10 Mistakes You’ll Make When Starting a Business
Business Management Consultant
1. Slow and steady doesn’t win the race. - Most new businesses fail because they don’t have enough money.
If you move slowly, it will take that much longer before you make your first buck. And even if you are already bringing in some cash, that’s not enough. You have to be profitable. Time isn’t on your side, so do whatever you can to get your business out there and making money. I know, you probably don’t want to cut any corners, but the reality is you’ll have to cut a lot of corners to survive.
2. Don’t hire too quickly. - Before you hire someone for a new position in your company, make sure you first put yourself in his or her shoes. Once you understand what that employee is going to go through, you can then hire someone to fill the position.
3. Emotions and business don’t mix. - You will have to train yourself to make decisions based on logic. Even if your emotions are telling you to do something else, you need to make the logical decision. Emotions don’t mix well with business because they cause you to do whatever will fix your hurt feelings instead of whatever is best for the business.
4. It doesn’t matter what you want; it matters what the customer wants. - Before you invest much time and money into a cool idea, find out if your customers really want it. You can do it through surveying them and by trying to understand the problems they are facing.
5. There’s nothing wrong with being in the trenches. - Being a CEO sounds sexy, but it really isn’t. Being a CEO doesn’t mean that you get to boss people around and tell them what to do. It means that you are responsible for the company’s well-being. The only way you can ensure that the company is going to do well, when you first start out, is by being in the trenches.
6. Money doesn’t grow on trees. - Save every penny you can because you never know when you are going to need it. This may mean that you have to pay your employees less than they need to survive or bargain down your supplier’s prices even though your supplier is your best friend.
7. The best partner is a business partner. - There is only so much you can do on your own. When you are starting out, you won’t have a ton of cash to hire employees.
8. Stop thinking about tomorrow. - Every day, you should just be working on things that will help make the company more profitable. And that’s it! Don’t waste your time planning for the future. All that matters is that your company has enough cash to survive. If you don’t work on achieving profitability, you will be closing your doors soon.
9. There’s nothing wrong with asking for help. - You’re not a jack-of-all-trades. No one is! You’ll always have questions, and, let’s hope, you’ll always be learning how to answer them. In the meantime, when you are looking for solutions to your problems, make sure you ask other entrepreneurs. There is nothing wrong with having a few mentors you can rely on for advice.
10. All work and no play will make you a dull person. - Having fun doesn’t mean that you have to go to an amusement park. It could be spending time with your family or friends. Even better, it could be going to networking events. Networking events are a great place to meet other entrepreneurs and gain free advice. Maybe you’ll even end up closing a few business deals at these events.
Source: quicksprout
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business management consultant.
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