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5 Mistakes You Should Avoid When Starting a Business

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Here are the 5 mistakes that you should avoid if you are set out to start your very own business.

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5 Mistakes You Should Avoid When Starting a Business

  1. 1. 5 Mistakes To Avoid when Starting a Business
  2. 2. 1) Not having a Business Plan Failing to formulate a plan for your business can jeopardize your future & financial security.  Having a well-thought business plan allows you to have complete clarity on your business strategy. Furthermore, it also enables you to test and validate your business ideas and in turn, help raise funds for your projects and take them to the next level. 
  3. 3. 2) Not conducting a Market Research Conducting a market research allows you to test your products & services prior to starting a business. Failing to do so may result in either complete failure of your business or you may never be able to take it to its maximum potential. You may be selling the tastiest pierogi in the world, but is there really a market for it? 
  4. 4. 3) Ignoring the Competition Ignoring competition could prove fatal for your business. You should always be aware of your competitors, regardless of how unique you think your business idea is or how well positioned you are in the market. Learn to study your competition as a part of your market research.  "Just because you have a brilliant idea does not mean other people haven't also had the same idea," said Ian Wright, founder of British Business Energy. 
  5. 5. 4) Failing to understand what you’re actually selling If your new business is going to be successful, you need to know what you’re actually selling and craft your Unique Selling Proposition accordingly. It is only when you know what you are selling & really believe that your products & services are a real solution to the problems of your customers, your business will flourish.  Helena Rubinstein, the first self-made female millionaire, didn’t become rich selling face cream; she became rich selling beauty. ("There are no ugly women,” she used to say, “only lazy ones”.) 
  6. 6. 5) Hiring the Wrong People Hiring the right people can make all the difference between the success or failure of your business. The best kind of people are self-managing. Especially in the initial stages of your business where you will be dabbling with multiple responsibilities at the same time, hiring trustworthy, reliable & smart staff will go a long way in helping you grow as a company. 
  7. 7. To learn more on how to get the skills & knowledge required to set up a Food Business, Visit us at www.iccadubai.ae