With the end of the recession, its time to reap some more widespread benefits of the boom. 2011 is hence supposed to be the year of stronger demands and burgeoning business opportunities.
Common Mistakes in Starting New Business
Lack of Research The most common startup mistake is a lack of knowing the wants and needs of future customers.
Being Product Centric Rather than Consumer Centric Several entrepreneurs are so captivated by their "idea" that they focus entirely on the product and the enterprise. Later they are forced to learn that people do not automatically buy products that the entrepreneur expected them to love!
Overestimating Revenues Another common mistake people new to business make is overestimating revenues and underestimating expenses.
Being Too Trusting Most small business first timers trust everyone around them and listen to all the noise. Take the advice but don't live by it. Your two best friends in business are your accountant and lawyer!
Giving Up Easily Failure is part of owning a business. But as an entrepreneur, you have to put failure in a category that is temporary. Failure is but one of many rungs on the ladder of success.