Re: Financial Mistakes
by on 13/12/2025, 08:08:41 UTC
Sometimes in view to setup a business because of the availability of funds we tend to hurry into it without fully gaining proper knowledge of some certain thing's and factors. We feel money is the sole driver of a business neglecting basic knowledge that we would need to keep the business running after it is been set up. These little but important things lead to the failure of the busines which I tag a financial mistake. Below are a few financial mistakes business starters make and you can as well add yours for the purpose of knowledge for us to learn and take note of.
1. Inadequate knowledge of the business
2. Poor management skills.
3. Lack of financial control .
4. Impatience.
5. Failure to recognise targets market areas.
Etc
1. Inadequate knowledge of the business
2. Poor management skills.
3. Lack of financial control .
4. Impatience.
5. Failure to recognise targets market areas.
Etc
Nobody is born with the necessary skills and knowledge about how to run a successful business. Most people gain knowledge and skills by trial and error. Not giving up too early and not being afraid of failure is the most important thing when starting a business. Most small businesses end up going bankrupt in the first 2-3 years of their existence.
All the financial mistakes when building a business cannot be summarized in a few bullet points, because each industry has it's own set of differences. You can start a business with small capital in certain industries, while other niches and industries require big startup capital.