Skip to main content

Common Mistakes that Nearly Every New Start-up Makes

Starting a company is not easy to say the least. After all, there are so many things that you need to think about and there are also many decisions to be made. The pressure can easily lead to poor decisions too. If you want to stop this from happening to your business, then these are the top mistakes you need to avoid making.

Skipping out on the Planning Phase

Planning may well be a tedious process, but if you do not have a solid plan, then you will end up struggling overall. You may not have any idea about what potential your idea has, and where you need to be financially in order to further your business. If you want to help yourself then plan out everything you can. Ideally, you would have a business plan, a marketing plan and a financial plan. If you can write down objectives for the above three points, then you will already be putting yourself on the path to success. If you need some help here, don’t overlook hiring a developer for a startup purposes.

Source: Pexels (CC0 License)

Setting Goals that are Not Measurable

Goals can give you a lot of direction when you start your business. They also help to keep you on track when it comes to the day to day decisions you make. If you want to help yourself then you need to set SMART goals. You need goals that are measurable as well as ones that have specific steps outlined so that you can accomplish them as you go. This will help you greatly, and it will also help you to avoid straying too far from the path.

Undervaluing Your Company

If you don’t have much confidence in yourself or if you have a fear of failure then this can cause you to under-price or even over-price your services and your products. This is a very dangerous path for you to take because it will undermine the value that you bring to the table. It may even cause frustration, which is the last thing that you want. If you want to help yourself then you need to identify the best possible entry point for what you are selling. Use your competitors and your base value as a benchmark, and then go from there. Remember, undervaluing your products may get you a lot of sales, but you will have to put in double the work just to make a profit and this is the last thing that you need.

Avoiding Tech

Sure, new tech can be costly, and it can also put a serious dent in your budget if you are a start-up. If you avoid tech though then you may find that it costs you more in the future. If you can, you need to be investing in tech, if it is going to give you a good ROI. If you follow this rule then you will soon find that you can continue growing your business while you make money and this will really work in your favour, not to mention that it will also help you to stand out from the crowd.

 

 

Comments

Popular posts from this blog

Chinese New Year Reunion Dinner At San Jose 2022

TABLE FOR FOUR... We had our own reunion Chinese New Year dinner on Monday evening.... we made a simple one, just hot pot at home.  All we have to do is to clean the vegetables, get everything defrosted... and the hot pot boiling with a packet of seasoning.  They sell a lot of hot pot seasoning over here, from tomato soup to shrimp and chicken soup, I just threw in the whole packet of paste.  No doubt not so healthy but it is so easily done....  As usual, Chinese New Year won't be CNY without a plate of Loe Sang...  No crackers so I put in a few pieces of Tacos... LOL... Most important is the sauce....  The apricot, plum sauce and honey makes it right.... And our dishes for the evening..... We ate too much shrimps the day before so we omitted for this evening.... Simple and yet satisfying meal for our Reunion Dinner....

Cookies For Chinese New Year 2022 In San Jose

MISSING IN BLOGGING AGAIN.... this has become a norm now ever since I arrived to this continental... LOL... Now I understand the word of Full Commitment when it comes to taking care of baby... seriously, I have to be fully commited and occupied by this little cheeky fella who is now going to be his 10th month soon.  Wow... time flies, when I first came, he was just slightly over four months... that being said, it is soon time fo rme to pack my bags and leave.  LOL... My 6 months being a babysitter is soon over... and did I say I can hardly wait?  NO, NO... I love my job here and I am going to miss my baby tremendously!  I only don't miss his cries!  LOL...  OK, by the time I write this post, Chinese New Year is over, it is now the 4th day of CNY.  Two days before the Lunar New Year, my daughter-in-law and I cooperated fully and baked a few types of cookies.  Looking back at these pictures, I dare say that we did a good job... not on the cookies but at least we had a great time bond

Buffet Lunch At Baccanal Caesar Palace Hotel, Las Vegas

BUFFET LUNCH... We made reservation for a nice buffet a week before we came to Las Vegas, the buffet is one of its kind in Caesar Palace, Baccanal is the name of the restaurant.  My kids were saying that we must have at least one good and memorable meal while here in Las Vegas and they chose the seafood buffet.  It cost around $90 per pax and being Asians, sure we would be attracted to just seafood!  Alaska Crabs... hairy crabs....lobster claws..  clams etc etc...  Oh, I did not take much photos on what we ate, just too busy stuffing in and to take out the camera with dirty hands and all.  LOL.... Just the initial stage and after that, it was all about eating and eating... oh, by the way, they only allowed 90 minutes in the restaurant, but I don't think they timed anyone... LOL.. Anyway, we took that amount of time to finish our food, sipping free champayne and mocktail too.  What a scrumptious meal... from mains to desserts, I think we only had one meal done for that day itself...