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How to avoid common mistakes first time entrepreneurs make?

If someone wants to start a business with no business background, how to avoid common mistakes ?

Thi Nguyen

Vietnam


1 Response


Wallace Ho

COO @ BEAMSTART

In my experience, first you have to identify the 3 pillars of your business:

  • Product / Service (or what ever you are creating)
    -websites, app, technology, services, products, & etc
  • Operations (the things that keep productions & marketing in places)
    -Human resource, financials, communications & etc)
  • Commercialization (the ways to get new & lasting revenue)
    -Sales, marketing, business development, branding, PR & etc)


The idea is, your job is to balance the 3 pillars for optimized outputs.
Put in real thoughts in these 3 pillars, to avoid as much risk and uncertainties as possible.
Don't risk too much, don't aim too low, find the balance yourself.

And let's not forget, the fuel to all 3 pillars is human.


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