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1. Common Pitfalls
of a Small Business
Sailing your way to be the top player in the business industry is
never a smooth process. There will always be hurdles along the
way. However, wise business people are smart enough to learn
from others who have already fallen into these pitfalls. So, if you
want to thrive in the industry, here are some of the things you
need to avoid.

3. 1. Not knowing the basics
 Entrepreneurship is not a puddle you
can easily jump in and out of. Not
knowing the basics like
business financing, branding, and
management may cause an early
death for your business.

5. 2. Focusing on one area
 Your firm may not have all the
departments of a business, but
focusing on your operations and
ignoring your marketing team is not a
good thing. Like, human anatomy, a
business will not be able to function
properly without its other parts.

7. 3. Not hiring the right people
 Pay for a low price and you’ll get low
quality. You get what you pay for.
When you do not compensate people
properly and ignore their financial
development, you end up with a team
that may eventually realize their
worth, resent you for not doing the
same, and leave your company for
reasons you will already know.

9. 4. Not getting the right
business partner
 This may help allocate the risks in a
business but sometimes, having a
partner turns out into having
somebody to fight with. Beyond the
benefits of sharing the responsibility
of running a business – ask yourself
whether you are built to work with a
partner or you are better off being
your own boss.

11. 5. Settling on a small goal
 Since you will never escape risks in
business, you might as well maximize
it. If you fail, at least you tried and
learned. Aim and target big goals.
Don’t settle for a return of investment
when you can increase your
profitability.

13.  Should all else fail and the business
needs some financial boost, there are
several
lending companies in the Philippines
that offer financing as well as
business consultancy. Find yourself a
perfect match and see your business
move forward.