How startup businesses sabotage their success
I work with many startup companies and I see the mistakes they make that sabotage their businesses every single day. Here is a list of the top 5 mistakes:
1. Spending all their money on product development and having very little or no money for marketing. Without marketing, you cannot get customers. Without customers you cannot sell products/services and earn money.
2. No business or marketing planning on how to select and serve a niche market. The norm seems to be "ready fire aim" with no idea of whom to market to and why.
3. Seeing marketing as an expense instead of an investment. Marketing is the most lucrative investment platform in the world and businesses that see marketing as an investment in building their business will succeed.
4. Not understanding how to make a sale. Strong sales skills are incredibly important in running a business. Without understanding how to sell, it is difficult to make money.
5. Trying to compete on low price instead of on quality and service. There is a large market of people who are willing to pay more for better quality and service.