Pankaj Shah

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What are the common pitfalls you need to avoid when starting a new business?

14-02-2020

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Entrepreneurs need to know how to prevent making mistakes when starting a new business.

Making mistakes in business is not uncommon, we all do it, but we also have to learn from the mistakes we make. Why not avoid the common mistakes in the first place?

I like most people started with very little business knowledge and skills, this is not an issue as we all have to learn new skills and running a business means you have to wear “Multiple Hats” and be disciplined in different skills sets.

My golden rule is to look after your customers, give them 110% of your effort and they will recommend your business, basically, that is free marketing and the best marketing you can get!

Don’t be afraid to take some risks, but be calculated and understand the full pros and cons. Having the right staff is essentials, keep your staff happy, reward them for hard work and try to make work fun :)

Make sure you are competitive in your product pricing, keep a close eye on your competitors! If you just starting a new business then get some cash flow so you can get your business website up and running as quickly as possible.

Cheap solutions are not always the best solutions, sometimes you need to invest to grow your business. Keep up with the latest trends and make sure you have a modern business with up-to-date skills sets.

Startup Freak shows a few ways to avoid common start-up blunders in the infographic below.

(Click to enlarge infographic)

What are the common pitfalls you need to avoid when starting a new business?


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