Edmonton Eskimos Adam Braidwood hangs his head after a 54-14 loss to the Saskatchewan Roughriders in CFL action on Saturday, July 28, 2007.TROY FLEECE
Common mistakes by first-time entrepreneurs include:
Not enough due diligence
You need extensive research or background knowledge on the product or service, intended consumer targets, and general shape of the market.
Bad management
Advice or mentorship from seasoned veterans is essential. You can also explore business education, through books and videos, or business schools.
Lack of a solid business plan
Setting it all out on paper allows you to analyze your ideas before you jump in.
Ignoring your target market
Make sure you know who would like or benefit from your product or service, and how to engage them.
Misjudging the market
Some goods and services are cyclical, and your chances of success will be affected if you start too late or too early in the cycle.
Marketing an untested idea
Test-market new ideas or products to ensure that consumers will welcome what you have to sell.
Inability to expand
Make sure your source of capital is secured, or you won't be able to grow, especially in this economic climate. Don't underestimate your budget.
Not getting out cleanly
Communicate with your investors to make sure they know about significant developments. If your business fails, you may need their goodwill in the future.
Cathryn Atkinson