What is the BIG BUSINESS MISTAKE you won’t make again?

Keep track of finance. inventory, creditors, debtors. Else the ship will sink. Stick to basics first.

One should be a 'cany business man' to avoid mistakes, so one heads for Business Schools to learn how to run businesses trouble free. Obnoxious behavior towars customers in all respects like not providing value goods and services is one reason 'repeat customers' are not forthcoming. This is a sure reason for business failure due to lack of proper marketing planing. This need be avoided.

According to me, in order to be successful in business one needs to think big and to think big, you need to start big. No half measures here or starting of slowly to gauge the demand etc.

Without knowing that the latter part is always pre-dominating many companies take risks blindly which resulted in total failures.

Corporate governance is the set of processes customs, policies laws, and institutions affecting the way a corporation is directed, administered or controlled. It is a system of structuring, operating and controlling a company with a view to achieve long term strategic goals to satisfy shareholders, creditors, employees, customers and suppliers, and complying with the legal and regulatory requirements, apart from meeting environmental and local community needs. Bypassing any of components of the Corporate Governance will have severe consequences that cause loss of face for the organisation. Ramalinga Raju of Satyam Computers is the live negative example for any business personality, not to commit such mistake. I would like to avoid such mistake.

Even when under pressure from the Board, I have revealed the barest minimum of a strategy just so that the edge is maintained. Only aselect few are privy to detailed information. Once, I played with all my cards on the table with disastrous results - our entire planning was common knowledge and the desired results/effects were never achieved.

Very badly assessed the risk , financially, will put the investor into a doldrum. Particularly, the the chance for political instability, change in the consumer market, buying powers of consumers (say due to financial crisis) etc. Investment, production and expected returns are to be meticulously calculated so that, the recovery remains impossible.

Marketing is one of the key factors in todays business world.Marketing strategy should be good.

Differentiate between profit and sales. I have seen many investing their life savings and lost because the difference is not known..honestly. When they receive a payment for the goods sold they started spending the money without realising that only 10% of it is their profit and the rest 90% is to be reinvested in the business.

To compare profit will be a mistake rather examine the issues.

Considering the communication in the next generation world, one of the most important aspect of doing business is to do it correctly first, or else don't. Never make any decision in two minds, if so required go to any extent to achieve it, If it is not destined for you, irrespective of all the efforts you will fail to get it. Never get into the category of those who make "Hard earned effort not to understand". Infact, measure your own touchbase / eyeball on every session you have while surfing on the net. You can might as well consider it as rating your TRPs on the programme you view in the television channels.