The two huge mistakes you can make when starting your business are to:
1. First decide on a product or service to sell and then go out and try to find customers to buy what you’re offering.
2. Start without a fully-researched business plan.
Deciding on a product first and then looking for customers to buy your goods is a common problem, and the reason many businesses fail. What happens is this. The novice entrepreneur comes up with a great idea for a business, stocks up his shelves, opens his doors and then nothing happens. In our town I’ve seen so many examples of this, where would-be entrepreneurs arrive full of optimism that our town wants their gift shop, book shop, candle shop solely on the basis that we haven’t got one already.
Why haven’t we got one of these shops? Is it maybe that no one either wants or needs whatever it is you’re trying to sell them? Or if they do, perhaps there aren’t enough potential customers to make the business viable.
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