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What is the biggest mistake you see small businesses making?

There needs to be a mistake that you see small business making all the time. What is that mistake?

10 Replies

Arthur Lipper
2
0
Arthur Lipper Entrepreneur
Chairman of British Far East Holdings Ltd.
Going into a business unprepared as to researching the market, identifying challenges, arranging for funding truly sufficient to reach cash flow breakeven.
Robert Warren
1
0
Robert Warren Entrepreneur
Founder and Managing Director, Mean Eyed Cat Venture Labs
Failure to understand the market and competition.
Arthur Lipper
1
0
Arthur Lipper Entrepreneur
Chairman of British Far East Holdings Ltd.
Not partnering with someone who has successfully created a business.
Sidney Sclar
1
0
Sidney Sclar Entrepreneur
SID the SECURITY PRO at sidthesecuritypro.com
No business plan.
Barney Kramer
1
0
Barney Kramer Entrepreneur • Advisor
Business Advisor, Executive, Trainer & Coach, Public Speaker,
They get an idea (which may be a great one or not) and go to work on it without doing the work necessary to verify that its worth pursuing. Once you have all the great reasons its a winner-you need to find out what's not so good about it. Once you have the positives & the negatives and the solutions to the challenges then you are ready to make a decision. Few small businesses ever bother to look at an idea this way. They see the vision and hop on and then find it isn't a vision at all but a nightmare! *What a program.* Anyone wanting to take their leadership to the next level really needs to check this out. It is great!!!!! It's an interactive, multi-media life-changing experience designed exclusively to forever change the way you SEE and GROW your career and businesses. Check it out here: http://smra1.com/seminars/new-leadership-paradigm *"Moving From Where You Are to Where You Want to Be Starts Here"* *S**incerely,* *Barney Kramer, President/CEO* *(209) 444-6549 phone* *www.smra1.com *
Michael Farmer
0
0
Michael Farmer Entrepreneur
Managing Partner, MNSA: Inspire, Aspire, Achieve: 2-10x results from strategic conception to field implementation
All of the above! No plan, no knowledge of the market. Individually, the greatest cause of failure is "owner/founder ego". They believe that they are right and can do everything - but forget that a company is a group of people. And 24/7 is hard on the mind and body - even if one can do everything. Thus, select a few talented individuals to form your company. Get and use professional help. BTW - there is a process to select the right partners and alliances.
Rupert Meghnot, MBA
0
0
Co Organizer at 1 Million Cups
Two things: Insufficient planning & culture, and too much ego. While I agree with the other comments, planning needs to be sufficient. I.e., it has to be enough that you know what you need to know (e.g., your USP, MVP, target markets, competitive analysis, customer avatars, and PROCESSES). Doen't have to be a 200pg plan, it just has to WORK. Then, you need to establish, develop and nurture a culture within your business that adores that Plan. Done right, everyone on the Team will hold each other accountable. And ego? I can, with 100% confidence, point to this a the #1 killer of startups. By a WIDE margin. You don't know everything. There are other highways. And if you aren't flexible, you will not last. Period.
Irwin Stein
0
0
Irwin Stein Advisor
Very experienced (40 years) corporate,securities and real estate attorney.
Lack of experience and failure to surround yourself with people who have experience. You need to have your focus on making the cash register ring and appreciate that businesses fail because the weakest link breaks, frequently, one ket employee who was not uo to the task.
Brendon Whateley
0
0
Founder at Kugadi
In a technology based company, I see people building a product before they try and sell it. Almost without exception what they build does not match what they think the customers actually want.

The quick rule of thumb is: don't build it until you have sold it!
Joseph Wang
0
0
Joseph Wang Entrepreneur
Chief Science Officer at Bitquant Research Laboratories
Not focusing on cash flow. This turns out to be the critical mistake since every other mistake is survivable, but if you run out of cash you are dead.


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