All entrepreneurs have to learn from their own mistakes as they build their business, but wouldnt it be great to have some one tell you what the common mistakes are and how to avoid them? Well here are the common business mistakes dont do them!

1. Believing that you will start earning straight away. All businesses take time to establish themselves even internet based ones. People need to know where you are, what you sell and most importantly, that they can trust your company to deliver what it promises. Expect to spend at least 6 months working away at your business before you break even sometimes longer.

2. Believing that you can set up a business and it continually earns for you. Even a very profitable business needs continual management to ensure that your profit does not erode. Your products and marketing need to continually change to meet the changing circumstances in the real world.

3. Believing that you can earn whilst you are aware from the office. Even if you fully automate your business and hire really good staff, there is always an element of while the cat is away. That is why there are so many absent owner sales.

4. Being a single product company. As good as your product may be, markets and tastes will change and so must you. If your product is very good other companies will quickly take action to seize your market share by bringing in similar products at cheaper prices.

5. Not offering upgrades and enhancements. It is far easier and cheaper to sell to existing customers. You do this by offering upgrades and enhancements to their existing products. You should have a group of products at several increasing price points.

6. Relaxing after your first success. Businesses need continual effort, management and improvements. Although a product launch is hard work, you should start on your next product shortly afterwards. This will give you sustainable success and several income streams.

7. Believing that a business can be established with little capital. Marketing, infrastructure purchases, stock, advertising and staff all cost money and must be purchased in order to make a profit. Cash flow kills more business than anything else.

8. Believing that you know all you have to. Your competitors may have been in the business longer than you have, your customers may be very knowledgeable. Meeting customer needs is a constantly changing landscape and you need to keep up to date on the latest trends and technology. You need to be able to project yourself as an expert in the field you work in. If you do not have this knowledge then learn it or buy it in!

9. Not investing in your staff. Your staff are the public face of your business. They should be well trained, knowledgeable and well dressed as well as fully motivated to sell on your behalf.

Learn these lessons well, avoid the mistakes at all costs you should save valuable time and resources by doing things right the first time. Good luck.

Lee Lister

Lee Lister is Management Consultant and Program Manager with more than 25 year's management and consultancy experience and more than 20 year's program and project management experience in projects for Banking, Finance, Insurance, Leisure and Government bodies. She also have more than 10 years bid management experience ranging from bids for medium companies to large international and infrastructure bids.

British born, Lee received her BA(Hons) Financial Economics from the University of Essex. She went on to work in or for a considerable number of countries within Asia and Europe as well as Australia and the United States. While building a name for herself through helping company restructure, change management and project management consultancy, Lee became a well-known figure for her skills in analyzing, problem solving and trouble-shooting. She has consulted for many major industries, including banking, telecommunications, insurance, transportation, leisure and governments from many different countries. Some of the companies who have benefited from Lee?s expertise are Hewlett Packard, Siemans Nixdorf, Electrolux and the Philippines government.

Whilst working in the Far East she became a recognized expert on preparing and evaluating large World Bank Proposals (infrastructure projects within developing countries). These accomplishments called upon the skills of bid and project management, risk assessment, contract negotiation and supplier management and required dedicated work to very tight time scales. This expertise was acknowledged by an invitation to be the principle speaker at an International Business Development Conference in Washington, USA. She has also consulted at very senior level in several countries.

She owns and manages two companies, Biz Guru LLC in the USA and Biz Guru Services Ltd in the UK as well a considerable number of profitable web sites. She works almost entirely via the internet, visiting clients on site during major consultancies and training. Her Internet skills span from when major companies first started to consider obtaining their own web sites. During these years, she has kept up to date with the rapid changes on the internet, including the dot com boom and the resulting bust ? which her own web based companies survived.

She regularly consults, writes and lectures on business, bid management and marketing and has published numerous courses and books.