Talk by Tushar Shah/SCORE 9/09 at SV Entrepreneurs-East Meetup,
Peter/Organizer & CXO Wiz4biz
#1 Not controlling the Cash.
a) inadequate Record Keeping,
b) not reviewing Financial Statements for trends
c) control of Accounts Receivable
d) un-necessary Infrastructure,
e) loading up on Inventory
f) sacrificing short-term Cash Flow for long-term growth
g) short, inadequate Financing
#2 Weak Marketing.
a) focusing on the Product we want & not what our Cust wants
b) not knowing what our Customers really want (asking them, getting feedback)
c) not talking about your Product at every opportunity to family, friends & strangers
#3 Respecting your “Value”.
a) don’t compete on Price, communicate your Value
b) educate them on your Value
c) charge a nominal Fee vs Free
d) have Customer perceive they’re getting more than they paid for
e) always be Selling your benefits f) ask Customers for Referrals
g) know your Competition, how you’re better
#4 Failure to Fulfill Promises.
a) deliver the Functionality you promise
b) don’t Oversell, represent your-self responsibly
c) under Commit & over Deliver
d) develop a smooth Operation to take orders & deliver in a reasonable amount of time
#5 Unrealistic Expectations
a) to work less than FT job
b) doing it all yourself. Get help, so you can focus on strategy
c) not getting Advise / Mentor to share your ideas & give you feedback
d) inadequate Planning to anticipate problems and try to avoid them
e) of quick Cash Flow when it may take longer than you think for your idea to catch on
Contact SV SCORE for Counseling or Peter @ 5 Star Startup Services for Help with your Executive Summary and other Startup or Small Business Advise.
Wiz4.biz Comment: “Hang in there. It’s worth it !!!
Other Comments on how to avoid Biz Blunders.