can make adverts of your products without having to pay for any advert, all these is achievable online but you can't do it offline and may be more stressful.

However, if you are planning to open a physical shop as a new start up don't rush to do that, make sure you have build up your customers from different places, makes the online customers know you have shop. By the time you focus on offline customer first and then start coming online, the bond might be difficult to build for people that way.

[coupable]

Let's imagine someone who has only the capital needed to lunch his company and he only lacks additional funds for promotion campaigns. Looking for investors or lenders would be much more easier and he can start a business with lack of funds considering that the large part in the budget is the one dedicated for advertisement. Others may think that this is a money burn, however you can see how this scenario is reliable and common happen.

I think anyone who just started their business doesn't need to look for investors or try to borrow money to use it for advertisement or marketing. Online presence is needed but, spending that much and to the point that you don't have sale yet yet you're already borrowing.

That's a big expense for the business already when you haven't proven something yet for your brand. Use all the possible resources that you can since marketing can be done organically nowadays.

All you have to do is to make your presence stronger through joining groups and try to engage with the people that have potential interest in your product.

But no one stops from borrowing money for advertising purposes. Although I am saying that you shouldn't go there quickly when you're just starting.

Let's continue following the same example. Advertisement is a mast in any competitive niche. How much you know about advertisement importance in all kinds of businesses? You have to realize that big companies spend near to 66% of their budget for advertisement campaigns and without that advertisement the business will die. Take the example of crypto casinos in bitcointalk and how much they spend in various promotional compaigns. Some signature campaigns have more than 100 participants that should be paid every week and some campaigns are running since years.

[redsun114]

As someone who literally closed down a business yesterday, I can tell you one thing from the mistakes that I learned. I mean this is first hand experience of someone who literally failed, so I am not sure if you are going to get anything better than that. Don't get me wrong, it wasn't really "my" business, I have a freelance job that I do, but I opened this for my wife and she was the one who failed but I did my freelance job while with her, so I saw it with my first hand.

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

[lizarder]

Let's continue following the same example. Advertisement is a mast in any competitive niche. How much you know about advertisement importance in all kinds of businesses? You have to realize that big companies spend near to 66% of their budget for advertisement campaigns and without that advertisement the business will die. Take the example of crypto casinos in bitcointalk and how much they spend in various promotional compaigns. Some signature campaigns have more than 100 participants that should be paid every week and some campaigns are running since years.

Promoting a business by advertising in various places is a great step because it can reach a wider audience. Currently, there are many advertising methods that people can utilize, such as media, influencers, and other targeted advertising platforms. Large companies even allocate specific funds for advertising, and this is one of the keys to business success. I believe the effects of this type of advertising promotion can open up opportunities for businesses to grow even further.

Advertising can drive increased sales or even build a more popular brand image because the promotion through advertising can be packaged as attractively as possible. I think advertising is one of the things that is needed and all companies, big and small, make efforts to reach their customers and thus advertising can be more effective and measurable.

[Tmoonz]

Number one and two are very important to take note of. Being afraid to fail is the reason why some people don't move forward and  get things done. The more you doubt yourself you would never be able to achieve or get something substantial from it .making a business plan should be the first thing you do before starting out the business itself, in that plan it should contain the required capital  needed and a budget of how you are going to utilise the funds you have do you don't end up broke. Life is all about planning and preparation

That's true most people are scared of making mistakes forgotten that we are humans and at such we can't wait for everything to be perfect or having a perfect knowledge or preparation before starting up something, it is not mostly about falling or making mistakes it is about how we react to such situations like what we are able to learn from the mistake, we can make mistake and learn from them and  make better decisions, there should be room for reevaluation in order to improve in so many kind of ways. We don't have to despise our little beginnings.

[allthebitandbobs]

Promoting a business by advertising in various places is a great step because it can reach a wider audience. Currently, there are many advertising methods that people can utilize, such as media, influencers, and other targeted advertising platforms. Large companies even allocate specific funds for advertising, and this is one of the keys to business success. I believe the effects of this type of advertising promotion can open up opportunities for businesses to grow even further.

Advertising can drive increased sales or even build a more popular brand image because the promotion through advertising can be packaged as attractively as possible. I think advertising is one of the things that is needed and all companies, big and small, make efforts to reach their customers and thus advertising can be more effective and measurable.

Be careful with influencers, they may not be bringing as much as people think they do. When we had a business, we hired an influencer of the topic to come in and make a post on instagram, this person had 200k following on instagram, and had thousands liking it as well.

Maybe it wasn't influencers fault, I am not saying they are bad or anything, I am just saying it may not be helpful to you, because it was not helpful to us, it didn't create even a single sale out of that. It's a business that no longer exists, so maybe the fault was that we just had a bad business, so maybe influencer isn't the responsible one for zero sales. I am just saying before any of that marketing, make sure people will want your business.

