1. Getting stuck on one idea
Don't focus your attentions entirely on one idea as this may prevent you from being successful. Play with a number of ideas and see which ones create wealth, and therefore, success!

2. Marketing plan?
This is one of the most important aspects of your business, yet many small business owners fail to think about this. There are many cost effective ways to market your business to your potential customer - be effective, efficient and consistent in your marketing efforts!

3. Not knowing who your customers are and what they want
Think about your customers - what do they want, where do they buy, when do they buy, what will they want in future? This is integral in keeping ahead of the competition and finding out what your customers want to keep ahead of the pack.

4. Not considering your financial affairs
Keep in mind that running your own small business takes patience - plenty of it. The customers will not come knocking on your door the day you open - so make sure that you have enough money to keep going until they do.

5. Ignoring those who work for you
These are the people who can help make, or break, your business. Motivate and train them appropriately, and keep on doing so to keep morale and therefore performance at top levels.

6. Confusing likelihood with reality
We all have dreams about where we would like things to be, and by all means, some of the best businesses start off as dreams, but be realistic when it comes to spending, before your dreams fall flat!

7. No sales plan
In order to monitor the growth of your business, you need to draw up a sales plan - where the sales will come from, how they will come and from whom.

8. Working entirely on your own
You may be topdog, but you cannot realistically do everything yourself. Hire suitable staff and learn to delegate!

9. No support
Even the smallest of operators need guidance and advice! Consider setting up an advisory board - even members of your family - to discuss and review where the business is going and give their input and ideas. An objective opinion is crucial.

10. Throwing in the towel
Very few small entrepreneurs are Richard Branson's in the making - I am sure even he failed many times before striking it lucky. Learn from your mistakes and failures, get up, and try again!

Back to www.bizland.co.za