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Hi Guest , Tue 24.January.2017, 03:58:50 AM 40298 Kins!


4 Deadly Snares or Pitfalls All Start-ups Must Avoid

precious NG ...661 days ago
Starting a new business in any field is
never likely to be a walk in the park.
Whatever your specific goals are there
will be any number of ways in which
your pursuit of success could be
scuppered.
But there are also some predictable
problems that all start-up operators
should be looking to avoid if at all
possible.
Here’s a look at 4 such pitfalls well
worth having in mind if you’re
embarking on a start-up journey of
your own.
1. Failing to properly prepare
Quite what amounts to “properly”
preparing to start a business is always
going to be a matter of opinion and
individual judgement but the list of
companies that fail because their
founders didn’t do their homework is
endless.
Missing opportunities to launch can be
a problem too but failing to gain a clear
understanding of the market you’re
entering and what your business will
offer is almost a sure-fire way to leave
your start-up struggling from the
outset.
“By failing to prepare, you are
preparing to fail.” – Benjamin
Franklin
2. Taking on too much debt
Not every start-up company can attract
investment funding on a significant
scale and use it to make rapid and
worthwhile early progress. Therefore,
taking on debt can be essential and
unavoidable for start-ups looking to
get their ideas off the ground.
However, taking on too much debt can
leave new businesses with a burden
that quickly becomes too much to bear.
As a rule of thumb, it is generally a
good idea for start-up operators to
only borrow as much money as they
really need , rather than as much
money as they are able to secure
access to.
3. Staffing up too soon, or too late
Figuring out when and on what scale
to take on more staff to help grow a
new business can be extremely
difficult. Getting it wrong though and
taking on too many recruits too
quickly can again leave a start-up
struggling to keep up with its
increased costs and to manage its
resources effectively.
On the other hand, start-up founders
that are too reluctant to let go of the
reins and start delegating tasks when
the time is right can also find
themselves heading up a business that
doesn’t really work or which cannot be
scaled up effectively.
So getting the balance right can be
crucial in ensuring that a new
company can in fact move from the
start-up stage to fully-fledged and
sustainable small business status.
Richard_quote_train_people_s
4. Letting inexperience show
There is nothing to say that a start-up
entrepreneur needs to have a certain
level of experience behind them in
order to achieve their goals and
become successful. However, it is often
very important that anyone who is
starting a new venture without much
experience should seek out the advice,
guidance and support of others with a
history of effective business
leadership.
Ultimately, the success or failure of a
start-up venture will be determined
by a variety of potentially
indiscernible factors but certainly
avoiding the above pitfalls can go a
long way towards giving any new
business a fighting chance of
maximising its potential.
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