What are some common mistakes people make in business?

[Chibson]

Also even if you know well how the business works is still risky because in times of crisis or recession everything can go to hell quickly, it is always better to use your funds and have an emergency fund for these cases.

You are right, but anyone who wants to go into a business must be ready to take some level of risks. You may not have the money to go into the business and you have no other option that to take loan.

 

[relcap23]

Well, we all tend to make many kinds of mistakes while conducting business. So, when it comes to conducting any kind of business, what are some of the most common kind of mistake people commonly make. I think that not being able to get enough knowledge is one such huge mistake many people make.

Never use your business income for other expenses.

 

[oldbuddy]

One of the worst mistakes I have seen with new businesses is they fail to recognize the importance of a good sales force (even if it's only them). It's a known fact that in any business of any kind, nobody makes any money until somebody sells something. If you own the business and are the only salesman, you need to dedicate enough of your time to create enough sales to keep everyone busy if you expect to generate enough profit for success. If you decide to hire someone to do that job, pay them enough to provide motivation for them to excel. It's that simple.

 

[Raja]

Lack of business knowledge is a problem and mistake most entrepreneurs make and we can also add curiosity because they like to rush with it and the end result is loss.

 

[riberet19]

You are right, but anyone who wants to go into a business must be ready to take some level of risks. You may not have the money to go into the business and you have no other option that to take loan.

Yes, this is true but I think it is one of the risks that is better not to assume from my point of view, but if you have no choice and you get profit margins even by borrowing, then there is no problem

 

[Ebutech]

Well, we all tend to make many kinds of mistakes while conducting business. So, when it comes to conducting any kind of business, what are some of the most common kind of mistake people commonly make. I think that not being able to get enough knowledge is one such huge mistake many people make.

Not making enough market research as regards to what people will be needing, one thing is to have goods another thing is to have a readily available market for your goods and services

 

[Sanjeev]

Also, it's a competition which sometimes an entrepreneur ignores. Sometimes the cost of your product may be expensive as compared to the product of your competitor so as an entrepreneur one must check the cost of the product they are selling in the market as no one would like to buy the same product at a high price.

 

[Imran Noori]

Well, we all tend to make many kinds of mistakes while conducting business. So, when it comes to conducting any kind of business, what are some of the most common kind of mistake people commonly make. I think that not being able to get enough knowledge is one such huge mistake many people make.

I agree with you, before starting a business the most important factor is knowledge about business.

 

[SHAHID987]

The common mistake they do due to which their business fail is lack of knowledge about that particular business. Lack of capital, poor decisions about product or services.

 

[Suba]

Many common mistakes that are often made by business people include not preparing funds for marketing expenses, not doing market research. Pricing is too high/expensive etc.

 

[Chibson]

One of the major mistakes some businesses make is not employing people who are skillful. Skillful will always bring new ideas that will help the business grow.

 

[eldavis]

One common mistake young entrepreneurs make today is going into a particular business simply cause they see others around them doing the same business, hence they invest into it without even trying to find out if the business suits them.

 

[Chibson]

One common mistake young entrepreneurs make today is going into a particular business simply cause they see others around them doing the same business, hence they invest into it without even trying to find out if the business suits them.

Probably, whenever you venture into a business because you see others doing so, you will make lots of mistakes.

 

[eldavis]

Probably, whenever you venture into a business because you see others doing so, you will make lots of mistakes.

Speaking from example, i have experienced this before. I joined a business because it was popular and there where lots of talks about how much profits people where making, i ended up loosing my startup capital.

 

[Chibson]

Speaking from example, i have experienced this before. I joined a business because it was popular and there where lots of talks about how much profits people where making, i ended up loosing my startup capital.

That's just it. People should not be carried away by the popularity of a business. It takes enough knowledge and consistency to succeed.

 

[Imran Noori]

One of the major mistakes some businesses make is not employing people who are skillful. Skillful will always bring new ideas that will help the business grow.

I agree with you, it is necessary for every business to hire experts and talented employees.

 

[Chibson]

I agree with you, it is necessary for every business to hire experts and talented employees.

Definitely, that is why whenever you want apply for a job they will ask you for your experience. This is because so many businesses are looking for experienced people.