7 Ways in Which Entrepreneurs Might Waste Their Capital

7 Ways in Which Entrepreneurs Might Waste Their Capital

Entrepreneurs must guard against 7 tempting ways in which they might end up wasting their hard-earned capital in order to maximize their chances of ensuring financial success to their firms.

Success Icons

Custom designed logos and fanciful letterheads might tempt you, but they are some easy ways in which you might lose your money. Instead, you can benefit from the templates provided in Project Gallery of Microsoft Word, Template Chooser in Apple's Pages, etc. While these avenues will help you design your own free logo, you can also receive business cards, envelopes, letter heads and invoices matching your logo.

Luxury Car

Remember the quotation of Kate Lister, a veteran entrepreneur who says that "the latest luxury car doesn't make you a better business person; it makes you a poorer one." All that you need is a car that gets you where you would want to go, while luxury does not matter much.

Expensive Offices

Fanciful offices are quite expensive, and a huge waste of money for a start-up entrepreneur. Most successful businessmen today make use of business incubators than renting out their own space.

Costly Advertisements

Though marketing is crucial to your business, advertising out of your price range is a bad idea. If your website, advertisements, brochures, signs, pamphlets, and billboards are more expensive than what you thought, it is mere waste of money.

Consultants

Thoughtful people may not need a consultant if they can skilfully spare some time and effort to do the research and workout solutions for themselves.

Employing near and dear ones

Employing near and dear ones in your business is not always a good idea. Often, these people end up creating trouble to your business. Always such decision should follow a careful forethought.

New Technology

Investing in the newest technology might not be always wise since you need to do a proper research before hand to decide whether the investment is worth it at that point of time and will the technology serve your real need.

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