No Plan for Growth
Few would attempt driving a car without some sort of training before getting behind the wheel for the first time. Yet most entrepreneurs start a business without thinking about how they’ll navigate the roads of successful entrepreneurship, either. If you aren’t sure about where your business is going and how before you make a decision, then your small business has no plan for growth.
It is important to consider a good plan that has a proper vision. Without a plan it is not possible to expect success and growth in the business.
Wrong Business Type
Many entrepreneurs find themselves owning their own business out of rashly-made decisions: they needed immediate cash, were laid off, found a location that motivated them to do something special (or renew a business that otherwise would have gone out of business), and so forth. Others start knowing they have a skill in the specific field they are working in, but can’t take care of the sales or administrative tasks that also need getting done to survive. For those in this situation, the next step is to determine your daily tasks, a topic covered in the next article here at Entrepreneurs.
Businesses thrive when they have a solid financial basis to stand upon. Yet many experienced entrepreneurs (ones who have been in business more than a year, by my standards) still have no idea where they are at when it comes to cash-flow, projections, and profits. Fixing this mistake entails creating a cash flow forecast and watching it closely to ensure there are no blips and ‘wiggles’ with the financial picture.
Holes in Market Research
Did you define who your market is before starting? Have you revisited your marketing plan since you wrote it down initially? Many entrepreneurs forget this crucial step in their growth planning process. Competition is the name of the game when you are in business for yourself, so you’d better know exactly who, what and why you are targeting, when. You may have the best thing going, but if no one knows about it, needs it or understands why it would be beneficial to their lives, your thing matters little, if at all.
Lack of Professional Advice
How many people are involved with your business that are considered professionals? (i.e. lawyer, accountant, regulatory body, government, banker, etc.) If you are having issues related to any of these specialties, the costs you’ll incur to speak to a professional will quickly and far outweigh the need.
This should be taken seriously. It is always important to deal with professionals and of course in a professional way.
Unwillingess to Learn What Needs to Be Done
According to website Roulette Tips, if you are the CEO of your company, one of your responsibilities is to know exactly where the accounting side of your business lies. Not your strongest suit? Don’t merely give it away to someone else; learn as much as you can on the subject so that when you say, “I’m the CEO of ____” you can not only do so proudly, but with the expertise required to answer any related questions as well.
The Basics Of Entrepreneurship
Thinking about being one of the thousands of people who start a new business in the next year is a heady, exciting thought. And why not? Small businesses are on the rise, entrepreneurship offers many perks and benefits, and the support systems available are thorough and easily found. Still, starting a business is hard work and it will take a lot of focus and time to see the process through to opening day – which is what this article intends to do.
Meant to be a stepping stone for those who want to learn how to start a business, refer to this starting point often, and follow along to find the next steps outlined along the bottom of the page.
Most entrepreneurs share some common behavioral traits, preferences and interests that make them successful. And although the pull of entrepreneurship is very strong for some, not everyone is cut out to run a business. For instance, some folks excel in the corporate business world but flounder at the lack of structure starting a business entails. As well, being an entrepreneur means wearing many hats at once: janitor, salesperson, human resources, finance and PR are just a few. So before jumping ahead, take a peek now at the commonly-held entrepreneurial traits that usually breed success.
Myths About Entrepreneurship
There are a host of negative and potentially damaging myths surrounding entrepreneurship. Every person considering how to start a business should read through the most commonly held beliefs, as awareness is the biggest hurdle to jump, after avoiding them altogether.
Risks of Business Startup
By knowing the risks involved with starting a business, an entrepreneur has several choices: reduce their likelihood, remove them completely, plan for their eventuality, create disaster-type what if’s, and/or face them head on. And since most entrepreneurs will deal with many, if not all of these business startup risks at some point, its best to learn what they are early on. Plus, knowing them and having a plan to conquer them will impress the lending institutions that most entrepreneurs rely upon to get things moving.
New Business Ideas
A select number of entrepreneurs know from the get-go what kind of business to run, but most do not. Therefore, start by thinking about the kinds of things that, when encountered, have been hugely awkward, uncomfortable, angering or frustrating to deal with. Why does the tub mat never stay put? What do people do with their dogs when they go on vacation? And why isn’t there a version of Icy Hot that can be used to cool oneself down on really, really hot days? These questions- and many more- have spurned creative folks into looking further into the problem, and seeing whether or not a solution is possible. And that, in a nutshell, is what an entrepreneur really is- someone who sees what’s lacking and finds a way to fill the lack in a profitable manner.