[coupable]

Let's continue following the same example. Advertisement is a mast in any competitive niche. How much you know about advertisement importance in all kinds of businesses? You have to realize that big companies spend near to 66% of their budget for advertisement campaigns and without that advertisement the business will die. Take the example of crypto casinos in bitcointalk and how much they spend in various promotional compaigns. Some signature campaigns have more than 100 participants that should be paid every week and some campaigns are running since years.

Promoting a business by advertising in various places is a great step because it can reach a wider audience. Currently, there are many advertising methods that people can utilize, such as media, influencers, and other targeted advertising platforms. Large companies even allocate specific funds for advertising, and this is one of the keys to business success. I believe the effects of this type of advertising promotion can open up opportunities for businesses to grow even further.

Advertising can drive increased sales or even build a more popular brand image because the promotion through advertising can be packaged as attractively as possible. I think advertising is one of the things that is needed and all companies, big and small, make efforts to reach their customers and thus advertising can be more effective and measurable.

Ok adverisments are important and are the most important that require a large budget portion. When a businessman is ready to full accomplish all other steps, management can be done througn lending by investor lenders who trust the value of the project and are sure by generating profits by promoting it.

[sana54210]

Building a business is a learning experience, and the more you learn, the better you get. This requires time, and time is costly in business, you own a business and pay, which means we are going to have some bad results if we are not careful. I think it's clear that we are going to end up with some bad results if we are not careful.

So make sure you have big capital enough to sustain you until you are good, you are not going to start a business and on day 1 you are going to be great. Look at all these huge big companies for example, tesla bankrupted and Elon Musk bought over because of that, now it is one of the biggest companies in the world, apple was bankrupting and brought Steve Jobs back and one of the biggest companies now, even facebook wouldn't happen if someone didn't pay them up tens of thousands to start.

[LeyMonte]

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

It is definitely essential for a person who intends to do business, because if they do not have good knowledge about that business then they will not be able to handle it well. But I agree with you on one thing: before starting any business, it is better to work in a company related to that business. In this way, employees within the business will be able to explore everything, including the steps to take and the problems to solve, and learn effectively. An important point here is that if he works in a company related to the business he wants to start, he will be able to understand the internal activities and identify any potential problems. Later, when he starts his own business, he will be able to solve all the problems and start a good business.

[Taskford]

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

It is definitely essential for a person who intends to do business, because if they do not have good knowledge about that business then they will not be able to handle it well. But I agree with you on one thing: before starting any business, it is better to work in a company related to that business. In this way, employees within the business will be able to explore everything, including the steps to take and the problems to solve, and learn effectively. An important point here is that if he works in a company related to the business he wants to start, he will be able to understand the internal activities and identify any potential problems. Later, when he starts his own business, he will be able to solve all the problems and start a good business.

I find this as smart move to be done by those people aim to build a business, because they can learn a lot of things if they work first before they try to build their own business.

For sure that he can learn how to deal with challenges also techniques done by his employer to make his business successful.

What's really great about it is he might know on when the owner get his supplies and other more. With those things provably that their start would not be so hard compare if they don't have great knowledge on the business they try to built.

[Fredomago]

Nothing is done perfectly at the first trial especially in business where the risks are elevated. However, when starting a business, it is important to have a good plan and a backup plan. When drafting out the plan, one should avoid "being an island of knowledge" as the theoretical knowledge you have is vastly different from practical knowledge, it's important to consult people who have experiences in that field for guidance. Another mistake that should be avoided is in making financial decisions especially in terms of advertising. As essential as showcasing your services is, it should be done with foresight. When booking spots for advertisement or sponsorship, the feedback from your target audience is paramount. For instance, if the target audience for the business are youths, advertising in secondary schools will not bring as much revenue as advertising in spots popular to youths.
Although starting a business comes with its risks, proper planning and consulting will help minimize it.

With good knowledge and ideas about the business that you are planning to established always matter, more on how good you are in dealing doing your research seeking for more help and planning ahead with what services or products that you'll going to start, like what you said, in terms of advertising, targetting the right venue and market will help your business a lot, that's why it's best to do make sure that you fully understand how it going to work and how it will help you in gaining success.

[@nn@_pen9]

Starting a business begins with making calculated risks,you don't just delve into a business because you saw others going into the business and making progress.Inquire knowledge about a business you're interested in, don't be independent about a new business you're interested and about starting.Always think on productive ideas about the growth of a business,you can't just stick to one idea for a long period of time, it's even more better to risk it than not making an attempt.One major reason about the downfall of a business is the fact that business owners employ at the very beginning of a business, it's quite obvious that at the very start of a business, enough profits haven't been made to pay an employee.

