Million Dollar Mistakes

Guest post by: Roger Pierce
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Protecting your startup idea - By Roger Pierce

I`m not worried about what you`re doing to do in year three or year four of your small business career because you`ll know what to do by then. I`m most worried about the mistakes you may make before your business actually opens for business.

I`m most worried about these five common and costly startup mistakes:

Giving away ownership. Aside from investors who will take a piece of your company in exchange for money, you should think twice before formally partnering with anyone. Early entrepreneurs are too eager to trade a piece of their ownership pie for help with marketing, sales, management or production. Keep your equity – you can easily delegate those functions to vendors or employees.

Failing to check names and trademarks. It’s easy to fall in love with that business name you dreamt up one night in the bar. It’s a mistake not to check it out. Ask your lawyer to search the government database of registered business names and trademarks. You don`t want to find out later that someone else has legal rights to your business brand.

No focus. You can’t be all things to all people so don’t try. Offer something really specific to a very narrow customer niche market – like banjo lessons for preschoolers in Houston.

Low price. Big businesses can survive on thin margins because they enjoy high sales volume. You can`t. Charge large and enjoy healthy margins to fuel your business growth.

Skipping market research. It’s a million dollar mistake to jump into business without first conducting market research. Find out everything you can about your intended customers, your competition, and your general marketplace.

Of course, the biggest mistake is failing to learn from your mistakes.

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Protecting your startup idea - By Roger Pierce

About the Author: Roger Pierce

RSS for Roger's articles - Visit Roger's website

Roger Pierce is a Startup Expert with 11 small businesses to his credit. He's coached and trained tens of thousands of entrepreneurs across Canada and around the world. President of NewcomerStartup, and co-founder and former President of BizLaunch, Roger has worked with dozens of major corporations to advance their small business marketing strategies.

An avid writer and blogger on small business topics, Roger is the Startup Columnist for the Toronto Sun, 24Hrs and co-author of the book, Thriving Solo: How to Grow a Successful Business.

He's also the voice of Scotiabank's site for small business owners, called Get Growing for Business. Entrepreneurs visiting the site will enjoy how-to articles, interactive tools, videos and helpful resources.

What does he love most about being an entrepreneur? "I get excited about the work I'm doing. When I wake up in the morning I feel an adrenaline rush as I anticipate the things I'll get to do today."

Roger and his wife, Tina, and their children Kaitlyn and Connor, live in downtown Toronto.

Click here to visit Roger's website.

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