Menu
Menu
  • No products in the basket.

Mistakes to avoid in a small business

Are you planning to start a small business? Or maybe you are already an entrepreneur who has a small business and you want to make sure that you avoid making any mistakes that will ruin the project for you. Believe it or not, there are actually quite a few mistakes that will mess up your business if you are not careful enough and here are some of the most common out of them.

Inadequate capitalization

Also known as “money,” capital is what partners, shareholders or business members contribute in exchange for ownership in the business. Some businesses are capital intensive; as in a dental practice for example. Others are capital efficient; as in a copy editing company. But in every business, the lack of money is the number one cause of failure.

Planning only for success

Every entrepreneur dreams big dreams, but sometimes things go awry. In order to be successful, a new business needs to remain flexible in its processes and develop easy-to-understand contingency plans in case the idea isn’t as big of a hit as expected. A line of credit from your bank, for example, need never be used but can be critical when you hit a bump in the road.

Understanding the industry, but not the market

Most entrepreneurs know their industry intimately and have expertise in their product or services. But critical to their success or failure is a simple question: Will others pay for the product or service? This product market fit can sometimes be tested in a small way as well.

Doing it all yourself

Having an accountant, banker and attorney with whom you’re on a first-name basis ensures you will build a strong foundation for your business and won’t make mistakes that will cost you more to fix down the line. 

Working with friends instead of business partners

To be successful, business partners cannot be afraid of hurt feelings. Two people starting a business naturally want to be fair to one another. But who makes a decision if the partners disagree? There are ways to address this in the legal documents, but it typically makes things easier if partners agree that one is the 51 percent partner.

Not having the basic knowledge that is needed to start a small business

If you are going to start a small business, you will need to make sure that you have the right skills and knowledge that is needed to do so. If that is not the case, there will be a problem if you have no clue what you are doing. With 1Training you can now gain the skills and the qualifications that you require for this.

Pearson BTEC Level 4 Diploma in Business Administration with Official Exam

The Pearson BTEC Level 4 Diploma in Business Administration is a competence-based qualification that is designed to equip learners with the skills and knowledge required to provide a direct route into a career in business administration. It is an extensive programme for learners who want to enhance their vocational training in the same area or related area. Individuals who want to attain senior management positions will benefit greatly from this course. It will provide opportunities to find new employment in multiple sectors and industries.  Learners will be fully equipped with the necessary skills and knowledge to become competent senior managers and meet industry standards set by their employers.

The Pearson BTEC Level 4 Diploma in Business Administration and Leadership is an excellent course for individuals aspiring to take on the job role of Programme Manager or Office Manager. The course will focus on managing information and knowledge, communicating in business and project management and business administration systems.

The Pearson BTEC Level 4 Diploma in Business Administration provides an introduction to the skills, qualities and knowledge that may be required for employment in a particular vocational sector. This course provides learners with realistic and appropriate career related opportunities worldwide for 21st century employment markets. Once learners successfully complete the Pearson BTEC Level 4 Diploma in Business Administration they can go onto study the Pearson BTEC Level 4 HNC Diploma in Business or Pearson Edexcel Level 4 NVQ Diploma in Business Administration, or gain employment opportunities. The qualification will assist learners to seek progression in senior manager’s roles, and to develop their knowledge of management and leadership.

Pearson BTEC Level 4 Diploma in Business Administration

The Pearson BTEC Level 4 Diploma in Business Administration is a competence-based qualification that is designed to provide you with a straight forward route to your career and give you all the skills that are needed. You will gain a thorough vocational training and those who aspire to be senior managers can look at benefitting from this programme. You will learn;

  Learn the principles of effective communication and monitor and implement its practices.

  Learn the activities that make up operations management.

  Learn how to manage knowledge and information in an organisation.

  Understand the role of ICT in managing knowledge and information.

  Acquire specific technical skills and knowledge on extending occupational skills.

NCFE Level 3 Certificate in Principles of Business (RQF) Administration

The NCFE Level 3 Certificate in Principles of Business (RQF) Administration is designed to enable individuals to acquire the principles of business, administration, information and communication to improve business performance and manage conflicts in the workplace effectively.  Business management is a vital component for the effective performance of an organisation. Every business, irrespective of their size and nature, follow business administration concepts to thrive within the industry. It oversees many major operations of an organisation from areas such as finance, HR, marketing and operations. Business administration is a great scope for aspiring individuals with plenty of room for progression. With the relevant knowledge and experience, they can also progress onto other higher paying jobs.

The NCFE Level 3 Certificate in Principles of Business (RQF) Administration course is developed to educate learners on how to promote and implement equality, diversity and inclusion and make workplaces more welcoming. By the end of this course, you will have an excellent grasp of the principles of business administration to advance in your career. 

Once you successfully complete the Level 3 Certificate in Principles of Business (RQF) Administration, you will gain an accredited qualification that will give your career the jumpstart you have always wanted. With this qualification you can further expand your education or go onto work in numerous positions that will also put you in line to demand a higher salary or job promotion. The average UK salary per annum according to https://www.payscale.com is given below.

  • Office Manager / Administrative Manager – £22,361 per annum
  • Business Manager – £34,588 per annum
  • General Manager – £35,868 per annum
  • Business Administrator – £16,456 per annum

Now that you have all the information you need, why not join our programmes and get started right away? Contact our team on [email protected] for more information.

February 25, 2020

0 responses on "Mistakes to avoid in a small business"

Leave a Message

Your email address will not be published.