Monday, 26 May 2014

60 Mistakes Entrepreneurs Beginners Make (Experienced Coach Tips)



  1. Registration of the legal company representation first day of existence.
  2. Immediate transfer of operational management to a different person.
  3. Renting office space in city center.
  4. Spending first income of expensive clothing, car or something else to show off.
  5. Hire a lot of people.
  6. Getting loans from banks hoping to pay them back from potential income.
  7. Relying on inspiration.
  8. Trying to catch up with rivals that are for a number of years on the market.
  9. Do the business only for money purposes or the purpose of getting rich.
  10. Hope for somebody's help.
  11. Manage own business by book advice.
  12. Follow the advice of people who never had their own business.
  13. Hire personal assistant.
  14. Pay for a very expensive website.
  15. Invest a lot of money in traditional advertisement and marketing.
  16. Try to get a lot of sales and income very quickly.
  17. Hope that very soon the business will work on its own and easily bring income.
  18. Avoid working and understanding documents and reports.
  19. Live better than can afford.
  20. Think that business is an easy thing to do.
  21. Invest all the income in hedge funds, Forex etc and hope to get a lot of interest back.
  22. Chase quick money.
  23. Tell everyone about first success.
  24. Spend majority of time planning rather than implementing ideas and plans.
  25. Hope that problems will be solved on their own.
  26. Make everyone a partner.
  27. Count on great income in MLM.
  28. Tr to do everything and straight away.
  29. Invest in expensive equipment.
  30. Take items to sell buying them straight away without negotiating best price.
  31. Think other entrepreneurs are less smart than you are.
  32. Start business selling oil, petrol, sugar, precious metals etc.
  33. Ignore small incomes.
  34. Ignore small expenses.
  35. Start flying business class and using premium services.
  36. Never listen recommendations of experienced businessmen.
  37. Holding meeting in expensive hotels/restaurants, paying for partners and leaving big tips.
  38. Forget family, friends and holidays.
  39. Try to become famous after first year in business.
  40. Employ everyone who wants to join your company especially those who you have sympathy for.
  41. Arrange company bonuses for all employees.
  42. Get mortgage for most expensive house in the area.
  43. Get involved in financial pyramids.
  44. Open several companies at a time.
  45. Buy expensive furniture and wait for visitors to come.
  46. Hope for state or international tender.
  47. Try to find foreign partners or investors.
  48. Trying to run the business being all the time away from business location.
  49. Leave the business and start working again (in case you left job to start business before).
  50. Thinking that partners will do all the job.
  51. Let employees manage company finances.
  52. Sign agreements without reading.
  53. Try to get market share without obvious winning benefits.
  54. Start with big wholesale.
  55. Looking for someone to back you up in case you fail. Think about failing in first place.
  56. Hope on government help in everything.
  57. Start with engaging on selling administrative resources.
  58. Underestimate competitors.
  59. Advertise on first TV Channel.
  60. Get loan for the cost of your house/apartment.