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1) Not Paying Self
Most enterpreneur either never pay self expecting big return in future.
You are Spending your life on it. You are most valuable assest to company.
Pay yourself.
1/n
Most enterpreneur either never pay self expecting big return in future.
You are Spending your life on it. You are most valuable assest to company.
Pay yourself.
1/n
2) Over pay self
Some over compensate self. Even at the cost of company.
You are most important person of the company but not the only person.
They balance is the most important decision you can take. 2/n
Some over compensate self. Even at the cost of company.
You are most important person of the company but not the only person.
They balance is the most important decision you can take. 2/n
3) Blow money if funded
Blowing most of the money you are funded with in expectation of future growth.
Have seen 1000s sink all investment partying and 5*ing it away.
Not using it to build a team or grow.
3/n
Blowing most of the money you are funded with in expectation of future growth.
Have seen 1000s sink all investment partying and 5*ing it away.
Not using it to build a team or grow.
3/n
4) No maintaining seperate business and personal account.
Your personal account is yours. Your business should always have it's own profit and loss. It shouldn't put you in a state of poverty .
Make a loss is not a crime. Dont try to compensate your company from pocket 4/n
Your personal account is yours. Your business should always have it's own profit and loss. It shouldn't put you in a state of poverty .
Make a loss is not a crime. Dont try to compensate your company from pocket 4/n
5) Maximising Credit Card for Business.
One of the worst Loan you can take is credit card loan. Maximising it for business is one of the biggest mistakes enterpreneur in hopes of future profit.
Only use card if you can payback within interest free period of 30-50 days 5/n
One of the worst Loan you can take is credit card loan. Maximising it for business is one of the biggest mistakes enterpreneur in hopes of future profit.
Only use card if you can payback within interest free period of 30-50 days 5/n
6) Not Saving for a Rainy Day:
Most enterpreneur spend all profits or funding in hopes of future profit.
All business that closed because of Covid19 were because they were running either hand to mouth or had not saved enough from profits 6/n
Most enterpreneur spend all profits or funding in hopes of future profit.
All business that closed because of Covid19 were because they were running either hand to mouth or had not saved enough from profits 6/n
7) Not Planning your Taxes :
Me too like many did not account for Taxes taking huge loss.
Not Understanding taxes and planning for it leads to heavy penalty and drying out your rotation money. Leading to huge loses.
Plan 7/n .
Me too like many did not account for Taxes taking huge loss.
Not Understanding taxes and planning for it leads to heavy penalty and drying out your rotation money. Leading to huge loses.
Plan 7/n .
8) Not planning for profit :
Taking too long to launch product, blowing all money on customer accusations or not trying to profit is the single biggest reason for 99% start-ups failures.
Startups at the end of the day needs to make money. 8/n
Taking too long to launch product, blowing all money on customer accusations or not trying to profit is the single biggest reason for 99% start-ups failures.
Startups at the end of the day needs to make money. 8/n
Focusing on Idea rather than Execution :
Ideas are dime a dozen.
Execution separates the Unicorns from failures.
Same idea will be profitable and loss making only the difference would be the execution of it . n/n
End...
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Ideas are dime a dozen.
Execution separates the Unicorns from failures.
Same idea will be profitable and loss making only the difference would be the execution of it . n/n
End...
Follow us for more on Investing, saving and Wealth.
