Common Problems for New Businesses

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10 Common Problems for New Businesses

10. Poor Market Research
9. Bad Business Plan
8. Not Enough Startup Money
7. Charging Too Little
6. Poor Marketing Strategy
5. Wrong Fiscal Motivation
4. Forgetting About Family
3. Borrowing from Friends and Family
2. Trying to Do Too Much By Yourself
1. Choosing a Bad Business Location

Source: HowStuffWorks "10 Common Problems for New Businesses"

[Sgmangz]

do you agree with this?

10 common problems for new businesses

10. Poor market research
9. Bad business plan
8. Not enough startup money
7. Charging too little
6. Poor marketing strategy
5. Wrong fiscal motivation
4. Forgetting about family
3. Borrowing from friends and family
2. Trying to do too much by yourself
1. Choosing a bad business location

source: howstuffworks "10 common problems for new businesses"

true... Tama ka ts!

[malaya^]

agree...agree...agree...

[adzilla81]

ngiga ah... =D

[cirext]

10. Poor Market Research

The foundation of every successful business is a rock-solid idea. But how do you know if your new business idea is any good? Your best friend might think it's brilliant, but what if your customers think it's lousy? So before you invest a single penny in your new business, you need to conduct market research.
A common problem for new businesses is that they overestimate the size of their potential market. All products and services have one or more target demographics. An automatic shoe buffer isn't going to sell well with 12- to 24-year-old females. It would be much smarter to target 50- to 65-year-old men. Go to the U.S. Census Bureau Web site and see how many older men with salaries above $75,000 a year (more likely to wear dress shoes daily) live in your area. Now you have a realistic projection of the size of your target market.
Other good resources for free market research are trade shows and expositions [source: Entrepreneur]. Take a prototype of your shoe buffer to a technology or housewares show and solicit feedback from attendees and vendors.
Pay particular attention to negative feedback. One common mistake of entrepreneurs is to filter out everything but the most positive comments. It will cost you much less time and money to fix a problem in the prototype stage than to make changes when you're already in production.

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9. Bad Business Plan

The truth is that no new business has ever succeeded without a detailed and thorough business plan.
Writing a business plan will help you focus the mission and scope of your business, figure out exactly how the business will run and realistically project how much money the business will make [source: Spaeder].
A common problem for new businesses is that they rush a product or service to market without a clear focus [source: Henricks]. The result is that the business owner ends up chasing too many potential markets and new products. At the beginning, it's much more important to have a single focus with a proven client base.
All good business plans should include honest sales projections based on solid market research and competitive analysis. If there's another organic sandwich shop in town, don't expect your sales to be much higher. In fact, they'll probably be significantly lower at the beginning.

[alberhoh]

nice enumeration atleast ma prevent siya if mag start ka ug new business

[Aethyr]

Choosing a Bad Business Location daghan nang natulis ani hehehe labi na og ngit2x daghang wakwak anang dapita lol

[nodols3]

Where should I borrow? Warren Buffett always says, you should borrow from people who will not condemn you, like family and friends.

[-_-]

Do you agree with this?

10 Common Problems for New Businesses

10. Poor Market Research
9. Bad Business Plan
8. Not Enough Startup Money
7. Charging Too Little
6. Poor Marketing Strategy
5. Wrong Fiscal Motivation
4. Forgetting About Family
3. Borrowing from Friends and Family
2. Trying to Do Too Much By Yourself
1. Choosing a Bad Business Location

Source: HowStuffWorks "10 Common Problems for New Businesses"

although naay mga exemptions sa no1 like kanang dili traditional businesses, usually ako ma think ani kay kanang mga online businesses where ang location may have little or no effect to the overall na business, well that is just my opinion. but if traditional business, yes mo matter jud.. thinking about it pwede siguro i rename nang no1 as "accessibility" siguro...

[jbass]

Agree jud bro..

Do you agree with this?

10 Common Problems for New Businesses

10. Poor Market Research
9. Bad Business Plan
8. Not Enough Startup Money
7. Charging Too Little
6. Poor Marketing Strategy
5. Wrong Fiscal Motivation
4. Forgetting About Family
3. Borrowing from Friends and Family
2. Trying to Do Too Much By Yourself
1. Choosing a Bad Business Location

Source: HowStuffWorks "10 Common Problems for New Businesses"