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When you decide to venture out on your own and start your very own business, it seems there are dangers awaiting at your every footsteps and risks to be taken at every single stage. In this respect, it’s not all too difficult (or uncommon, for that matter) for a start-up entrepreneur to make a mistake with the strategy and/or expectations of their small business’s performance. Mistakes can cover a whole variegated gamut of missteps, from choosing an unsuited location to open a restaurant, employing the wrong currency conversion rates when dealing with foreign business partners or simply expecting too much too soon. The key to mistakes in business is to identify them as quickly as possible, owning up to them, and then finding the proper way of turning them around. Once you’ve reached that stage when you can turn faults into assets, you can truly and safely say you have arrived on the business scene. But what are the most common mistakes made by small business owners?

Instant Gratification
Many small businesses start out based on a capital of frustration, dissatisfaction and disgruntlement with one’s corporate employment. As such, one sets out with lofty ideals, matched by unreasonable financial goals. Be aware of the fact that if you’re planning to invest in a field with which you’ve had no prior professional experience, it doesn’t really matter how passionate you are about you. The odds are against you getting rich too quickly—did you know that it can take anywhere between fifteen and twenty years to build a truly successful franchise? Don’t let this fact of life discourage you. As a matter of fact, don’t let pitfalls of any kind discourage you, be they financial or otherwise. You need luck and obstinacy to truly succeed and minor setbacks are absolutely natural on the business scene. If you do note that your business has hit a slump or a rut of any kind, then it’s time to truly consider a change of plan, strategy or course.

Lack of Balance
As an entrepreneur, you will quickly realize that you’ve taken what many might describe as the difficult route in life. You will essentially have no office hours or hierarchic superiors to report to, and it will be entirely up to you to successfully manage your personal life, health and business success. One of the biggest and most frequently made mistakes made by small business owners starting out on the market is to neglect all other aspects of their lives in favor of attaining professional success. Always remember that your health, family and other personal relationships are things that you’ve been investing in since the beginning of your life, and it’s not worth throwing away such a major investment.

Whimsical Marketing
Never forget that marketing is a science, in and of itself. If presenting your brand publicly is not your natural strong suit or field of expertise, always hire an expert or an in-house staff member to map out a marketing strategy. When launching a new business, no matter how small, it’s always the first impression that counts, and you don’t get second chances to achieving that impression on your clients. If your current marketing strategy is bound to leave customers confused or unclear on what to expect from your business, you are clearly not doing something right. A customer with unclear expectations is simply bound to be a disappointed customer…