.Government studies show that seven out of 10 new employer firms survive at least two years, and about half survive five years. If you want your new business to succeed, it is important to avoid disastrous operational mistakes that kill new businesses.
From the article “Small Business DOA: Nine Killer Mistakes to Avoid When Starting a Business”, here are the mistakes that you need to steer clear of if you want your new business to succeed and thrive:
- Choosing a bad business opportunity.
- Pursuing the wrong customers.
- Trying to sell the unsalable.
- Selling for the wrong price.
- Overestimating the number of and the speed of customer purchases.
- Mismanaging the business.
- Failing to hire the right people.
- Losing good employees.
- Being unable to accommodate growth.
Source: “So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap
