Most small businesses fail. For some, it takes longer than others; but within 5 years, more than half of small businesses shut their doors. If you want to have a successful startup, you need to avoid the mistakes pointed out in the Inc.com blog last week:
- Not making an effective business plan. Business plans aren’t just for getting loans. They’re an important part of creating a roadmap for success.
- Not doing enough marketing. You’ve got to get the word out.
- Thinking too small. Be willing and ready to dream big.
- Being inflexible. You need to be willing to make adjustments in order to succeed.
- Assuming your passion will spread to employees or customers.
- Ignoring strong criticism. Listen to those dissenting voices, and heed their warnings.
- Spending all of your money. If you bankrupt your personal savings, you’re going to have a heck of a time recovering.