Common Startup Mistakes

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5 Common Entrepreneur Mistakes to Avoid

Startup business mistakes

As a business owner, avoiding common startup mistakes can help increase your odds for success. You’ll make wiser decisions about operations, hiring and finance. In addition, you’ll have a more rewarding experience, which can reflect throughout your organization. Positive, forward-thinking leadership can increase the likelihood of strong growth.

In the excitement of starting a new venture, it’s easy to lose sight of common-sense practices. Here are five business mistakes to avoid when starting a business.

Runaway optimism

It’s easy for entrepreneurs to become enamored with their business idea. But allowing that love for your product or service to turn into overconfidence can leave you unprepared for challenges ahead. It’s one reason why businesses fail and why business owners need to coolly evaluate their organizations.

Setbacks are natural, especially as you're learning the ropes of running a new business. Success may not happen right away, and you may have to invest more time than you initially planned to. You may have to delegate more than you're comfortable with. Maintain your optimism, but remember that it's important to plan responses for different situations that may arise.

Make a plan

Creating a business plan with thorough market research and analysis can give you a clearer idea of the true potential of your business.

As part of your business plan, perform a SWOT analysis. "SWOT" stands for strengths, weaknesses, opportunities and threats. A SWOT analysis can help you identify factors within the business and outside its control that may affect its future performance and ability to remain competitive. During a SWOT analysis, you'll look at:

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