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Business strategy
4 mistakes to avoid when funding a business
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[QUOTE="King bell, post: 264322, member: 75687"] When you're trying to get your startup off the ground, it's important to know what pitfalls are awaiting. In this blog post we'll take a look at some common mistakes that entrepreneurs and aspiring business owners make when funding their startup. To avoid spending all your money on an idea that's dead-on-arrival, these four mistakes can be avoided before they bring your project down with them. 1) Picking an idea that doesn't have legs - It sounds counterintuitive, but it's worth being specific in the early stages of a business plan if you have any hope of succeeding. It's easy to be swayed by a good idea, but you need to make sure that the idea is an area of business that you want to spend your career in. If you're having doubts about your startup even before it gets off the ground, it'll only take a few short months for those doubts to become full-fledged concerns and then finally, outright doubt. 2) Picking an idea that isn't yours - It might have worked out well for Marissa Mayer (a Google executive who was named CEO of Yahoo! in 2012) when she brought Google's advertising model over to her previous employer, but not every instance of bringing another idea over will work out this well. 3. Thinking banks care about your idea or passion more than your capability to execute it well 4. Hiring people that don't share the same vision or values as you do." [/QUOTE]
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