7 Common Start Up Mistakes

June 1, 2017 admin 17 comments

1. Be careful when you are choosing partners. Best friends does not mean good partner.Know
who you really need, support them where necessary and fire them if needed. Working hard is
not enough. You need Team Performers.

2. Do not use your own money unless you have an operation , tactical and strategic planning.
You can if if you know the limit . Use only 10 % of your available money for a start up if
necessary.

3. Don’t borrow money just because its available. There are too many loans available in
Malaysia especially for Bumiputera. 80 % of loan takers use the money for other reasons
, most of them personal. Fix what is wrong with the business first . Identify leakage before
borrowing money to cover loses. There are cases where major shareholder has to forked out
money compared to minor shareholder. This is not right.Everyone should share the burden.

4. Don’t employ staff unless you really need them. Do things based on time and task management. If
you employ somebody so that you can relax , business is not going to last long.During start ups ,
you do not have the capacity to look over your staff yet.
5. Make sure you take time to work on the business and not all your time working in the
business.Block sometime to have a ” helicopter” view of your business running. Do some data
mining to identify leaks.
6. Ask a friend to audit your business so as to have a customer point of view. Sometimes when you
are in a business its very difficult to see weaknesses. Other people see what you do not see.

7. Gather with friends of the same or different businesses to share problems and knowledge .
Networking will save you a lot of time and task in identifying your problems.

17 Comments on “7 Common Start Up Mistakes

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