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The How of Business - How to start, run & grow a small business.
510 – 7 Start-Up Mistakes
Feb 19, 2024
Small business expert Henry Lopez discusses the top 7 start-up mistakes to avoid, including poor research, bad partners, starting too big, poor marketing, and not starting at all. He emphasizes the importance of proper planning, team building, avoiding conflicts in partnerships, and adjusting business models based on market feedback.
22:31
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Quick takeaways
- Doing thorough research and planning is crucial to avoid common start-up mistakes.
- Hiring the right team and choosing suitable partners are key factors for small business success.
Deep dives
Common Mistake #7: Poor research and planning
One of the biggest mistakes in starting a small business is not creating a detailed business plan. This plan should include market research, a clear understanding of the target audience, a solid marketing strategy, financial projections, and an operating plan. Without thorough planning, businesses struggle initially and may not properly manage finances or understand their market, leading to failed execution.
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