1/16/2021 Tip: 6 Mistakes to Avoid When Starting a New Business

Today’s Quote

A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
~ Winston Churchill

 

Today’s Tip

Avoid these 6 mistakes when starting a new business

  1. Treating Your Business Like a Hobby: You can’t just tend to your business when you feel like it. 
  2. No Clear Plan or Strategy: If you fail to plan, you plan to fail. You need a business plan and strategy.
  3. Spending Money in the Wrong Places: be careful where you spend your money.
  4. No Recordkeeping System: Start keeping good, clean records from the beginning. You will feel more in control and your day-to-day office tasks will go a lot smoother.
  5. Not Having a Niche: Start a business that you are passionate about, and is in a niche that you have knowledge about and that has a purpose for you.
  6. Not Getting Any Feedback: get customer feedback before you start out, so you can get a feel for the market. And once you’re up and running, keep asking for additional feedback on your product or service.

 

Today’s Resource

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Trivia

Today’s Question: A 1959 commercial for Good Luck Margarine featured whom as the spokesperson?

Previous Question: All of Henry Ford’s cars were black until 1925 when he introduced two new colors. What were they?

Answer: Green and maroon.

Ford once stated that “Any customer can have a car painted any color that he wants so long as it is black.”

Clearly this was not a customer-centric statement. But Ford got away with it because he had limited competition.

When competition increased, Ford was forced to better satisfy customer needs by offering different colors.

The lesson is that you must always be thinking about how to better satisfy your customers’ needs.

And this is true, even if satisfying them is costly. For instance, in Ford’s case, there might have been specific reasons why he chose black, including the fact that black paint (at the time) dried faster and was more durable than other colors.
 

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