🇬🇧 20 Business Owner Mistakes You Should Avoid

Starting a business without a strategy developed specifically for it is like wanting to win a marathon and deciding the day before that you are going to participate, and having never practiced any sport before the competition. It is something that people who do not want to win do. It is a loser's attitude. And people who have never practiced team sports or studied musical instruments, because both activities, in addition to group work in all subjects at school and college, teach about the importance of seeking complementary talents and being prepared to succeed. And, okay, there are people for whom “the important thing is to compete”, but what is the purpose of competing if it is not aimed at winning?

In this text I will talk about 20 mistakes that many business owners make that make their businesses irrelevant; mediocre; often poorly managed; and commonly lead companies to bankruptcy. Small details that can make the difference between you having a business that is just surviving or a business with the potential for global growth.

I am Nycka Nunes, a global pioneer in 360º branding consultancy. Learn more about my education and experience by reading my LinkedIn profile after you finish this text.

1. Wanting to open a company on a budget without having a college degree in business administration, marketing or related areas that give you a broad view of the business (a digital marketing course or any short and/or specialized course doesn't count!). I think that by the introduction to this text you've already realized how stupid this choice is.
2. Ignoring the importance of a business plan. This is an important step in the process of preparing any idea to become a successful company.
3. Ignoring the importance of a marketing and branding plan. Another important step in the process of transforming an idea into a successful company. A company without this is just a company, not a brand.
4. Looking for a designer to create the brand's logo without the plans mentioned in the two previous topics. Or not even hiring a designer.
5. Choosing a location before making a marketing plan (marketing is not just advertising and social media).
6. Setting prices by comparing them to competitors (because you ignored the importance of a marketing and brand plan).
7. Having a “promotion strategy” that involves imitating what your competitors are doing, current trends or cheap options, such as influencers, ads on Google and social networks, and repetitive content “strategies”, done without strategy, paying only the executors. Marketing is the brain of the company.
8. Ignoring the importance of differentiation, of having a business idea that is original and relevant.
9. Ignoring the importance of hiring professionals (consultants and employees) who are experts in areas that the entrepreneur does not master and surrounding yourself with qualified people. Those who are afraid of qualified people are incompetent people. If you are reading this text, I imagine that you want to avoid being an incompetent business owner, and you are in the right place if your intention is to hire my services.
10. Thinking that marketing is synonymous with advertising. Marketing is the brain of a company and encompasses all relevant aspects of a brand.
11. Underestimating the power of an above-average product.
12. Not knowing how to identify all of your company’s costs.
13. Ignoring the competition from companies in other cities and other countries. We live in a time where practically anyone can buy products from anywhere in the world. If your product is the best in town, but your potential customer can buy something better from another city or country, they will buy from a competitor in another city or country.
14. Deciding that the company will have an online presence (through a website and/or blog, social media profiles, online store, etc.) without defining a global strategy, thinking only of the local market.
15. Listening to irrelevant people when thinking about strategies. Henry Ford already knew this before he invented the automobile.
16. Underestimating the power of a good name, which is part of the marketing strategy. Searching for names on social media and through the opinions of amateurs is shameful.
17. Emotional immaturity. Emotionally immature people do not want to evolve, learn from their own mistakes and the mistakes of others. They are an example of how not to be and how not to manage.
18. Having a business only for the money.
19. Underestimating the importance of a strong brand in attracting and retaining talent.
20. Having a mentality that does not contribute to building a stimulating professional environment.

Visit the services page to hire my consulting services for companies and build a company with a relevant brand and potential for global success.

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Nycka Nunes