Mistakes Reminders in Pursuit of Money Making Opportunities

I stumble upon an article from Yahoo Finance title “10 Mistakes That Start Up Entrepreneurs Make” and I think it’s very important that you all should take a look. The article is more focus on offline businesses but the mistakes mention is about the same as building an online business. Although we should not afraid to make mistakes in pursuit of money making opportunities but if we can avoid them by studying and understanding the mistakes done by others, we can save lots of time, effort and money.

Let’s go through the top 10 mistakes entrepreneurs make when starting a company.

Going it alone.
I think most of us started off alone, especially for those who don’t have much money to invest. Once we make some money online, we should start to reduce the work load by hiring people. When we have only one blog to handle, we still can manage it ourselves. Once the number of blogs increases and started to involve other online money making opportunities, we won’t be able to handle that much working alone.
Asking too many people for advice.
It’s always good to prepare before getting started. Sometimes we might just be obsessed with the preparation until we forget to start. We don’t need to purchase 5~6 ebooks about making money online to get started. In fact we just need one and we can discover other money making opportunities once we are in progress.
Spending too much time on product development, not enough on sales.
That goes the same with content and traffic. Work and effort needs to divide equally towards both sections in order to obtain best results. The skill of maintaining the right ratio between content and traffic will produce maximum revenue.
Targeting too small a market.
Research on market needs to be done especially if you’re looking for a niche. Usually the market needs to be big enough to make money and small enough to out beat other competitors. We are actually looking for a market that we can make money out from it.
Entering a market with no distribution partner.
I think most of the online business either product base or service base uses affiliate programs to help bring in business. Companies just have to share a small percentage revenue gain to bring in more business.
Overpaying for customers.
This goes the same as spending too much on Google Adwords to bring in traffic. Basically this is how we manage our cost and revenue so that we don’t spend more than we earn. It’s the ground basic of all business.
Raising too little capital.
You might be safe if you’re doing it part time because you still got a full time job which can help cover the cost. If you’re doing it full time, you need to calculate the cost carefully including the unexpected. The unexpected can be defined as the money needed to cover the cost and expenses if there is no earning for continues 3 month.
Raising too much capital.
I think this is better than raising too little capital. But still having lots of money to start off a business doesn’t guarantee success. All the work still needs to be done and manage properly. The only advantage is that you don’t have to worry about not having enough money for your actions and plans.
Not having a business plan.
You still able to start and run a business without a plan, it’s just that you might spend more time, effort and money to be success. A good business plan can bring you closer to success and perhaps survive longer and grow bigger.
Over thinking your business plan.
Basically this is thinking too much and no action is taken. Some people tend to plan for 100% success rate before they can get started. Without action, all business plans are nothing more than just some thoughts or writings on papers. Sometimes we just have to do it and get started.

P/S:
All the above mistakes are just minor problems. You’ll still able to gain success as long as you keep on learning and improving. Things can be better if we did not make the mistakes mention above, but for sure that does not stop us from reaching success. We might take some wrong turns but still we’ll reach our destination at the end.

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