Mistakes One Cannot Afford When Starting A New Business

Starting a business can be an achievement for some, or a dream come true for the others, but it is natural for the first timers to make mistakes. Hence, it is not a surprise that many new entrepreneurial ventures die down or crumble even before they are able to see the light of the day. Through this article Mr. Ajdin Sejdia presents before you some bloopers that you commonly make when starting your venture. Avoid the bloopers and be a successful business person:

1.     No Clarity: You have to have this if you have started a business. How can you even plan to start a business of you do not have this? Once you role out you will numerous questions doing the rounds, what, why, when, how etc. You cannot afford to be unclear about them, “I know, but I haven’t thought about this”.  You are the owner who will know these, else but you! Do not come across as a person who is confused.

2.     Unplanned Target Market: When rolling out who are you targeting? Do you know your audience/customers? Do you know there characteristics? A very important aspect of your business. After the conception of the idea this should be the next logical step and if you have not done this you are lost since the start. You can not begin the race if you do not know who you are going to serve!

3.     Loan Assumption: It would be imprudent of any new business man to assume that the bank would lend them, especially after the recent global financial crisis. The banks have become choosier and regulations bound these days when it comes to lending, especially to new business persons. Moreover, as the new businesses are prone to fall and close they shy away from lending to new businesses. Hence, it is very important to plan your finances well, be prepared to fund through personal savings, credit cards etc in the initial stages.

4.     Loan from family/friends: Avoid making such a blunder. Business and personal relations should always be maintained separately. Such issues often end up souring the relations and you do not want them. Be smart organize your own finances and avoid borrowing from friends and families even if the offer. If your business idea is unique and profit worthy there are many financial institutions and other institutions that back such people financially. Approach them.

Mr. Ajdin Sejdiu is a well-known businessman and owner of the Sky Master Group; he has been successful in major businesses and has helped many businesses grow. From his ideas and advices, a lot of businesses have achieved to rise, hopefully this tips will also be helpful for your business too.
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