The number one mistake most people make when starting a business

source: Tumblr

..not knowing enough.

Yes, the one mistake that most people make when they start off a business is not having enough knowledge about the business world.

This is why most businesses don’t really expand or are put out of the market as soon as they pick up.

If you are seeking to start your own hustle, make sure you’ve done a lot of research and you are able to speak the language of business. You can start by reading a lot of books on business, attending seminars hosted by entrepreneurs that have already made it or you can go to school (online) to get¬† some knowledge on entrepreneurship.

When you dive in the business world without knowing anything, there so many outcomes that you are likely to face.

  1.  Being in debt because you can not generate enough income.
  2. Spending more money than you are bringing in.
  3. Getting exploited by big organizations because of your business naivety.
  4. Risking your whole business by not getting insurance.
  5. Not selling enough product because you have no sales and marketing skills.
  6. Not having a team that understands your business like you do.
  7. Getting in trouble with the state for tax evasion – you are likely to end up in jail.

If you know whats best for you, you would get some knowledge on business before you start off.

Remember on key thing about business is minimizing risks and it starts with you.

 

 

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