6 Type of opportunities traps to consider as startup business? [Video]

Business Trap #1 – Not writing a business plan

If you’re not seeking outside investors or trying to get a business loan from a bank you may think you don’t need to write up a business plan.

Business Trap # 2: Insufficient cash to run the business

Business Trap #3: Underestimating the need for marketing
No matter how good the products and services you sell are, they won’t sell if customers don’t know (or forget!) that your business exists.

Business Trap #4: Leveraging far more opportunities than are viable

The success of any business hinges on the entrepreneur’s ability to spot great opportunities and take advantage of them in time. However, it is critical to assess the viability of the opportunity and only take it up if it is aligned with your current business focus and if your business is truly ready to add new products or features.

Business Trap #5: Being inflexible

In a highly competitive marketplace, your business needs to stay focused, but also stay aware of changing marketplaces and alternate approaches to reach your goal.

Business Trap # 6: Not staking your claims online

Like it or not, businesses today need to be found on the Internet, and they need to be found in multiple places on the Internet. Consumers and B2B customers alike turn to the Internet to find products and services providers and to research what they buy and who they buy it from.