When starting a business, there are certainly risks we will face, but we must be prepared with solutions to ensure the business continues to run smoothly. If we simply see others succeed in a business and then try without understanding the business itself, this will be very risky. Of course, it is very important when deciding to start a business to obtain accurate information about the business and when starting to run a business it would be better to start working on your own because it is true as you said the profits we get are not enough to pay employees and if we can do it ourselves of course it would be better until the business being run develops before hiring employees.

These days people don't find solutions to the downfall of their businesses rather they quit and find another business that would become more successful in the long run.What makes you think that the next business you're about delving into doesn't have lapses if not managed properly? Finding a solution in the downfall of a business is what I call growth, don't quit.After being informed by experienced ones in the business you're into, don't just stop there it would be important if you find your own uniqueness towards the business and add it up with the ideas you've acquired in respect to the business.

Exactly. Failure is often the best teacher, as circumstances force us to adapt and innovate. Indeed, we should seek solutions when we fail, or when our business is still running. This isn't just about surviving, but transforming, or improving, far better than before. Indeed, information and experiences from people who have failed several times while pioneering their businesses can make us realize that achieving it is not easy. A successful business isn't built overnight the process is full of challenges, adaptation, and innovation. The experiences of those who have overcome failure serve as inspiration, demonstrating that consistency, perseverance, and the ability to bounce back are key.

[Ayers]

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

Useful advice and a key factor when starting a business but I see few people mention and discuss it in this topic.

Indeed, even if we have perfect plans, strategies, and large capital but if we lack experience. It is very likely that we will fail quickly because there is a huge gap between saying and doing, between theory and practice.

So I hope people who are fresh graduates or thinking about starting a business should know about this. Instead of rushing into starting a business, take three to five years to gain experience by working in the field you are pursuing. Don't rush into starting a business because reality is much harsher than we imagine.

[dunfida]

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

Useful advice and a key factor when starting a business but I see few people mention and discuss it in this topic.

Indeed, even if we have perfect plans, strategies, and large capital but if we lack experience. It is very likely that we will fail quickly because there is a huge gap between saying and doing, between theory and practice.

So I hope people who are fresh graduates or thinking about starting a business should know about this. Instead of rushing into starting a business, take three to five years to gain experience by working in the field you are pursuing. Don't rush into starting a business because reality is much harsher than we imagine.

Starting anything without experience feels like stepping into a storm blind because theory looks clean while reality hits in ways books never show. even with perfect plans strategies and a big pile of capital someone without real field experience ends up surprised by problems they never imagined and that shock alone can make the whole business collapse. the gap between knowing and doing is huge. Fresh graduates often think starting a business immediately will fast track success but they miss the part where the first three to five years are usually where the real learning happens. working inside the field gives you instincts that no classroom can teach and those instincts later become the difference between surviving and failing. Rushing into a business without that foundation is like building a house on soft sand.

Experience teaches timing negotiation people management crisis handling and the small daily decisions that quietly decide whether a business grows or dies. These lessons appear only when you are inside the work living it day after day not when you are outside imagining it. reality is always harsher than the dream and only experience makes that reality manageable.

[uche6215]

Snip

Useful advice and a key factor when starting a business but I see few people mention and discuss it in this topic.

Indeed, even if we have perfect plans, strategies, and large capital but if we lack experience. It is very likely that we will fail quickly because there is a huge gap between saying and doing, between theory and practice.

So I hope people who are fresh graduates or thinking about starting a business should know about this. Instead of rushing into starting a business, take three to five years to gain experience by working in the field you are pursuing. Don't rush into starting a business because reality is much harsher than we imagine.

The place of experience is one thing that can't be replaced by anything because, business is a practical field business is beyond theory any can theorize and even learn about business from schools but that is not enough for anyone to succeed in business. Practicing what you have leant in the theory phase is the defining factor when it comes to running a business.Having a first hand expertise experience is what makes the difference in the business world, there is definitely going to be a clear difference between someone who has built his time getting experience and some who just come to start a business without getting the needed experience.

[BigBos]

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

Useful advice and a key factor when starting a business but I see few people mention and discuss it in this topic.

Indeed, even if we have perfect plans, strategies, and large capital but if we lack experience. It is very likely that we will fail quickly because there is a huge gap between saying and doing, between theory and practice.

So I hope people who are fresh graduates or thinking about starting a business should know about this. Instead of rushing into starting a business, take three to five years to gain experience by working in the field you are pursuing. Don't rush into starting a business because reality is much harsher than we imagine.

You don't need experience to start a business, but I agree that having experience in the field or business you're building is much better. It gives you a better understanding of what you need to do, whereas inexperienced people are often a bit confused about where to start.

This reminds me of a friend of mine who started his own business. He initially worked in a restaurant or food stall, and now he's established his own business. However, with his experience, he's become more knowledgeable about what to do, one of which is to differentiate his menu from others. This is one example of how experience is incredibly beneficial for starting a business.