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What are the biggest mistakes when starting a business?

12/07/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Insufficient market research: Insufficient market research is one of the most common mistakes made when starting a business. It is important to know if there is a market demand for the product or service you want to offer before investing a lot of time and money in the startup.

2. Insufficient financial knowledge: Financial knowledge is crucial when starting a business. You need to know about financial planning, budgeting, taxes and accounting to run your business successfully.

3. Inadequate planning: Good planning is the key to success. It is important to create a business plan that includes your goals, strategies and finances.

4. Inadequate risk management: one of the most important tasks in starting a business is risk management. It is important to be aware of the potential risks associated with your business and take appropriate steps to minimize those risks.

5. Insufficient leadership skills: As a founder, you need to be able to lead, motivate and inspire a team. It is important that you have the right skills and experience to successfully run your business.

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