There are some basic mistake which usually people do when they start any business, in my view when we select wrong location for wrong product then we failed immediately. In my middle class locality a person started business of costly solar panel, within six months time he wind up and run away.
Basic mistake which we do when we start a business
- Thread starter SHAHID987
- Start date
This gender of error is resumable means you could resume this kind of mistake by renting another location or selling a product in another place so it is not end of the world.
One of the basic mistake is not understanding the risk that is surrounding the business before starting up.
One common mistake I noted in start-up businesses is that the entrepreneur always think that his/her business is so good that sales revenue will be generated in a short period of time. This mistake in sales forecast leads to overspending, resulting in cash flow problems.
You need to deal on products that are tailor made for your target market. That means you have to understand their level. And make the products to be at their level. It is a basic target marketing practice.
One basic mistake I do is when starting a business is choosing wrong location. The location of the business is off and always lonely. I am planning to relocate to a new place but I don't have enough money to start off.
One of the basic mistakes we do when we start a business is that we always fail to do market survey and feasibility to determine the consumption pattens of the potential customers.
Correct. Then, they realize that they cannot pay them back, so they close their business. This is so sad.
Most people just rush into starting up a business without taking time to find the best location for them to set up the business and its affects how the business grows because of poor sales.
Not setting a goal before starting up your business is another big mistake one should avoid.
Yes what you said is true, I agree with you. Apart from that, another mistake that often occurs in novice entrepreneurs is borrowing large amounts of capital from the bank, even though the financial condition is not yet stable because new businesses are starting up, it is not uncommon to often go bankrupt because the money runs out to pay the installments.
Yes, that's right. To be honest, loans cause me stress. I always get money from my savings to cover any needs that may arise.
Location play a crucial role behind a successful business, you should select your business's location very wisely, you need to find a location where there is a high demand for your products.
Yes, I agree with you. Location is the key. For example, if you sell clothes or shoes, the town centre is the best location. Or if you sell food and juices, the ideal location of your business is outside schools and offices.
Therefore, we must always save some money for our future needs and not spend it all carelessly.