One-third of small businesses fail in the first two years, according to the Small Business Administration, and a little more than half fail within the first five years.
But that doesn’t mean you have to give up your dream. Here are five common mistakes to avoid, so you can build a successful business.
1. Too little cash… The biggest issue..
2. Thinking small… You may be competing for customers against larger companies with more resources. But you don’t have to show it.
3. Skimping on tech… Ironically, it’s often easier for a small company to adopt and deploy new technologies…
4. Underestimating the importance of sales… For small-business owners starting out, most of the attention should go to sales and revenues..
5. Losing focus… And the more focused the vision, the greater the chances that the business will realize its goal…