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ABCs of Starting a Business

Mistakes Not to Make Or Learning From Others. ABCs of Starting a Business. There are an abundant list of resources sharing examples of mistakes business make. These include Fortune, Wall Street Journal, Forbes, Inc. and the list goes on.

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ABCs of Starting a Business

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  1. Mistakes Not to Make Or Learning From Others ABCs of Starting a Business

  2. There are an abundant list of resources sharing examples of mistakes business make. These include Fortune, Wall Street Journal, Forbes, Inc. and the list goes on. There is a common thread… here is a list from the their “view from the top”. A View from the Top

  3. Watch the following list. It can be broken into several categories. The most important is new versus existing business. Here size doesn’t matter. First

  4. Undercharging for the product or service provided Concentrating on one only one piece Extending credit too easily Thinking about taxes after the fact A View from the Top

  5. Don’t have a plan of attack Don’t know how to hire AND keep good employees Don’t provide outstanding customer service A View from the Top

  6. Economically dependent on a small group of customers Emotions get in the way of sound business decisions Fail to develop (personally) as a leader or manager A View from the Top

  7. Trying to get rich quickly Assuming you have no competition Being all Business – all of the time Setting unrealistic financial goals A View from the Top

  8. Having no rally point Cutting prices No clear marketing strategy Not being forthright A View from the Top

  9. Trying to do it “all” Starting with a large loan Planning on making a profit right away Spending too much at first A View from the Top

  10. Hiring employees not needed Renting space not needed Not knowing how to collect bills Not planning for cash flow problems A View from the Top

  11. Choosing wrong ownership structure Getting into debt Not involving the family Starting for the wrong reasons A View from the Top

  12. Poor management Insufficient capital Location Overexpansion A View from the Top

  13. And Finally No website If you weren’t counting that is 35 to learn from others A View from the Top

  14. Warning: “Not Planning” Is Not In The List My Picks

  15. My Baker’s Dozen Plus Not in any priority

  16. Not recognizing the 80-20 rule My Picks #1

  17. Don’t know what they don’t know But think they know My Picks #2

  18. Not being “visible” My Picks #3

  19. Hiring “F”s Friends, Family, or Friends of Friends My Picks #4

  20. Lack of branding My Picks #5

  21. Not knowing the difference between “marketing” & “sales” My Picks #6

  22. Putting marketing and advertising down on the priority list My Picks #7

  23. Underestimating expenses or the opposite My Picks #8

  24. Losing track of The core business My Picks #9

  25. Not knowing the 3 or 4 Key drivers My Picks #10

  26. Looking for people to tell you what you want to hear My Picks #11

  27. Not having a personal experience base My Picks #12

  28. Focus on short term My Picks #13

  29. Lacking a basic management skill But too busy to learn My Picks #13+

  30. The 5th Business symposium

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