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Here are the top 10 common mistakes which small businesses tend to make.
Lack of Market Research
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- When a budding entrepreneur comes up with an idea for a new business he assumes that because he would buy such a product or service then everyone else will. This may be the case for day-to-day necessities but for other items this is usually not so.
- It’s important that when you start up you carefully research the market to check that: • There is demand at a level which would lead to a sustainable business.
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• People are prepared to pay the price required for you to make a decent profit. Undertaking market research may appear time consuming but the effort will pay off.
Poor Record Keeping
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Some business people are not born administrators; they feel more comfortable getting out there and ‘doing the business’. Paperwork is too easy to ignore but can never be put off indefinitely.