What are the common fatal mistakes when starting a business?
According to Ed Hess and Charles Goetz, authors of the book “So, You Want to Start a Business? 8 Steps to Take Before Making the Leap,” you need to avoid the following mistakes if you want your business to survive and have a chance at success:
- Choosing a bad business opportunity
- Pursuing the wrong customers.
- Trying to sell the unsalable.
- Selling for the wrong price.
- Overestimating the number of and the speed of customer purchases.
- Mismanaging the business.
- Failing to hire the right people.
- Losing good employees.
- Being unable to accommodate growth.
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Read the book excerpt “Small Business DOA: Nine Killer Mistakes to Avoid When Starting a Business”
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About Isabel Isidro
I agree with the “9 killer mistakes” you have posted in your article. Somebody I know recently opened up their own business, but failed within a year. The timing was perfect, but their marketing and sales tactic was out of touch and that led to his failure. Understanding marketing and sales, I tried to let him know what he should do in order to succeed, but with entrepreneurs, it’s hard. The mistake he made was his target and sales price. He over estimated his customers and eventually, he failed. Thank you for the post. I hope people will take into consideration.
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The worst ’success killer’ word is – try. Thanks for the tips!
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