Home > Business Planning, Business Resources > Seven Startup Sins to Avoid from CNet News

Seven Startup Sins to Avoid from CNet News

05/04/2012

CNet News put together a concise article on the major sins of many small business start ups.  We felt it was worth re-posting.  There is a link to the full story at the bottom.

1. Losing Focus. Many entrepreneurs start off with an overload of ideas. The trick here is to manage your urge to build too many features. Instead, focus on the most applicable  to effectively move your product forward. Giving your users too many options can overwhelm them thus causing them to abandon your product. Keep it simple at first.

2. Ignoring Your Cash Flow. In the beginning, managing cash flow trumps the importance of profit or revenue by a large margin. Your new business will need a lot of room for take off. The best way to ensure stability is to have enough cash to support the business.

3. Obsessing Over Competition. If you focus on your competition too much, it will effect your product. Instead of worrying about what others are doing, focus on your own business and you will ultimately enhance user experience.

4. Failing Slowly. The chances of your product or company being a dud are fairly high. In order to prevent a long and painful end, use the beginning stages wisely to research and develop your ideas. That way if you are bound for failure you’ll be the first to know about it.

5. Ignoring Company Culture. While it’s easy to make your company’s culture a low priority in the beginning, it has to be noted that company culture is like plaster; once it’s dry it’s awfully hard to reshape. So make sure you know what kind of culture you want your company to have and that you are encouraging it from day one.

6. Being Complacent. Never get too comfortable. Just because you are doing well doesn’t mean you’ve eliminated all of your competition or your challenges.

7. Not Building. It’s hard to take risks, especially when you are just getting on your feet. But your best bet is to build and just see what happens. That way your business at least has a chance to grow.

You can find the full story here.

If you are interested in attending a Small Business Start-Up course, please check our class schedule to view course offerings.

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