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Ziddu » News » Business » Here Are Some of the Common Mistakes Made by First Time Business Owners
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Here Are Some of the Common Mistakes Made by First Time Business Owners

John NorwoodBy John NorwoodMarch 29, 20223 Mins Read
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Here Are Some of the Common Mistakes Made by First Time Business Owners
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When starting a small business, there are a lot of the things that you could end up doing right and a lot of the things you could end up doing wrong – these are going to vary massively depending on the industry that you work in. Whilst a lot of the advice for your business is going to be reasonably unique, there are some mistakes that new business owners make that are quite universal. This article is going to discuss those mistakes in a bit more detail so that if you are starting a business, you are hopefully going to be able to avoid them when you get going.

Wanting to Get Rich Quick

There is nothing wrong with wanting to get rich quick, but it is an unrealistic view to adopt when you start your own business. In fact, you might have heard of companies who have had overnight success, but the fact of the matter is that said overnight success usually takes 10 – 20 years to actually achieve. You don’t want to go into your business thinking that you are going to be a millionaire by the end of the week because when you aren’t, you will become discouraged very quickly. Instead, you need start with a realistic mindset and you need to have a proper idea as to what your business is likely going to make.

You Never Have Time to Yourself

If you are going into your business with the intention that you are going to be working all day every day, then this is something you need to stop thinking about quickly. There is no benefit that comes with working non-stop – both in terms of your own psyche and also in terms of the work you put out. In doing this, you are more than likely going to wind up feeling burnt out and you will also end up producing work that isn’t the quality you are after.

You need to make sure that you are giving yourself frequent breaks throughout the day. This can include a proper break so that you know when you have finished work but also small breaks throughout the day where you can have a cup of tea, or if you vape you could always head outside and do that for a few minutes. Head over to Red Juice if you would like to find some top quality vape juice on the market.

You Assume There is No Competition

Even if you have a new product or service that you don’t think anybody is offering, there is always going to be some level of competition out there. As such, it is incredibly important that you are taking the time to understand who your competition are and what they are offering their customers.

When you do this, you are going to put yourself in a much better position to actually pose a threat to your competition and genuinely disrupt the market that you are operating within.

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John Norwood

    John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.

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