Here is a few to start up this thread 1. Disorganization 2. Low belief in success 3. Negative association 4. Not enough money ........................................
The most common and avoidable mistake I see all the time is "not selling what people want to buy". If you are selling burgers, what's the most important thing to have in your business? Maybe you'll want the burgers to be super-tasty... the best tasting burgers ever invented? Or perhaps great advertising, a fresh branding concept, good motivated staff, inventory control, cost management, quality control, franchising strategies, et al? All these are truly important indeed, but the most important success criteria you'll need is to have "a starving crowd". Go where the starving crowds are, and you'll have the odds stacked in your favor. How much money you can make is then determined by how well you can execute and manage your business. Without the starving crowds in the first place, you can be the best-run business in the world and it will still not make much of a difference to your bottom line. So do your research first, and sell what people want to buy. Simple advice, but it's often overlooked. I hope this gentle reminder can help someone out there.
Based on my experience coaching businessman,they main mistake is set the incorrect target such as earn 100million/year but their starting capital is only $100k. They should set realistic target to be successful.
Failure to Adapt! Personally I think this is the biggest thing that is the down fall of small businesses.
1 Thinking it's easy 2 Low self belief 3 Not following through 4 Not knowing your market, and not having a nche 5 Now k nowing what the market actually wants 6 Lack of Marketing plan 7 Insufficient funds to get started.
I believe the biggest is insuffecient research and planning and an over confidence that our business will succeed. Even if it seems everything is going on smooth I believe until and unless the firm is little established, fingers should always be kept crossed and a continuous search for bail out plans in worst situation should be thought of...this is what generally people lack...and I know this is a reason that some start-ups have failed in front of my own eyes. Therefore a continuous clear research of market and competitors should be done ... and a real faith should be there in your business neither less nor more which would reflect the real strengths and weaknesses of the start up.
Short Term Investment! Disengagement towards several business activities! Always looking for high margin profits!