Starting a new business is challenging. Many entrepreneurs in Bangladesh fail not because their idea is bad, but because they make common mistakes. Knowing these mistakes early can help you avoid loss and grow your business successfully.

 

Mistake 1: Starting Without Planning

Many entrepreneurs start a business without proper planning.

  • No clear business idea
  • No cost or profit estimation
  • No target customer identification

How to avoid:

  • Make a simple business plan
  • Estimate costs and income
  • Start with clear goals

 

Mistake 2: Investing Too Much Money at the Beginning

New entrepreneurs often invest too much money at once.

  • Buying unnecessary equipment
  • Renting expensive shops
  • Taking large loans early

How to avoid:

  • Start small
  • Invest gradually
  • Avoid big loans in early stage

 

Mistake 3: Mixing Personal and Business Money

This is a very common and serious mistake.

  • Using business money for personal needs
  • No record of income and expense

How to avoid:

  • Keep separate cash or bank account
  • Record daily transactions
  • Pay yourself a fixed amount if needed

 

Mistake 4: Ignoring Record Keeping

Without records, you cannot understand your business.

  • No sales record
  • No expense tracking
  • No profit calculation

How to avoid:

  • Use a notebook or mobile app
  • Write daily income and expense
  • Review records monthly

 

Mistake 5: Poor Pricing of Products or Services

Wrong pricing can cause loss.

  • Setting price too low
  • Not calculating cost properly
  • Ignoring competitor price

How to avoid:

  • Calculate total cost
  • Add reasonable profit
  • Compare market prices

 

Mistake 6: Ignoring Customers and Customer Service

Customers are the heart of any business.

  • Rude behavior
  • Late delivery
  • Ignoring complaints

How to avoid:

  • Treat customers politely
  • Listen to feedback
  • Solve problems quickly

 

Mistake 7: Not Registering the Business

Many entrepreneurs ignore legal requirements.

  • No Trade License
  • No TIN or tax awareness
  • No bank account

How to avoid:

  • Get Trade License early
  • Register for TIN if needed
  • Use business bank account

 

Mistake 8: Poor Cash Flow Management

Even profitable businesses can fail due to cash problems.

  • No cash reserve
  • Late payment from customers
  • High daily expenses

How to avoid:

  • Keep emergency cash
  • Control expenses
  • Follow up customer payments

 

Mistake 9: Depending on One Customer or One Product

Depending on a single source is risky.

  • Loss if customer leaves
  • Sales stop suddenly

How to avoid:

  • Find multiple customers
  • Offer more than one product or service

 

Mistake 10: Giving Up Too Early

Many entrepreneurs stop after first failure.

  • Fear of loss
  • Lack of patience

How to avoid:

  • Learn from mistakes
  • Improve step by step
  • Stay patient and consistent

 

Final Advice for New Entrepreneurs

  • Learn before investing
  • Start small and grow slowly
  • Keep records properly
  • Respect customers
  • Take help from SME Foundation and experts

Avoiding common mistakes increases your chance of success. Every successful entrepreneur learns from mistakes—make sure they are small and early.