The Five Mistakes 82% of Start Ups Make

December 23, 2014 |  by  |  Business, Consultancy, Linkedin Blog

 These mistakes apply to Start Ups…Man Asleep

1. Lack of Cash

Starting a business without enough cash to support the investment that is required to hit break even, and begin to achieve positive cash flow…

This usually comes from over ambitious assumptions being made with regard to the time required to get clients, coupled with an under estimate of the cash required to cover the costs.

To most Start Ups; assume it will take twice as long as you anticipate, and cost twice what you had budgeted…

2. Hope as a Strategy

the misguided hope that because a product or service is good; it will attract clients to buy.

Having a passion for the product or service is not enough; you will have to be a Sales and Marketing expert too, or at least find someone who can do this for you.

Customers don’t buy what you sell; they buy the consequences of what you sell when they are derived as benefits to them. No one wants to hire an Accountant, Lawyer or Business Coach; they want the results or outcomes that can be derived as a consequence.

If your marketing says WHAT you do and ignores the BENEFITS that can be expected, there is a huge opportunity being missed…

3. Vision & Purpose 

Going into business with the sole purpose of making money will fail.

I see lots of people who start, or invest in a business with the sole purpose of getting rich; and whilst of course we are in business to make money, it should not be the only focus.

Clarity of Vision, Mission and Purpose are critical – what difference do you want to make in the world, how much value can you deliver to people?…

If you provide a product or service with passion and add value in excess of the price ticket, you will make money; but money should not be the primary focus…

4. Bad Recruiting

Your team can be your biggest asset or your biggest liability, it is up to you which they become…

The number of small companies who hire people without knowing what they are doing astounds me. whilst you may hire people on their skills and experience, you will fire 95% of them on their attitude – so check the attitude first…

Hire people who buy in to your Vision, Mission and Purpose; hire people with positive attitude over qualifications. Hire people you would be prepared to socialise with; if you wouldn’t then neither will you team and clients…

5. Burnout

Attempting to do everything themselves and assuming that they actually know enough to make the business a success; it’s exhausting…

Quitting is the biggest destroyer of most businesses; the owners either literally or metaphorically give up and stop fighting to achieve their dream – it simply gets too hard.

 

Dr. Mark D. Yates the CEO of Link Business Marketing Ltd is considered a global business growth specialist & #1 Linkedin Expert from over 330+ million members’ world-wide. He helps business owners leverage Linkedin for profitable business growth & would like to help you grow your business. Contact him at: Tel: UK (0) 203 390 2013 or at: drmarkdyates@aol.com 
You can view his Linkedin profile at: uk.linkedin.com/in/drmarkdyates
Dr. Mark D. Yates

Dr. Mark D. Yates is a global #1 LinkedIn consultancy business growth specialist, LinkedIn speaker, LinkedIn Sign & LinkedIn training instructor & CEO of Link Business Marketing Ltd. If you need to hire a LinkedIn expert to help you gain profitable business growth, contact him. Tel: UK 0203 390 2013 Email: drmarkdyates@aol.com, connect with him on LinkedIn & Twitter You can view & download his dynamic independent LinkedIn training program at: linkedinswat.co.uk.

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