Six mistakes to avoid when starting a new project

 Many are looking for new job opportunities and others are looking to start their own business, where the idea of ​​owning your own business is definitely the most tempting.

Starting your own business is not an easy task at all, as you will encounter many challenges and difficulties that you must overcome.

One of the most difficult of those challenges is to turn your idea into a profitable business model, for which you prepare well from a search for financing, a good study of the market, and many important steps that you must take.

The Economic Times says that the most dangerous year of the project is the first year.

Where project owners make mistakes that can end their idea completely and eliminate it.

The following are the most common mistakes that novice entrepreneurs make in their first projects.

 

Mistakes you must avoid
01	Insufficient market research	You may have a unique and exciting idea but the market rejects it due to insufficient market research.

Building the project according to the wrong assumptions

It may be a lot of research, but it can be based on wrong assumptions.   You must study the market well and test your assumptions and know their feasibility in practice.   Do not blindly trust your market study, but try to always present it to specialists and experts to know the probability of its success according to your assumptions.   Always pay attention to the opinions of your customers, you may completely change your assumptions even if they are experts, as most of the time the customer is

3. early growth

Don't rush to grow fast even if you are able to attract many new clients.   Test your project at the beginning and develop it quickly until you get gradual growth.   Fix your mistakes before you expand significantly.   Set short-term goals, achieve them successfully, and then start thinking about expansion.

4. cost increase

Keep costs at reasonable levels at the start of your project.   Try to search for the cheapest and highest quality in the early stages of your project to be able to reduce costs.   A simple office in your new company that is inexpensive is much better than an expensive office that increases your costs.   Expansion in raising costs with no revenue will make you spend capital, so beware.

5. Not understanding your manpower needs

The golden rule of entrepreneurship is not to waste time on something that others can do better and faster.   Study your job needs well, and choose the best for them.   Take advantage of social media such as (Facebook, Linkedin ..) to get to know many distinguished employees.

6. Not having good financial solvency

Don't start your own business if you don't have the funds to help you.   Remember, you can wait years to start making money.   Pay off your debts before starting your project.   Remember that banks always prefer those who do not have much debt to finance them.