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15 Mistakes to avoid when starting a Small Business

Most of the risks to step into one of the mentioned traps could be easily minimised by putting together an extensive Business Plan which would outline Milestones, Marketing Strategy and the returns, Expansion Strategy, Profit & Loss, Financial forecasts and unique Selling Points. 

  • Not Validating the Business Model before Investing
  • Not adjusting to what Customers want 
  • Starting other Businesses too soon
  • Not having a clear Elevator Pitch 
  • Focusing on Revenue instead of Profits & not having a clear Revenue Model 
  • Looking at Marketing as an Expense vs. Investment
  • Expanding fast into other Markets without a good strategy
  • Not delegating tasks sooner 
  • Following the Industry Norm vs. having a unique Selling Proposition
  • Shiny object syndrome distracting from your Core Business
  • Taking the eye off Receivables
  • Getting distracted working from your Business vs. on your Business 
  • Not celebrating minor Successes & only focusing on Problems 
  • Not measuring marketing returns
  • Not learning to step away & reflect to control Emotional Reactions

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