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Achieving $1 million in sales is a dream of every business firm. According to U.S. Census Bureau data, approximately 80% of all U.S. firms fail to achieve this figure. Getting to $1 million in sales is reaching a level of sustainability. Most businesses fail because they commit three major mistakes when they are starting and developing their business.
- Most entrepreneurs spend a lot of time in research and development, building a product without validating the idea with their prospective customers. One should consult as many prospective customers as possible by making cold calls to validate the idea of launching a new product. Discuss what exactly your product is meant to offer and how do you plan to solve their problems with your product.
- Arranging for adequate capital to meet the growth needs of your company is the second priority after your sales start gaining momentum. The most common type of financing comes from friends and relatives. Understanding the structure of investment and inviting equity partner needs serious consideration for the right growth of your company.
- Third major mistake that most entrepreneurs make is Reckless Hiring. Hiring expensive employees should be avoided to prevent drainage of funds. It is advised to seek a working partner for equity who will have the required skill and can offer useful advice when you are wrong. Outsourcing is the best option to find network of workers on as and when needed basis.
- Want to know more about these useful tips from Sramana Mitra, consultant and author of theEntrepreneur Journeysseries of books” Visit http://www.bnet.com/blog/entrepreneurs/how-to-build-a-million-dollar-business/747