Pitfalls to Avoid When Starting a Business

by Startacus Admin
If you're thinking about starting a business, here are a few of the basic things you'll need to consider and avoid too!
As a new business owner, your head may be cluttered with stale ideas. Nowadays, you don’t need bundles of cash to set up a work-from-home business. The power of modern-day computing, replete with video-conferencing, multimedia functionality, and IoT tech, makes it relatively easy to get set up.
The real challenges are really internal. Drive and determination are sacrosanct. Many of the world’s pre-eminent enterprises began in somebody’s basement, but the sky is the limit. And, so it is with many burgeoning business ventures nowadays. The prohibitive costs of renting office space, hiring full-time employees, purchasing machinery, equipment, and furniture serve as a disincentive to new business owners.
Love What You Do and Do What You Love
There has to be a certain passion for what you are about to do, failing which, it’s all business – that’s no fun. Many examples abound of entrepreneurs who shaped their ideas into wonderful, thriving realities.
It wouldn’t be surprising if someone involved in the gaming industry had a passion for slots online like Reel Rush and then decided to build a consortium of investors to create a Vegas-esque online casino. Or perhaps a foodie with a passion for gluten-free, dairy-free foodstuffs became disenchanted with the lack of high-quality options available and decided to go into this niche market—the point being, passion fuels performance with new business ventures. The objective is to leverage your skills and abilities as an entrepreneur for maximum benefit. Minimal cost outlay and maximum traction with stakeholders is where it’s at.
The process of establishing oneself in a business venture is a complex one; it is the sum total of seemingly disparate elements such as business strategy, budgeting, business savvy, good fortune, common sense, and an ability to strike while the proverbial iron is hot. When all the stars align, a new business can blossom into a thriving enterprise.
What to Avoid When Starting a New Business?
Failure to Budget
New business owners routinely fall victim to the mentality that they are already spending lots of money, perhaps through crowdfunding campaigns, so more expenditure is easily justified. This is a strategic failure. A budget, by its very definition, entails close control over the purse strings. Wanton expenditure serves no purpose other than to break the proverbial bank. It is the surest recipe for disaster. Successful businesses plan for expense items. The ‘spending spree’ should not be allowed to gather momentum unchecked.
Failure to Plan
What is the raison d'être for a new business’s creation? What needs or wants does the new business attempt to fill in society? These are important questions that need to be answered from the outset. While tactical goals and strategic objectives can shift, depending on macro variables, companies typically form on the proviso that they have a specific purpose to fulfil. By shifting the goalposts and failing to plan, a new business invariably plans to fail.
Failure to Recognise
New business owners need to recognise many different things. For starters, a new business requires nurturing, investment, and commitment. If any of those ingredients are missing, the venture may be doomed to failure. Failure to recognise these intractable realities comes at great cost.
As a new business owner, chances are you have left a stable job, or the prospect thereof, for something you believe in. Maybe it’s your passion to launch a fashion label? Regardless, now is not the time to take your foot off the pedal. It’s time to step up your game and recognise that you are in charge of your own destiny. It’s make or break time. Put in the hours and reap the rewards.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read...

Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.

Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives.

Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students.

SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.

41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.

Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated

Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
Published on: 25th June 2021
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.