Business-Busting Mistakes to Avoid Launching your own business is a life-changing endeavor. Once you take that leap of faith – you are journeying towards building your own legacy and attaining that highly sought after all-American dream.
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Choosing the Wrong Partners Value your intuition, do background checks and add the right skills. Before partnering, thorough due diligence, and careful business planning, is always required. Almost automatically, you may plan on going into business with spouse, family or old friends. Stop to consider whether they have what your business needs. "When you do begin partnerships, it is crucial that you create clear, documented division of responsibilities to prevent misunderstandings that could destroy your company down the road"
 Going It Alone on Business Decisions Value your intuition, do background checks and add the right skills. Before partnering, thorough due diligence, and careful business planning, is always required. Almost automatically, you may plan on going into business with spouse, family or old friends. Stop to consider whether they have what your business needs.
Ignoring Competitors and Customer Feedback Monitor competitors closely, so you can clearly differentiate your company and lead the market. This protects your reputation and provides useful Intel to help shape your products/services going forward.
Not Establishing Customer Personas Know your target market well. Create customer personas for each unique market segment that would benefit from your services. Each persona gives you a representative customer/prospect to “speak to” in your advertising.
Not Being Financially Prepared Be sure to have enough money to cover your initial business start-up costs, including capital expenditures like supplies,vehicles and/or equipment. You’ll also need operating funds to keep your business going.
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