How to avoid failures (pitfalls) in an entrepreneurship

project?

How to Avoid the Pitfalls

As valuable as failure can be to the entrepreneurial process, no one sets out
to fail. We now examine the ways to avoid becoming another failure
statistic and gain insight into what makes a start-up successful.

Know Your Business in Depth

We have already emphasized the need for the right type of experience in the business.
Get the best education in your business area you possibly can before you set out on your
own.
Prepare a Business Plan
To wise entrepreneurs, a well-written business plan is a crucial ingredient in business
success. Without a sound business plan, a company merely drifts along without any real
direction and often stalls out when it faces its first challenge,
Manage Financial Resources
The best defense against financial problems is developing a practical financial
information system and then using this information to make business decisions.
Understand Financial Statements
Every business owner must depend on records and financial statements to know the condition of his or
her business.
Learn to Manage People Effectively
No matter what kind of business you launch, you must learn to manage people. Every business depends
on a foundation of well-trained, motivated employees.
Set Your Business Apart from the Competition
The formula for almost certain business failure involves becoming a “me-too business”—merely copying
whatever the competition is doing.
Maintain a Positive Attitude
Achieving business success requires an entrepreneur to maintain a positive mental attitude toward
business and the discipline to stick with it.
 How to avoid failures (pitfalls) in an entrepreneurship
project?

How to Avoid the Pitfalls

No one sets out to fail. We now examine the ways to avoid becoming
another failure statistic and gain insight into what makes a start-up
successful.

Know Your Business in Depth

Get the best education in your business area you possibly can before you set out on your
own.
Prepare a Business Plan
A well-written business plan is a crucial ingredient in business success.

Manage Financial Resources

The best defense against financial problems is developing a practical financial
information system.

Understand Financial Statements

Records and financial statements to know the condition of his or her business.

Learn to Manage People Effectively

You must learn to manage people. Every business depends on a foundation of well-trained, motivated
employees.

Set Your Business Apart from the Competition

The formula for almost certain business failure involves becoming a “me-too business”—merely copying
whatever the competition is doing.

Maintain a Positive Attitude

A positive mental attitude toward business and the discipline to stick with it.