sylviahuangchannelsylviahuangchannel

Social Media Strategist for Small Businesses & Startups

Sylvia is the founder of The Social Potatoes, a social media agency for small businesses, individuals and startups. Prior to starting The Social Potatoes, Sylvia was operating as a social media influencer to a community of 400,000 followers online. Sylvia has an MBA from INSEAD, is from Singapore and previously lived in Japan, France and Malaysia before relocating to Australia.

Common Mistakes New Business Owners Make

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In this discussion, we'll explore the common pitfalls and challenges new and small business owners make and share our experiences, struggles, insights and advice.
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What are the common challenges you face as a new/small business owners? From experiences, one of the very first stumbling blocks a founder/entrepreneur faces is a lack of clarity, roadmap and timeline on what to do, what to prioritise and what to quit or park for the future. The tendency for many, myself included when starting out, is to rush to be effective for 100 things when probably getting 20 things done superbly well would have moved the needle.
6 mths
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Some entrepreneurs start businesses based on a cursory survey of friends and family who say it’s a good idea. But friends and family aren’t enough to sustain a startup going forward, and without a well-defined target market, your business will struggle to compete.
6 mths
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Business startups fail when they don’t focus marketing efforts precisely enough on the primary target audience. The worst thing any business or new business owner can do is assume “everyone” is their client.
6 mths
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Business startups fail when they don’t focus marketing efforts precisely enough on the primary target audience. The worst thing any business or new business owner can do is assume “everyone” is their client.
100% - Ultimately, a lack of focus on the best client and unrealistic expectations that everyone thinks the same as your founder(s) leads to ineffective positioning, messaging and delivery channel plan. That will do nothing but waste time and money
6 mths
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Speaking from personal experience, I can honestly say that if your finances and capital aren't in order you're bound to run into trouble. There are two kinds of expenses: short term for payroll and inventory; long term like a delivery van or computer system.

There are two reasons to borrow money. A line of credit and a term loan paid back over many years. Namely, short term and long term uses, respectively.

New business owners who mix them up hardly ever last.
6 mths
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Speaking from personal experience, I can honestly say that if your finances and capital aren't in order you're bound to run into trouble. There are two kinds of expenses: short term for payroll and inventory; long term like a delivery van or computer system.

There are two reasons to borrow money. A line of credit and a term loan paid back over many years. Namely, short term and long term uses, respectively.

New business owners who mix them up hardly ever last.
A lot of small business owners also rush to get offices or a base, increasing overhead costs. I always say that if you can work from home, do so. Save as much as you can while starting up
6 mths
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Skipping the planning phase. If you fail to plan, you plan to fail. Simple as that
6 mths
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Many reports on business failures cite poor management as the number one reason for failure. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production, and hiring and managing employees. If the business owner doesn't recognize what they don't do well and seek help, the company may fail and go out of business. To remedy the problem, small business owners can educate themselves on skills they lack, hire skilled employees, or outsource work to competent professionals.
6 mths
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Speaking from personal experience, I can honestly say that if your finances and capital aren't in order you're bound to run into trouble. There are two kinds of expenses: short term for payroll and inventory; long term like a delivery van or computer system.

There are two reasons to borrow money. A line of credit and a term loan paid back over many years. Namely, short term and long term uses, respectively.

New business owners who mix them up hardly ever last.
Indeed, new business owners often don't understand cash flow or underestimate how much money they will need to get the business started. As a result, they are forced to close before they have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales.
6 mths
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Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.
6 mths
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Having studied my older brothers' business ventures and some of the failures, I noticed that he tried to do everything himself. While that's the first instinct in order to cut costs - it is not always wise
6 mths
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