Founder, My Own Business
I'm Phil Holland and I'm the founder of this course that you're now taking, My Own Business. People fail in business by making avoidable mistakes. So if you are aware of these pitfalls before you start, you can enhance your chances of success enormously and avoid unnecessary grief.
Here are some pitfalls to keep in mind. I think the most common mistake made by entrepreneurs is not picking the right business to begin with. Take your time and do something you love and are good at, and select a product or service that has pricing power. Pricing power means that your customers will be willing to pay a fair price based on your unique benefits.
Another common mistake is that people go into business without knowing how to keep score. So if you don't know accounting, take a course, perhaps at your local community college. Don't go into business without having a good business lawyer at your side. You're going to need one for all kinds of reasons such as partnership agreements, leases and business contracts.
Also, it's not uncommon for people to go into business without preparing a written business plan. Don't bypass this important step, and after you're in business, update your plan on a regular basis. Your business plan will not only become your compass to keep you in the right direction, but it will also be a valuable tool to gain valuable advice.
Provided that you are adequately prepared before you start, you will find that going into business can become one of the most satisfying and rewarding experiences of your lifetime. And I hope you will let us at My Own Business know how you're doing.