We all know that the survival rate for small businesses isn’t very high at all – but the truth is that many entrepreneurs also tend to put the final nail in the coffin of their small business from the many mistakes they make while running it.
For example, did you know that small businesses in the U.S. currently owe a total of around US$1 trillion in terms of business loans?
Here are a few examples of other common mistakes:
- Keeping Shoddy Records: Entrepreneurs/idea people are not always great administrators
- Resisting Change: Be immersed in your industry but do not get so close that you ignore trends
- Unwise Spending: Do not buy a new car – reinvest in your business!
- Ineffective Marketing: Don’t assume your idea is SO great that you do not need self-promotion
Here’s an infographic from Bolt Insurance (created by Infographic World) that shows some of the common small business mistakes made by entrepreneurs:
Via: BOLT Insurance