I’ve made my share of stupid business mistakes, and I have seen many other business owners make similar mistakes.
These are just a few tips for new business owners or those who about to be new business owners.
1. Spending too much money-
Until you have a steady cashflow coming in, don’t spend your precious start-up cash unless it’s absolutely necessary.
2. Going against your intuition –
If you base all your business deals on hard logic and ignore your intuition, most likely you’ll be in for a world of disappointment.
3. Failing to focus on value creation –
Why does your business exist? To make a profit, but it also exists to provide some sort of value, both for you and your customers.
The world doesn’t need more stuff to be sold. The world does, however, need and want genuine value creation, and that’s where you should direct all of your efforts.