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There are a lot of factors one would need to consider before starting any business. One of those would be how to fund, how to source for goods or raw materials, and how to create the market. Do you have other areas one would look at when they are looking to start a business and the mistakes they need to avoid?
I’ll advise not to rush into business without a solid plan. A lot of people fail in business due to unrealistic expectations and inadequate funding. When I started my offline business, I made sure not to neglect market research and adapt to market change very quickly. I’m not there yet, but these little things have really helped me.
Bringing in a partner too soon. When starting a business, you want one clear vision and direction. Brining in a partner too soon who will also provide their thoughts will muddle things and can make it more difficult to navigate those first few months that are typically the most challenging.
The second is not doing enough research. You should know your customers and their needs and wants, the market, your competition, and everything else that surrounds the business in as much detail as possible before starting one. Granted, some people get lucky and are able to start a business without doing the research first, but doing it can make things much easier for almost all types of businesses.
