10 most common mistakes of project managers while planning a business project

While starting a business project can be advantageous and quite prosperous for a great number of people, there are a variety of project  mistakes that you can make. Some of these common business mistakes are repairable, while others are truly detrimental to the health of a company and can spell certain death.
Here are the top 10 most common business mistakes of project managers while planning.

1. No Sound project Idea: 

Without a sound idea, how will you develop your project plan? Without a plan, how will you develop a successful project idea?

2. No Business Plan: 

Your business plan is the core of your business. Without a solid business plan, there is no way that you will ever be able to turn your business into a successful operation.

3. No Market Research: 

Market research will determine the viability for your product or brand. If you don’t know your market, do you really know your business?

4. Poor Timing: 

There is a right time to start a new project, and a wrong time. If you roll out your project when the market is not ready for it, you may fail before you ever even get off the ground.

5. Poor Location: 

Location is everything for many businesses project. Choosing your location is one of the most important decisions that you make when planning a business.

6. Poor Choice of Suppliers: 

The quality of the products and supplies that you offer is vital to the success of your project.

7. Underestimating the Competition: 

Every business and every concept has competition. If you do not recognise it, you are missing something important. Identify your competition before you launch your business.

8. Choosing the Wrong Type of Business: 

Sole proprietorship, partnership, LLC? Choosing the right business form is vital.

9. Failing to Seek Advice:

It is important that you turn to successful people for advice in the planning process of your business; otherwise you will not be successful.

10. No Financial Preparedness: 

If you’re not financially ready to launch your business, prepare to crash and burn.
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