What is the biggest mistake you made in your first business?

[freelancermaria]

I am quite sure that most business owners here have reflected on their experiences. As a business owner, what do you consider to be the biggest mistake you made in your first business venture? Some business owners believe that failing to conduct market research was their biggest mistake, while others think they were too influenced by negative criticism or that they neglected to create a business plan.

 

[Fidelia]

The biggest mistake that I made when I started business was that I wanted to model my business operations after someone without checking the factors surrounding that model. I failed woefully.

 

[eLdavis]

My biggest mistake was starting my business with a price that was not reasonable to me simply because i was trying to attract more persons. The best is to set your standards from the very beginning.

 

[King Belieal]

The biggest mistake I made was having too much stock as a starting business. That made me to run at a loss because I didn't have much customers to take off the stock.

 

[Starmix]

I madre a mistake of renting a space in the mall. I was told that there is a cheaper space in superstores and people are coming in and out from 8 in the morning up to 8 in the evening.

 

[Augusta]

One of the biggest mistakes one can make early on in a business is not taking the time to truly understand the target audience.

 

[Starmix]

There might be petty mistakes but are soon corrected. What's important is never to repeat the same mistakes that may turn off people especially the customers who bring money to the business center.

 

[Augusta]

Another mistake to be avoided is employing more people for a small business. This is more expenses for the business

 

[Starmix]

If your business is not growing well, it is not advisable to spend much and utilize the money from the proceeds of the sales. that will make your business go bankrupt. Avoid this mistake.

 

[Augusta]

Yeah it is to avoid the mistake of spending your business profits rather you need ti try to reinvest it

 

[Miley]

The first mistake that I made in business was giving out products on credits. I never recovered my capital from that.

 

[Starmix]

The first mistake that I made in business was giving out products on credits. I never recovered my capital from that.

That was indeed a mistake. Do you have receipts of their purchases in credit so you can call their Stratton to the court or to the police station? Indeed, it's not advisable to allow credit in business.