You have a great idea for a business, the drive and passion that could make a business succeed, and the willpower to push this thing into life.
Of course, you’re going to make a few mistakes – It’s all a part of the learning process. But will you make one of these 10 mistakes that can kill a start-up?
Not if you read this blog post!
I’ve rummaged through the internet, reading, oh I’d say close to a billion articles, to come up with the top 10 reasons that start-ups fail. Heed these warning, and learn from these mistakes so that you avoid the fate of 90% of start-ups!
1. Failure to prepare a business plan
In the “Seven Habits of Highly Effective People” Stephen Covey states that you should “begin with the end in mind”.
This is where your business plan comes in.
Sure, you’ve a great idea – But where do you want it to go?
Creating a business plan will allow for you to gauge exactly what resources you’ll need in order to succeed, and what are the different outcomes that you expect to see. It gives you some clarity with regards your business goals, and allows for you to understand what areas are urgent, what areas can be prioritized lower on the scale, and where to put your resources.
Remember:
“People don’t plan to fail, they fail to plan”